JPMorgan Says 20% of Miners Operating at a Loss as Bitcoin Trades Below Production Cost

Bitcoin Has Sat Below Its $78,000 Mining Cost for Five Months Straight

JPMorgan says about 20% of miners are now underwater, and public miners dumped more than 32,000 BTC in the first quarter to keep the lights on. The network is already adjusting.

JPMorgan Flags 20% of Bitcoin Miners Underwater as 32,000 BTC Gets Dumped | ذا كرنسي أناليتيكس

Bitcoin mining is bleeding. JPMorgan analysts put it bluntly: roughly one in five bitcoin miners is operating at a loss… Read the original on JPMorgan Flags 20% of Bitcoin Miners Underwater as 32,000 BTC Gets Dumped. For more crypto news and analysis, visit TheCurrencyAnalytics.com.

JPMorgan Says 20% of Miners Operating at a Loss as Bitcoin Trades Below Production Cost

JPMorgan analysts say bitcoin has traded below its estimated production cost for five straight months, pushing about 20% of miners into unprofitable territory. Public miners have responded by selling more than 32,000 BTC in the first quarter to fund operations. Bitcoin Miners Sold 32,000 BTC in Q1 as JPMorgan Flags Growing Profit Pressure Bitcoin miners […]

JPMorgan: Bitcoin Mining Economics 'Worsened' With BTC 19% Below Cost

The proof-of-work shakeout is running on schedule. The question is who survives it.Key takeawaysJPMorgan places Bitcoin's all-in production cost at approximately $78,000; BTC has traded roughly 19% below that figure for five straight months, leaving an estimated 15–20% of the global mining industry unprofitable per CoinShares.Six publicly listed miners (MARA, CleanSpark, Riot Platforms, Cango, Core Scientific, and Bitdeer) sold a combined 32,000…

Bitcoin Mining Costs Have 'Worsened' As BTC Trades Below Production Cost

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. JPMorgan places the current all-in production cost of bitcoin at…