JPMorgan states that since 2026, the economics of Bitcoin mining have continued to deteriorate, with Bitcoin prices remaining below the estimated production cost of approximately $78k for five consecutive months. Currently, about 20% of miners are operating at a loss. The report points out that miners' sensitivity to price changes is increasing; when prices fall below production costs, high-cost miners will shut down equipment, leading to a decrease in total network hash rate and mining difficulty. Due to operational pressures, publicly listed mining companies sold over 32k BTC in the first quarter of 2026 to cover operating expenses, exceeding their total sales for all of 2025. JPMorgan predicts that during periods when Bitcoin prices stay below production costs, the fluctuations and frequency of changes in hash rate and mining difficulty will remain high. (The Block)