Jun 25, 2022 10:00 PM (GMT+8) · EqualOcean
The JPMorgan Chase strategy team led by Nikolaos panigirtzoglou released a report that if the profitability of bitcoin miners failed to improve, they would choose to continue selling bitcoin in order to meet the continuous cost or deleveraging, which may continue until the third quarter of this year. At present, the soaring global power costs and the overall downward pressure on the encryption market are both attacking the profitability of encryption mining enterprises. Miners are trying to increase profits by cutting costs and selling some bitcoins. In addition, bitcoin miners also face great pressure from creditors and other counterparties. Those miners who obtain funds through highly leveraged lending will even trigger a larger chain reaction, leading to the bankruptcy of cryptocurrency lending service providers and hedge fund companies.