Bitcoin has traded below mining cost for 5 months, squeezing 20% of miners into losses

JPMorgan says bitcoin has traded below its $78,000 production cost for five straight months, with 20% of miners now unprofitable and publicly traded miners selling more BTC in Q1 than all of 2025.

• JPMorgan estimates mining one bitcoin costs about $78,000, well above the current price near $62,500
• Publicly traded miners sold over 32,000 BTC in Q1 2026 to cover costs, exceeding their total 2025 sales
• Bitcoin's mining difficulty dropped 10% in early June as high-cost miners powered down
• JPMorgan expects larger and more frequent difficulty adjustments while BTC stays below production cost
• The bank notes weak sentiment could be a contrarian bullish signal, echoing whale buying and falling exchange reserves

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