About 20% of miners are now unprofitable, and publicly traded miners sold more than 32,000 bitcoin in the first quarter to cover operating costs, more than they offloaded in all of 2025.

JPMorgan's current estimated production cost of bitcoin is about $78,000, while bitcoin is currently trading around $62,500.

JPMorgan says 20% of Bitcoin miners are unprofitable as BTC trades below its $78K production cost. Public miners sold over 32,000 BTC in Q1 2026.

About 20% of miners are now unprofitable, and publicly traded miners sold more than 32,000 bitcoin in the first quarter to cover operating costs, more than they offloaded in all…

JPMorgan says Bitcoin mining economics have deteriorated as BTC trades about 19% below its estimated $78,000 production cost, forcing public miners into record coin sales and…

JPMorgan analysts say BTC has traded below estimated production cost for 5 months, pushing about 20% of miners into unprofitable territory.