Bitcoin Watch – Fundstrat identifies cost of mining Bitcoin and its not good news

Fundstrat recently released a report identify the cost of mining Bitcoin. According to the research organisation’s Thomas Lee, “Bitcoin currently trades essentially at the break-even cost of mining a bitcoin, currently at USD8,038 based on a mining model developed by our data science team”. Basically, this means if the cost to create bitcoin exceeds the value, miners would lose inventive to continue. CNBC suggested, “for traditional commodities such as gold, when it equals its cost of production, some speculators take that as a clue it may be near a bottom as supply eases.” Could this mean Bitcoin has hit its bottom and could be on the way back up?

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