JPMorgan lowers BTC production cost estimate to $77K

JPMorgan has lowered its estimate for the cost of producing one BTC to $77,000, down from $90,000 at the start of the year, The Block reported. In a note to clients, the bank attributed the decline to a simultaneous drop in the network hashrate and mining difficulty. JPMorgan highlighted that mining difficulty has fallen 15% this year, marking the steepest decline since China's mining ban in 2021. Despite the lower cost estimate, the bank maintained its bullish outlook on the crypto market for the year, reaffirming its long-term price target for BTC at $266,000.