Bitcoin has traded below the estimated cost to mine it for five straight months, according to JPMorgan analysts, leaving roughly one in five miners unprofitable and pushing publicly listed operators to sell a record volume of coins.

In a client note circulated this week, analysts led by managing director Nikolaos Panigirtzoglou said bitcoin mining economics have “worsened” in 2026. JPMorgan places the current all-in production cost of bitcoin at about $78,000, a figure derived from electricity, hardware depreciation, and overhead expenses across public miners. 

With bitcoin trading near $63,000, the gap between spot price and breakeven has created a sustained squeeze across the…

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