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JPMorgan: Bitcoin Below Estimated Production Cost for Five Straight Months; Roughly 20% of Miners in the Red

Bitcoin mining profitability has deteriorated in 2026, JPMorgan said, with the cryptocurrency trading below its estimated production cost of about $78,000 for five consecutive months. The bank estimates that roughly 20% of miners are now operating unprofitably. Publicly listed mining firms sold more than 32,000 BTC in the first quarter of 2026 to fund operations, topping their combined bitcoin sales for all of 2025. JPMorgan expects hashrate and mining difficulty to stay highly volatile, with larger and more frequent swings, as long as bitcoin remains below its production cost.
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