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20% of Bitcoin Miners Are Now Losing Money: JPMorgan
The Problem:
It costs around 78,000 dollars to mine one $BTC, but Bitcoin is trading near 62,500. This gap has stayed open for five straight months.
The Result:
Public miners sold over 32,000 BTC in Q1 2026 to cover costs. That is more than all of 2025 combined and a new quarterly record. Mining difficulty also dropped 10 percent in June as machines got switched off.
Older high cost miners are under heavy pressure. Large miner selling can drag price down short term.
JPMorgan notes this weak sentiment could turn bullish later, as miner capitulation often marks local bottoms.