JPMorgan: 20% of Bitcoin Miners Unprofitable as BTC Trades Below $78,000 Production Cost

JPMorgan says Bitcoin mining economics have worsened, with BTC trading 19% below the estimated $78,000 production cost. Public miners sold a record 32,000 BTC in Q1 2026 to cover expenses, and roughly 20% of the global mining industry is now unprofitable.

• JPMorgan estimates Bitcoin's all-in production cost at $78,000, while BTC trades near $63,000 -- a 19% gap that has persisted for five months.
• Publicly traded miners including MARA, CleanSpark, and Riot Platforms sold a record 32,000 BTC in Q1 2026, surpassing their total sales for all of 2025.
• Mining difficulty dropped 10% in early June, the second such decline this year, as high-cost operators shut down unprofitable machines.
• Hashprice sits at roughly $33 per PH/s/day, leaving about 20% of global miners in unprofitable territory, per CoinShares data.
• JPMorgan notes that extreme bearish sentiment in mining has historically served as a contrarian signal for future Bitcoin price gains.

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Last updated 20 Jun 2026