According to a report by JP Morgan cited by The Block on June 18, Bitcoin mining operating profits have declined significantly, putting pressure on miners as production costs rise faster than market prices. The bank's analysts estimate Bitcoin production costs at $78,000 per coin, while the current price is $62,500 — meaning miners are operating at a loss. Over the past six months, Bitcoin's price and mining difficulty have a correlation coefficient of 0.62, indicating miners are increasingly operating near breakeven and may adjust their activity based on price fluctuations. Specifically, in the second week of June, mining difficulty decreased by 10% as costly mining operations had to cease due to selling prices falling below costs. According to CoinShares data cited by JP Morgan, approximately 20% of mining companies are currently unprofitable, with miners selling off 32,000 Bitcoin in Q1 — higher than the total sales volume of the entire previous year.