Bitcoin mining activity cryptocurrency could rise as high as $64000 next year. This report was published by the investment research firm Fundstrat on Thursday. Fundstrat co-founder Tom Lee is the only major strategist to cover Bitcoin. Last July he issued his first formal report regarding cryptocurrency when Bitcoin traded around $2540.

Bitcoin is a cryptocurrency which originates through an energy-intensive process. This process begins where the computer receives cryptocurrency for solving complex mathematical equations. Processing power to guess the solution is known as ‘hash power’. Fundstrat predicts that the hash power may raise up to 350% by 2019. The mining process depends on factors like the cost of electricity, cooling equipment and specialized hardware called rigs.

Bitcoin traded $9300 mid-Thursday. Last year this cryptocurrency escalated from $1000 to above $19000 which dragged investors’ interest. According to Doctor Bitcoin miners are likely to hold as the price falls to breakeven for operating cost. The investors thus will prefer sale when the price rises to gain profits.

We believe the current power of hash power growth supports a BTC price of about $36000 by the end of 2019, with a $20000-$64000. The primary net sellers in our view, are bitcoin miners, and the rest are transactions between Bitcoin investors.

The release of the next generation of rig hardware should trigger a new round of capex as well as hash power growth, which could accelerate if BTC price appreciates –  Sam Doctor, head of data sciences and research, Fundstrat

Fundstrat Bitcoin prediction further provides estimates regarding the cash break-even price for the older Antminer S7 model which is $6003 per Bitcoin and $2368 for newer Antminer S9. Both are made by Beijing based Bitmain, which Bernstein analysts estimate had $3 billion to $4 billion in operating profits last year.