One in five Bitcoin miners is now losing money. That’s the takeaway from a JPMorgan report published on June 18, which paints a bleak picture of an industry squeezed between rising costs and a coin that refuses to cooperate on price.
Bitcoin has been trading around $62,500, well below what JPMorgan estimates it costs to produce a single coin: roughly $78,000. That gap has persisted for over five months, and the consequences are starting to show up everywhere, from mining difficulty adjustments to the balance sheets of publicly traded mining companies.
The numbers tell the story
According to the JPMorgan report, led by analyst Nikolaos Panigirtzoglou, approximately 15-20% of global Bitcoin miners are currently unprofitable. Hashprices, the standard metric for mining revenue per unit of computational power, sit between $28-$30 per PH/s/day. For operations running older hardware with elevated electricity costs, that’s not enough to keep the lights on.
Public mining companies sold over 32,000 BTC in the first quarter of 2026 to cover operational expenses. To put that in perspective, that figure surpasses total BTC sales for the entire year of 2025. Miners who once held their coins as a long-term bet are now liquidating at a pace that would have been unthinkable a year ago.
