JPMorgan Says 20% of Miners Operating at a Loss as Bitcoin Trades Below Production Cost

JPMorgan Says 20% of Miners Operating at a Loss as Bitcoin Trades Below Production Cost

Bitcoin trading $15K below production cost ($78K vs $63K) for 5 months has pushed 20% of miners into losses; public companies dumped 32,000 BTC in Q1 just to operate. Mining difficulty now beta 0.62 to price swings—margins are razor-thin and operators are powering down fast, signaling sustained energy cost pressure and industry consolidation ahead.