Overview
- JPMorgan reports Bitcoin has traded below its estimated all‑in production cost of about $78,000 for five straight months while the market price sits near $62,500, leaving the sector under prolonged revenue stress.
- The bank and CoinShares estimate roughly 15–20% of global miners are now unprofitable because current mining revenue per unit of power, or hashprice, is low.
- Publicly listed miners sold more than 32,000 BTC in the first quarter of 2026 to cover operating expenses, a volume that exceeded their total BTC sales for all of 2025 and added immediate supply to the market.
- Network measures show miners are reacting: mining difficulty fell about 10% in the second week of June and again earlier this year, a sign that operators have powered down older, loss-making rigs.
- Analysts say hashprices near $28–$33 per PH/s/day and electricity costs above roughly $0.06 per kWh make many older machines unprofitable, which should accelerate consolidation toward low‑cost, efficient operators and could lead to more frequent difficulty adjustments if prices stay low.