.jpmorgan says the next $BTC halving event, scheduled for the second quarter of next year, could be a stress test for miners. willcanny99 reports.
JPMorgan says miners with lower electricity costs will find it easier to survive, while miners with higher power costs may struggle after halving occurs.
The bank estimates that a 1 cent per kilowatt hour change in the electricity cost could cause a $4,300 change in the bitcoin production cost. After halving, this sensitivity would double to $8,600, thereby “increasing the vulnerability of higher cost producers.” The steep rise in the hashrate implies increasing competition among bitcoin miners with more mining rigs being deployed, the note said.
It is unlikely the hashrate will continue to rise at the same pace following the halving event “without any sustained rise in the bitcoin price above its production cost or a large increase in transaction fees that could offset the reduction in issuance rewards,” the report added.
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