Bitcoin Surges Past Estimated Production Cost After 280 Days

Bitcoin's price has finally broken above JPMorgan's estimated cost of production, $85,000, after remaining below it for 280 days.

This milestone could bring some relief to miners who have been struggling with high electricity and equipment costs, as they will now be able to cover their expenses even if the price drops slightly.

JPMorgan analyst Nikolaos Panigirtzoglou noted that this level has historically acted as a 'soft floor' for Bitcoin, particularly during periods of prolonged price weakness.

As Bitcoin's price has fallen from its all-time high of $126,000, miners have been looking for alternative sources of income, and some have turned to the artificial intelligence industry.