{"id":74296,"date":"2026-06-20T09:51:57","date_gmt":"2026-06-20T09:51:57","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/jpmorgan-says-20-of-miners-operating-at-a-loss-as-bitcoin-trades-below-production-cost\/"},"modified":"2026-06-20T09:51:57","modified_gmt":"2026-06-20T09:51:57","slug":"jpmorgan-says-20-of-miners-operating-at-a-loss-as-bitcoin-trades-below-production-cost","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/jpmorgan-says-20-of-miners-operating-at-a-loss-as-bitcoin-trades-below-production-cost\/","title":{"rendered":"JPMorgan Says 20% of Miners Operating at a Loss as Bitcoin Trades Below Production Cost"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">JPMorgan says Bitcoin stayed below its $78K production cost for 5 straight months.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Public miners sold 32,000+ BTC in Q1 2026 as 20% of operators turned unprofitable.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">JPMorgan expects volatility to persist until Bitcoin climbs above $78K or miners exit.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2> <span>Bitcoin<\/span> Miners Sold 32,000 <span>BTC<\/span> in Q1 as JPMorgan Flags Growing Profit Pressure<\/h2>\n<p> <span>Bitcoin<\/span> miners are under growing strain in 2026 as the market price of the asset remains well below the estimated cost of producing it, according to JPMorgan.<\/p>\n<p>JPMorgan analysts said <span>bitcoin<\/span> has traded below its estimated production cost for five consecutive months. JPMorgan currently places that cost at about $78,000 per coin, while <span>Bitcoin<\/span> is trading near $63,000.<\/p>\n<p>That gap has left about 20% of miners unprofitable, the bank said, citing Coinshares\u2019 first-quarter mining <a href=\"https:\/\/coinshares.com\/se\/insights\/research-data\/bitcoin-mining-report-q1-2026\/\" target=\"_blank\" rel=\"noopener noreferrer\">report<\/a>. The pressure is already showing up on balance sheets. Publicly listed mining companies sold more than 32,000 <span>BTC<\/span> in the first quarter alone to cover operating expenses, JPMorgan said, citing data from TheEnergymag.<\/p>\n<p>That figure exceeds the total amount those companies sold during all of 2025.<\/p>\n<figure id=\"attachment_824402\" aria-describedby=\"caption-attachment-824402\" style=\"width:1280px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/static.news.bitcoin.com\/wp-content\/uploads\/2026\/06\/jpmorgan-says-20-of-miners-operating-at-a-loss-as-bitcoin-trades-below-production-cost.png?X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&amp;X-Amz-Algorithm=AWS4-HMAC-SHA256&amp;X-Amz-Credential=AKIARQKIT2TMGZBKV2L6%2F20260619%2Fus-east-1%2Fs3%2Faws4_request&amp;X-Amz-Date=20260619T171420Z&amp;X-Amz-SignedHeaders=host&amp;X-Amz-Expires=600&amp;X-Amz-Signature=f004ffac560d7a61a8c4aa0a6198d42f7fc4fa91b60686a8d0c8b3948cf0e81d\"><\/a><figcaption id=\"caption-attachment-824402\" class=\"wp-caption-text\">Source: TheEnergymag<\/figcaption><\/figure>\n<h2>Mining Difficulty Is Reacting Faster to Price Swings<\/h2>\n<p>JPMorgan said <span>Bitcoin<\/span>\u2019s <span>hashrate<\/span> and mining difficulty have become more sensitive to price movements this year. <span>Hashrate<\/span> measures the total computing power securing the network, while mining difficulty adjusts to keep block production steady as miners enter or leave the market.<\/p>\n<p>Over the past six months, the beta of mining difficulty to <span>bitcoin<\/span> prices has risen to 0.62. The analysts said this suggests more miners are operating close to breakeven and are quicker to turn machines on or off as prices shift.<\/p>\n<p>The pattern was visible in the second week of June, when <span>bitcoin mining<\/span> difficulty fell 10%. It was the second drop of that size this year, following a similar decline in January.<\/p>\n<p>When <span>bitcoin<\/span> trades below production cost, higher-cost miners tend to power down equipment. That reduces the <span>hashrate<\/span> and eventually leads the network to adjust difficulty lower. The mechanism helps stabilize mining economics, but it also highlights how thin margins have become for weaker operators.<\/p>\n<figure id=\"attachment_824404\" aria-describedby=\"caption-attachment-824404\" style=\"width:1280px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/static.news.bitcoin.com\/wp-content\/uploads\/2026\/06\/jpmorgan-says-20-of-miners-operating-at-a-loss-as-bitcoin-trades-below-production-cost.webp?X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&amp;X-Amz-Algorithm=AWS4-HMAC-SHA256&amp;X-Amz-Credential=AKIARQKIT2TMGZBKV2L6%2F20260619%2Fus-east-1%2Fs3%2Faws4_request&amp;X-Amz-Date=20260619T171556Z&amp;X-Amz-SignedHeaders=host&amp;X-Amz-Expires=600&amp;X-Amz-Signature=4bd25003d573482574da8081600ab1a0d3ffc843fd160ab2ef4686413c818dc1\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-824404\" src=\"https:\/\/static.news.bitcoin.com\/wp-content\/uploads\/2026\/06\/jpmorgan-says-20-of-miners-operating-at-a-loss-as-bitcoin-trades-below-production-cost.webp\" alt=\"JPMorgan Says 20% of Miners Operating at a Loss as Bitcoin Trades Below Production Cost\" width=\"1280\" height=\"1024\"\/><\/a><figcaption id=\"caption-attachment-824404\" class=\"wp-caption-text\">Source: Coinshares<\/figcaption><\/figure>\n<h2> <span>Volatility<\/span> Expected to Persist<\/h2>\n<p>JPMorgan expects mining difficulty and <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-bitcoin-hashrate\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">hashrate<\/a> to remain <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-volatility\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">volatile<\/a> as long as <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a> stays materially below its production cost. The bank said investors should expect larger and more frequent mining difficulty adjustments while miners continue responding to price pressure.<\/p>\n<p>The outlook adds another challenge for a sector already dealing with rising energy costs, post-halving revenue pressure, and increasing competition from larger mining firms with stronger balance sheets.<\/p>\n<p>For now, the message is clear. <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">Bitcoin<\/a>\u2019s price is testing the economics of the mining industry, and the pressure is falling hardest on operators without cheap power, efficient machines, or enough capital to ride out the downturn.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/jpmorgan-says-20-of-miners-operating-at-a-loss-as-bitcoin-trades-below-production-cost\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways JPMorgan says Bitcoin stayed below its $78K production cost for 5 straight months. Public miners sold 32,000+ BTC in Q1 2026 as 20% of operators turned unprofitable. JPMorgan expects volatility to persist until Bitcoin climbs above $78K or miners exit. Bitcoin Miners Sold 32,000 BTC in [&hellip;]<\/p>\n","protected":false},"author":3947362377,"featured_media":74297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/74296"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362377"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=74296"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/74296\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/74297"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=74296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=74296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=74296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}