“Bitcoin currently trades essentially at the break-even cost of mining a bitcoin,” Fundstrat’s Thomas Lee said in a report Thursday.

“In some cases the miners may simply turn off the machines until the price comes back a bit,” said Shone Anstey, co-founder and president of Blockchain Intelligence Group.

Miners’ earnings have roughly halved this month from December due to a surge of interest in bitcoin mining, as measured by hashrate, said Charlie Hayter, CEO of CryptoCompare.



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