JPMorgan says the economics of Bitcoin mining have been deteriorating since 2026, with Bitcoin prices staying below the estimated production cost of around $78,000 for five consecutive months. Currently, about 20% of miners are operating at a loss. The report highlights that miners are becoming more sensitive to price changes. When prices fall below production costs, high-cost miners shut down their equipment, leading to a drop in network hash rate and mining difficulty. Under operational pressure, publicly listed mining companies sold over 32,000 BTC in Q1 2026 to cover operating expenses, surpassing their total sales for the entire year of 2025. JPMorgan predicts that during periods when Bitcoin prices remain below production costs, the volatility and frequency of fluctuations in hash rate and mining difficulty will stay elevated. (The Block) https://www.(wublock123.com)/news/jpmorgan-bitcoin-below-production-cost-5-months-20pc-miners-loss-63051