Bitcoin Is Worth Less Than the Cost to Mine It, JPMorgan Says
- Low-cost Chinese operations may still have positive margins
- Crypto has failed as a diversification hedge: JPM’s Normand
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The production-weighted cash cost to create one Bitcoin averaged around $4,060 globally in the fourth quarter, according to analysts with JPMorgan Chase & Co.
With Bitcoin itself currently trading below $3,600, that doesn’t look like such a good deal. However, there’s a big spread around the average, meaning that there are clear winners and losers.