JPMorgan · Bitcoin · Bitcoin Magazine
JPMorgan: Bitcoin Mining Costs Have ‘Worsened’ as BTC Trades Below Production Cost
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JPMorgan says Bitcoin mining economics have deteriorated as BTC trades about 19% below its estimated $78,000 production cost, forcing public miners into record coin sales and rendering roughly 20% of the industry unprofitable.
Key facts
- JPMorgan says Bitcoin mining economics have deteriorated as BTC trades about 19% below its estimated $78,000 production cost, forcing public miners into record coin sales and rendering roughly 20%
- Operators including MARA, CleanSpark, Riot Platforms, Cango, Core Scientific, and Bitdeer sold a combined 32,000 bitcoin in Q1 2026 alone to fund operating expenses, according to data
- With bitcoin trading near $63,000, the gap between spot price and breakeven has created a sustained squeeze across the sector
- Hashprice, a metric that captures mining revenue per unit of computing power, sits at roughly $33 per petahash per second per day, according to Hashrate Index
Summary
Bitcoin has traded below the estimated cost to mine it for five straight months, according to JPMorgan analysts, leaving roughly one in five miners unprofitable and pushing publicly listed operators to sell a record volume of coins. In a client note circulated this week, analysts led by managing director Nikolaos Panigirtzoglou said bitcoin mining economics have “worsened” in 2026. With bitcoin trading near $63,000, the gap between spot price and breakeven has created a sustained squeeze across the sector. One of the most notable shifts JPMorgan flags is a structural change in how the Bitcoin network itself responds to price movements.