The analysis team led by JPMorgan Chase Managing Director Nikolaos Panigirtzoglou pointed out that since the beginning of this year, the sensitivity of Bitcoin network hash rate and mining difficulty to price fluctuations has rapidly increased.

Data shows that over the past six months, the beta coefficient (a measure of the correlation between mining difficulty and price movements) for Bitcoin mining difficulty relative to price has risen to 0.62, indicating that more miners are struggling near the "break-even point" and can only frequently turn their mining machines on and off to control costs as the price fluctuates.