Bitcoin is currently trading near the $62,000 level, while JPMorgan estimates the production cost of the coin at around $78,000, a gap that has persisted for nearly five consecutive months, making it the longest period in the current cycle during which the price has traded below the average production cost.

Estimates indicate that about 20% of Bitcoin miners are currently operating in an unprofitable range at current prices, which has impacted network performance. Over the past six months, the mining difficulty index has risen relative to the price, prompting some operators with high costs to repeatedly turn their equipment on and off in response to market movements.