JPMorgan says bitcoin mining network is becoming more sensitive to price swings

JPMorgan says more bitcoin miners are operating near breakeven as BTC trades below its estimated $78,000 production cost. Mining difficulty has become more responsive to price moves, with a 10% drop in early June.

• Mining difficulty beta relative to BTC price has climbed to 0.62 over the past six months, JPMorgan said.
• Bitcoin has traded below its estimated $78,000 production cost for five consecutive months.
• Roughly 20% of miners are estimated to be unprofitable, per CoinShares data cited by JPMorgan.
• Public miners sold over 32,000 BTC in Q1 2026, exceeding their combined 2025 sales.
• Miners are increasingly turning to AI and high-performance computing to diversify revenue.

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