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Just When You Thought It Was Safe to Go Back in the Water: Another JPMorgan Report Confirms Your Grandma’s Investment Strategy Is Still Better Than Bitcoin Mining!

A cartoon miner is shown underwater, surrounded by sinking coins and a dwindling treasure chest. A giant anchor weighs him down, while in the background, a massive wave crashes over a Bitcoin logo.

The never-ending saga of Bitcoin’s existential crisis continues to unfold like a bad soap opera. It seems that even the most die-hard fans can’t escape the harsh reality: cryptocurrency is just not worth it. JPMorgan, one of Wall Street’s most respected institutions, has come out swinging with another damning report on Bitcoin mining profits. And let me tell you, folks, this one is a doozy.

Source: cointelegraph

Bitcoin miners are struggling to maintain profits as the Bitcoin network’s April halving and rising power costs weigh on miner production, according to a new JPMorgan report. The second quarter of 2023 “was a historic quarter, as Bitcoin miners navigated the 4th Bitcoin halving event, which cut the number of daily coins mined (and all else equal, the daily revenue opportunity) in half, resulting in lower margins and profitability across […]

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