BTC mining costs reach 10-month lows as miners use more efficient rigs
The cost of mining one Bitcoin (BTC) has fallen to ten-month lows as mining hardware becomes more efficient, and difficulty has dropped 6.7% since its May peak. On Wednesday, strategists from JPMorgan led by Nikolaos Panigirtzoglou told investors that Bitcoin production costs have fallen to around $13,000 from $24,000 at the beginning of June. This is the lowest it has been since September 2021, according to the analysts citing a chart from Bitinfocharts, and comes as mining difficulty has fallen from its May highs of 31.25T to 29.15T. They added that the production cost is perceived by some analysts as the lower bound for the BTC price range in a bear market.
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