JPMorgan has revised its central estimate of bitcoin production cost to $45,000 from the previous $42,000 projection amid a shift in bitcoin mining hashrate.

"We previously anticipated a significant drop in the hashrate post halving as unprofitable bitcoin miners exit the bitcoin network. This appears to be happening, albeit with some delay," JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a report on Thursday. "The current hashrate and power consumption put our central estimate of the bitcoin production cost to around $45,000, i.e., well below current prices" of around $65,000, the analysts added.

In February, the analysts estimated the cost of producing one bitcoin to be $42,000. Consequently, they also estimated $42,000 as bitcoin's price target once the halving-induced …