JPMorgan: Bitcoin Mining Costs Have ‘Worsened’ as BTC Trades Below Production Cost

JPMorgan analysts state Bitcoin has traded below its estimated $78,000 production cost for five consecutive months, causing roughly 20% of miners to operate unprofitably. Publicly listed miners sold a record 32,000 bitcoin in Q1 2026 to fund operations, with mining difficulty and hashrate showing heightened sensitivity to price declines.