Many Bitcoin miners are losing money
According to JPMorgan's analysis, Bitcoin has been trading below the estimated production cost for miners for several months now.
Currently, the average cost to mine 1 $BTC is around $78,000 based on estimated models, although this figure can vary significantly depending on electricity prices and the efficiency of each operation. Meanwhile, the market price is hovering around $62,500.
Due to this disparity, about 20% of miners are operating at a loss.
To cover their expenses, publicly traded mining companies have sold over 32,000 BTC in the first quarter of 2026, surpassing their total sales for all of 2025.
According to JPMorgan's analysis, Bitcoin has been trading below the estimated production cost for miners for several months now.
Currently, the average cost to mine 1 $BTC is around $78,000 based on estimated models, although this figure can vary significantly depending on electricity prices and the efficiency of each operation. Meanwhile, the market price is hovering around $62,500.
Due to this disparity, about 20% of miners are operating at a loss.
To cover their expenses, publicly traded mining companies have sold over 32,000 BTC in the first quarter of 2026, surpassing their total sales for all of 2025.