How Much Does It Cost to Mine

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Mining Cost Drop

JPMorgan estimates that the cost to produce one Bitcoin has decreased from $24,000 at the beginning of June to approximately $13,000.

Still, Mining is Profitable

As long as the price of Bitcoin stays above this level, production costs can also serve as "the bottom bound of BTC price range and making mining operations profitable.

$13,000 Bottom Level

The New York-based bank predicts that Bitcoin's bottom may as well be as low as $13,000, a 45 percent decrease from current levels.

Current Mining Cost

For instance, based on statistics taken from MacroMicro, the production cost is still around $17,700.

Mining Opportunity

More miners will join when mining expenses are lower than the market price of bitcoin. When mining costs are too high miner income, and the number of miners will decline.

Cost of Production

The kind of rigs, the cost of electricity, the cost of manpower, and the maintenance of the facility all have a significant impact on the cost of production.

Where Bitcoin is Going

According to @Cryptomangal $23K is the clear BTC resistance level but if the price will sustain that level we can see the big momentum up to the $29K level. (Checkout Link)

About the Mining Future

The number of miners may decrease and bitcoin mining may fail to be profitable if the price does not maintain its current levels and drops down below $13,000.

Mining Earnings Are Low

When the indicator is very low, miners make less money overall and are more inclined to sell their Bitcoin holdings or shut down portions of their equipment.

Earnings Just 49%

“Bitcoin miners are earning just 49% as much as the 12-month average. This implies miner income stress is a likely factor,” Glassnode wrote in a recent report.

Sold BTC to Cover Cost

Last month, Bitcoin miner Core Scientific Inc. sold nearly 7,000 Bitcoin at an average price of $23K. Similarly, Algo Blockchain also sold roughly $15.6 million to cover costs.

Public Mining Company

Marathon Digital Holdings, Riot Blockchain Inc., and Core Scientific Inc. shed down 73% to 80% year to date. And if Bitcoin continues to tumble, so too could these figures.

Bitcoin Historical Crashes

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