Many mining companies were forced to dump some of the previously mined bitcoins in the second quarter of 2022.
Selling was aggressive in May and June amid the return of turbulence in the cryptosphere, according to a friday report from JPMorgan Chase. According to the forecasts of its analysts, in the third quarter, mining pools may again organize a cryptocurrency dump if the market situation does not improve.
So far, BTC is trading above $20,000, and most miners are happy with this price. But if the coin falls in price again, then the threat of another sale on their part will increase again.
One of the authors of the report, Nikolaos Panigirtzoglou, stressed that the pressure on bitcoin in the spring and early summer was the result, among other things, of the activation of miners. They began to sell cryptocurrency to receive funds to maintain performance.
Production costs decreased from $18,000 in January to $15,000 in June due to the introduction of more efficient equipment.
Therefore, only a fall in the BTC rate below $15,000 can force miners to arrange a new reset in the third quarter, the bank predicts.