JPMorgan Says 20% of Miners Operating at a Loss as Bitcoin Trades Below Production Cost
20 Jun 2026 · 09:30 UTC · Bitcoin.com RSS Feed · Original source
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Summary
JPMorgan analysts report that Bitcoin has been trading below its estimated production cost for five months, resulting in about 20% of miners becoming unprofitable. Public miners have responded by selling over 32,000 BTC in the first quarter to fund their operations.
Why it matters
The analysis from JPMorgan highlights a critical issue within the mining sector, which could lead to a chain reaction affecting Bitcoin's price. With 20% of miners operating at a loss, there is a strong likelihood of increased selling activity, which could exacerbate downward price movements. Additionally, as miners sell their Bitcoin to remain operational, this could lead to heightened volatility and negative sentiment in the market. The reliance on a single source for this information, which has a low credibility score, introduces uncertainty regarding the accuracy of the claims made.
Expected impact
The report from JPMorgan indicates that a significant portion of Bitcoin miners are facing financial difficulties due to Bitcoin prices falling below production costs. This situation is likely to lead to increased selling pressure on Bitcoin, especially as miners liquidate their holdings to cover operational costs. As a result, both Bitcoin and altcoin markets may experience downward pressure in the short to medium term.