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JPMorgan says Bitcoin stayed below its $78,000 production cost for five months

JPMorgan says Bitcoin stayed below its $78,000 production cost for five months

The bank said weaker mining economics in 2026 left about 20% of Bitcoin miners unprofitable, while listed miners sold more than 32,000 BTC in the first quarter.

BTC

Fact Check
All three independent sources (The Block, CoinDesk, Cryptobriefing) attribute the same findings to a JPMorgan note dated June 18, 2026: Bitcoin traded below its estimated $78,000 production cost for five consecutive months, ~20% of miners are unprofitable, and publicly listed miners sold more than 32,000 BTC in Q1 2026 (exceeding all of 2025). A web search additionally surfaced corroboration from BeInCrypto and Wu Blockchain. The figures are consistent across every source with no conflicts.
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Summary

Bitcoin mining economics have deteriorated in 2026, with JPMorgan saying Bitcoin traded below its estimated production cost of about $78,000 for five consecutive months. The bank said that prolonged gap left roughly 20% of miners unprofitable, highlighting pressure on operators whose revenues no longer cover electricity, hardware and other operating costs. TheBlock also reported that listed miners sold more than 32,000 BTC in the first quarter, exceeding the full-year 2025 total.

Terms & Concepts
  • production cost: Estimated cost to mine one Bitcoin
  • Bitcoin miners: Operators that validate transactions and earn rewards