Given the current exchange rate of the asset, it becomes obvious that most miners are working at a loss, hoping for an increase in the price of BTC in the future.
JPMorgan bank employees have reduced the minimum fair price of bitcoin by 14% due to the simplification of cryptocurrency mining.
Since the beginning of the year, the difficulty of mining BTC has decreased by 15%, so the company's employees have reduced the "fair" value of the coin from $90,000 to $77,000. Currently, the digital asset is worth $66,581, respectively, its market rate is 13.5% below the minimum value.
On the daily chart, the RSI index is on the border with the oversold zone, and therefore the downward trend may continue. However, the minimum price of a cryptocurrency designated by JPMorgan experts has traditionally served as a barrier of support, not resistance. Therefore, the market value of the asset should exceed this figure in the near future.
Change in the price of BTC and the RSI index
The bank's specialists adjust the minimum price of bitcoin, taking into account the cost of its extraction. Thanks to the simplification of mining, the cost of producing one coin has dropped to an average of $77,000. Given the current exchange rate of the asset, it becomes obvious that most miners are working at a loss, hoping for an increase in the price of BTC in the future.
However, not all businesses are ready to wait for better times. As it became known to the editors of Happy Coin News, the six largest bitcoin mining companies plan to repurpose themselves to provide computing power to AI firms. The IREN organization has already redirected about $800 million worth of equipment and other property to these needs. In this regard, the difficulty of mining bitcoins may fall even more.