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$BTC JPMorgan Chase states that since 2026, the economics of Bitcoin mining have continued to deteriorate. Currently, Bitcoin prices have been below the estimated production cost of approximately $78k for five consecutive months, with about 20% of miners operating at a loss.
The report points out that miners are becoming more sensitive to price changes. When prices fall below production costs, high-cost miners shut down equipment, leading to a decrease in overall network hash rate and mining difficulty.
Under 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 expects that during periods when Bitcoin prices remain below production costs, fluctuations in hash rate and mining difficulty will stay high in both magnitude and frequency.
So, will Bitcoin drop below $50k?