According to BlockBeats, a recent study by JPMorgan Chase on May 16th suggests that the current hash rate and power consumption of the Bitcoin network indicate an estimated mining cost of around $45,000. The report highlights that the more the price of Bitcoin falls, the greater the number of unprofitable miners facing pressure to leave the Bitcoin network. This, in turn, leads to a larger decrease in the hash rate and the cost of Bitcoin production (mining).
JPMorgan Chase had previously predicted a significant drop in hash rate following the halving due to unprofitable miners exiting the network. This situation is now unfolding, albeit with some delay. Analysts also noted that the boost from halving is temporary, with user activity and fees sharply declining in the past one to two weeks. This underscores the ongoing challenges Bitcoin miners face in maintaining a sustainable source of Bitcoin, especially in a post-halving environment.