JPMorgan: Bitcoin production cost has dropped from $90,000 at the beginning of the year to $77,000 According to The Block, JPMorgan analysts stated that their estimated Bitcoin production cost—historically seen as a 'soft price floor'—has decreased from $90,000 at the start of the year to $77,000, mainly due to a recent drop in network hash rate and mining difficulty. The report attributes the decline in difficulty to two factors: first, the drop in Bitcoin prices has made high-cost miners unprofitable; second, winter storms in the U.S. caused temporary shutdowns of large mining farms in states like Texas. Some high-cost miners have maintained operations or pivoted to AI by selling Bitcoin, which has added to the price pressure since the beginning of the year. Analysts believe the exit of high-cost miners has stabilized and remain 'positive' on the overall cryptocurrency market outlook for 2026.