JPMorgan: Bitcoin Hash Rate Grows More Sensitive to Price Moves, Beta Hits 0.62

BTC-4.83%
According to JPMorgan Chase quantitative analysts, Bitcoin's hash rate and mining difficulty have become more responsive to price movements over the past six months, as reported by Investing.com on June 18. The beta of mining difficulty to BTC prices has increased to 0.62, reflecting that a higher share of miners are operating near their breakeven zone. JPMorgan expects this heightened responsiveness to continue as long as Bitcoin trades below its estimated production cost of $78,000, with miners switching rigs on or off in response to even modest price movements.
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