JPMorgan Claims Bitcoin Isn’t Worth Mining Anymore

Bitcoin
Bitcoin

JPMorgan analysts are taking jabs at Bitcoin once more. The executives at this major US bank have never been fond of digital currency and blockchain technology. Jamie Dimon, JPMorgan’s CEO, temporarily pulled back on his comments when BTC hit its all-time highs. Shortly after, the coin began to crash, and his skepticism picked up again.

According to a Bloomberg report, the bank’s analysts say that it costs more to create one Bitcoin than it’s worth. In Q4 2018, it cost around $4,060 to mine one BTC and currently, the price of the digital currency is $3,584.07.

Bitcoin Falling

Not all miners are paying that top dollar to mine though. Low-cost Chinese miners can pay much less, mining at around $2,400. Natasha Keneva was one of the JPMorgan analysts that released their cryptocurrency report to major news outlets. She claims that these low-cost miners leverage direct purchasing agreements with electricity generators that are looking to sell excess power.

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