JPMorgan Says Bitcoin Traded Below $78,000 Production Cost for 5 Months, Leaving 20% of Miners Unprofitable
JPMorgan said bitcoin mining economics worsened in 2026 after Bitcoin traded below its estimated production cost of about $78,000 for five consecutive months, leaving about 20% of miners unprofitable. Publicly listed mining companies sold more than 32,000 Bitcoin in the first quarter of 2026 to fund operations, more than they sold in all of 2025.
The pressure has come as daily miner revenues fell to the 17th percentile of the past year, down 26% from a year earlier. JPMorgan expects hashrate and mining difficulty to remain highly volatile, with larger and more frequent swings, as long as Bitcoin continues to trade below production cost.
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@theblockcoEXCLUSIVE: JPMorgan says bitcoin mining economics have 'worsened' as BTC trades below production cost
@wublockchainJPMorgan: Bitcoin Has Traded Below Production Cost for Five Consecutive Months, Leaving About 20% of Miners Unprofitable Bitcoin mining economics have worsened in 2026, according to JPMorgan. Bitcoin has traded below its estimated producti
@bitcoinnews⛏️ Bitcoin miners face revenue squeeze. 📉 Daily #Bitcoin miner revenues sit at the 17th percentile of the last year, down 26% y/y. Marathon bought 1,000 $BTC this week, even as "most miners are selling newly mined BTC to pay for operation