Bitcoin mining network becoming more sensitive to price swings, JPMorgan says
A growing share of miners are operating near breakeven levels, making hashrate and mining difficulty increasingly responsive to bitcoin’s price movements, the bank said.
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Summary
- JPMorgan said bitcoin mining difficulty’s sensitivity to price changes has risen sharply this year.
- The bank estimated more miners are operating near breakeven as bitcoin trades below its production cost.
- Larger and more frequent difficulty adjustments are likely if bitcoin remains under its estimated $78,000 production cost.
