JPMorgan said that only Bitcoin (BTC), miners who have low electricity costs, and use a sustainable energy mix will survive in an increasingly competitive environment.

The report stated that the main cost in bitcoin mining is electricity. This affects the cost of production. Miners are looking for more sustainable and cheaper energy sources to protect profitability.

The bank noted that electricity prices are falling in the U.S. where the majority of bitcoin mining companies are located. It also stated that the U.S. has the highest contribution to bitcoin hashrate. Hashrate refers to the total combined computational power used to mine and process transactions on a proof of work blockchains such as Bitcoin.