Overview
- JPMorgan's report, published June 18, found Bitcoin has traded below its estimated production cost of about $78,000 for five straight months while market prices sit near $62,500.
- The bank estimates roughly 15–20% of global miners are now unprofitable and notes that hashprice — mining revenue per unit of power — is only about $28–$30 per PH/s/day.
- Publicly traded miners sold more than 32,000 BTC in Q1 2026 to cover operating costs, a level that exceeded their total sales for all of 2025 and added supply to a weak market.
- Mining difficulty fell about 10% in the second week of June, the second similar drop this year, which signals that higher-cost miners are unplugging equipment and reducing hashrate.
- JPMorgan measured a 0.62 beta between price and difficulty, which means difficulty now reacts more to price swings and supports the bank’s caution that miner distress could prolong downside pressure.