Bitcoin News

Mining Bitcoin Now Costs $13K Now, Dropped From $24K in June

  • The cost to mine 1 Bitcoin (BTC) is now $13,000.
  • This is a considerable drop from the $24,000 it cost last month.
  • Only 9.1% of the Bitcoin (BTC) supply is left unmined.

It seems that Bitcoin mining is now more affordable than it was last month. According to JPMorgan, the production cost of Bitcoin mining has fallen from $24,000 to $13,000 per Bitcoin (BTC). 

Read CRYPTONEWSLAND on google news

At the time of writing, the price of each Bitcoin (BTC) stands at $19,794. Of the total 21 million Bitcoins that exist, 19,093,362 Bitcoins have already been mined and are in circulation. This leaves only 9.1% of the Bitcoin (BTC) supply left to be mined. 

According to CoinGecko, the present total market cap of Bitcoin (BTC) is $377,947,716,462. This is the price during a severe crypto winter. To highlight, Bitcoin’s last all-time high was set at $69,044 in November 2021. 

No doubt, Bitcoin (BTC) is a very scarce resource. This is where it draws its value. Now, we are nearing the last legs of Bitcoin mining. Soon, there will no longer be any Bitcoin left to mine. Thus, making the pioneer cryptocurrency all the more scarce.    

According to Glassnode, Bitcoin (BTC) holders who bought their assets between 2017-2020 are not selling their Bitcoin. Certainly this points to the fact that many believe the price of Bitcoin (BTC) will soar once again. 

In fact, based on the responses to the team the crypto community only further solidifies their plan to hold their assets and await the inevitable boom. After all, it is not only the holders and the community awaiting a massive Bitcoin bullrun. 

For instance, a certain venture capitalist — Tim Draper, says he expects the price of Bitcoin (BTC) to surpass $250,000. To clarify, he says this price could arrive either at the end of 2022 or at the start of 2023. 

Lauren Cole

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.

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Lauren Cole
Tags: Bitcoinbitcoin miningBTCMining
2 years ago

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