{"id":555137,"date":"2023-10-12T20:00:58","date_gmt":"2023-10-12T20:00:58","guid":{"rendered":"https:\/\/wncen.com\/?p=555137"},"modified":"2024-06-11T08:10:32","modified_gmt":"2024-06-11T08:10:32","slug":"jpmorgan-drop-bitcoin-metric","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/jpmorgan-drop-bitcoin-metric\/","title":{"rendered":"US Mega Bank JPMorgan Predicts Harsh Drop In This Bitcoin Metric"},"content":{"rendered":"

In a recent <\/span>research report<\/span><\/a> from JPMorgan, the financial firm has predicted a harsh drop for one Bitcoin metric, forecasting a potential decline of the <\/span>Bitcoin Network Hash Rate<\/span><\/a> by 20% leading up to the Bitcoin halving in April 2024.<\/span><\/p>\n

JPMorgan Expects Bitcoin Hash Rate To Drop<\/span><\/h2>\n

In the report, JPMorgan stated that the Bitcoin mining industry is at a crucible stage leading all the way to the Bitcoin halving in April 2024 and beyond. This is because the approval of a <\/span>Spot BTC exchange-traded fund (ETF)<\/span><\/a> could spark a rally against the backdrop of record hash rates and the impending block reward halving that threatens the industry’s revenues and profitability.<\/span><\/p>\n

Related Reading: Bitcoin Supply Metric Touches New All-Time High, Time For Reversal?<\/a><\/div>\n

The report highlighted that the total four-year block reward opportunity is estimated at $20 billion, due to the current <\/span>price of Bitcoin (BTC)<\/span><\/a>, which is 72% lower than its all-time high in 2021. This figure represents a significant drop from its peak of $73 billion in April 2021 and has fluctuated around $14 billion and $25 billion since the past year.<\/span><\/p>\n

As such, the financial firm expects the Bitcoin mining sector to see the predicted 20% hash rate drop at the next Bitcoin halving in April 2024.<\/span><\/p>\n

\u201cWe estimate as much as 80 EH\/s (or 20% of the network hash rate) could be removed at the next halving (April \u201824) as less-efficient hardware is decommissioned,\u201d the report reads.<\/span><\/p>\n

Bitcoin halving<\/span><\/a> is an event that aims to control inflation and it involves the reduction of Bitcoin miners’ rewards by half, and it takes place roughly every four years after miners solve 210,000 blocks.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price still holding $26,800 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Analysts Reginald Smith and Charles Pearce noted in the report that the bank favors mining operators that can offer the best relative value in light of the existing hash rate, operational efficiency, power contracts, and more.<\/span><\/p>\n
JPMorgan chose Bitcoin mining company <\/span>CleanSpark (CLSK)<\/span><\/a> as its top pick among several companies listed by the firm, highlighting that the mining company offers the best balance of scale, growth potential, power costs, and relative value.<\/span><\/p>\n
In addition, the firm highlighted the significance of other mining firms it listed. These include <\/span>Marathon Digital (MARA)<\/span><\/a>, <\/span>Riot platforms (RIOT)<\/span><\/a>, and Cipher mining (CIFR).<\/span><\/p>\n
According to the firm, Marathon Digital is the largest mining operator, with the highest energy costs and lowest margins. Meanwhile, Riot has lower energy costs and liquidity, but Cipher has the lowest power costs with limited growth.<\/span><\/p>\n
Related Reading: XRP Price Prediction: Crypto CEO Delivers Bad News For The Altcoin<\/a><\/div>\n
The firm also included an outweight rating table and price targets of the mining operators in the report.<\/span><\/p>\n
The high <\/span>cost of mining<\/span><\/a> and the removal of inefficient hardware have been seen as some of the factors that tend to affect the Bitcoin mining industry.<\/span><\/p>\n
Large amounts of electricity are needed for mining, and at first, this makes it too expensive for miners to continue their operation. Nevertheless, many also tend to come back whenever the next bullish cycle drives Bitcoin’s price to unprecedented levels.<\/span><\/p>\n
Featured image from Shutterstock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
In a recent research report from JPMorgan, the financial firm has predicted a harsh drop for one Bitcoin metric, forecasting a potential decline of the Bitcoin Network Hash Rate by 20% leading up to the Bitcoin halving in April 2024. JPMorgan Expects Bitcoin Hash Rate To Drop In the report, JPMorgan stated that the Bitcoin mining industry is at a crucible stage leading all the way to the Bitcoin halving in April 2024 and beyond. This is because the approval of a Spot BTC exchange-traded fund (ETF) could spark a rally against the backdrop of record hash rates and the impending block reward halving that threatens the industry’s revenues and profitability. Related Reading: Bitcoin Supply Metric Touches New All-Time High, Time For Reversal? The report highlighted that the total four-year block reward opportunity is estimated at $20 billion, due to the current price of Bitcoin (BTC), which is 72% lower than its all-time high in 2021. This figure represents a significant drop from its peak of $73 billion in April 2021 and has fluctuated around $14 billion and $25 billion since the past year. As such, the financial firm expects the Bitcoin mining sector to see the predicted 20% hash rate drop at the next Bitcoin halving in April 2024. \u201cWe estimate as much as 80 EH\/s (or 20% of the network hash rate) could be removed at the next halving (April \u201824) as less-efficient hardware is decommissioned,\u201d the report reads. Bitcoin halving is an event that aims to control inflation and it involves the reduction of Bitcoin miners’ rewards by half, and it takes place roughly every four years after miners solve 210,000 blocks.\u00a0 BTC price still holding $26,800 | Source: BTCUSD on Tradingview.com Analysts Reginald Smith and Charles Pearce noted in the report that the bank favors mining operators that can offer the best relative value in light of the existing hash rate, operational efficiency, power contracts, and more. JPMorgan chose Bitcoin mining company CleanSpark (CLSK) as its top pick among several companies listed by the firm, highlighting that the mining company offers the best balance of scale, growth potential, power costs, and relative value. In addition, the firm highlighted the significance of other mining firms it listed. These include Marathon Digital (MARA), Riot platforms (RIOT), and Cipher mining (CIFR). According to the firm, Marathon Digital is the largest mining operator, with the highest energy costs and lowest margins. Meanwhile, Riot has lower energy costs and liquidity, but Cipher has the lowest power costs with limited growth. Related Reading: XRP Price Prediction: Crypto CEO Delivers Bad News For The Altcoin The firm also included an outweight rating table and price targets of the mining operators in the report. The high cost of mining and the removal of inefficient hardware have been seen as some of the factors that tend to affect the Bitcoin mining industry. Large amounts of electricity are needed for mining, and at first, this makes it too expensive for miners to continue their operation. Nevertheless, many also tend to come back whenever the next bullish cycle drives Bitcoin’s price to unprecedented levels. Featured image from Shutterstock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":555143,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,640,656,1119,84159,89185,1122,1144,78790,2628],"class_list":["post-555137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-news","tag-btc","tag-btc-mining","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-jpmorgan"],"acf":[],"yoast_head":"\nUS Mega Bank JPMorgan Predicts Harsh Drop In This Bitcoin Metric<\/title>\n<meta name=\"description\" content=\"In a recent research report from JPMorgan, the financial firm has predicted a harsh drop for one Bitcoin metric.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"US Mega Bank JPMorgan Predicts Harsh Drop In This Bitcoin Metric","url":"http:\/\/wncen.com\/news\/jpmorgan-drop-bitcoin-metric\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/jpmorgan-drop-bitcoin-metric\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_2011934483-Small.jpeg?resize=200%2C183","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_2011934483-Small.jpeg?fit=320%2C183"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin mining","bitcoin news","btc","btc mining","btc news","btc price","btcusd","btcusdt","jpmorgan"],"dateCreated":"2023-10-12T20:00:58Z","datePublished":"2023-10-12T20:00:58Z","dateModified":"2024-06-11T08:10:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"US Mega Bank JPMorgan Predicts Harsh Drop In This Bitcoin Metric\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/jpmorgan-drop-bitcoin-metric\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/jpmorgan-drop-bitcoin-metric\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_2011934483-Small.jpeg?resize=200%2C183\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_2011934483-Small.jpeg?fit=320%2C183\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin mining\",\"bitcoin news\",\"btc\",\"btc mining\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"jpmorgan\"],\"dateCreated\":\"2023-10-12T20:00:58Z\",\"datePublished\":\"2023-10-12T20:00:58Z\",\"dateModified\":\"2024-06-11T08:10:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_2011934483-Small.jpeg?fit=320%2C183","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/555137"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=555137"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/555137\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/555143"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=555137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=555137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=555137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}