JPMorgan Predicts Bitcoin Hash Rate to Fall 20% Post-Halving
In a recent report, JPMorgan predicted that Bitcoin’s (BTC) hash rate will fall 20% after its halving event in April 2024. The bank estimates as much as 80 EH/s to be removed from the BTC network. The reason behind the forecast is the decommissioning of old and less efficient machines. As per the report, the Bitcoin (BTC) mining industry is at a “crucible moment.” JPMorgan also states that Bitcoin’s (BTC) four-year block rewards opportunity is around $20 billion. Although the prediction is based on BTC’s current price, it has dropped by around 72% in the last two years. The report states, “For context, this figure peaked at roughly $73 billion in April ‘21 and has fluctuated between $14 billion and $25 billion over the past year.” Also Read: JPMorgan Debuts Blockchain Settlement For BlackRock-Barclays Furthermore, in its report, JPMorgan lists several BTC mining firms. However, the bank named CleanSpark as its preference. The report states, “W...