liveUpdated 2 minutes agoBy Shaurya MalwaMake preferred on Share this article2 minutes ago · 5:04 AMShaurya MalwaShare this postJPMorgan estimates it costs about $78,000 to mine one bitcoin, forcing about a fifth of miners to operate at a lossBitcoin has spent five straight months trading below what it costs to produce, squeezing miners and forcing some to sell, JPMorgan said in a note. The bank pegs the cost to mine one bitcoin at about $78,000, well above the roughly $62,500 the asset fetches now.The strain is showing and about 20% of miners are now unprofitable, the bank said citing CoinShares data, and publicly traded miners sold more than 32,000 bitcoin in the first quarter to cover operating costs, more than they offloaded in all of 2025.The network is adjusting on its own. When the price drops below cost, higher-cost miners power down, the hashrate, or total computing power securing the network, falls, and mining difficulty, the automatic setting for how hard it is to mine, resets lower.That played out in early June, when difficulty dropped 10%, the second decline of that size this year.Miners are also reacting faster than before. JPMorgan says the sensitivity of difficulty to price has climbed, with more operators sitting near breakeven and flipping machines on or off as prices move. The bank expects larger and more frequent adjustments for as long as bitcoin stays below its production cost.The outlook is cautious, but JPMorgan flags one upside. The weak sentiment around the sector could itself prove a bullish contrarian signal, echoing the run of accumulation readings, from whale buying to falling exchange reserves, pointing the same way this month.Latest Crypto News 1Bitcoin traders load up on bearish bets all the way down to $52,0005 minutes ago2Bitcoin falls below $63,000 as risk assets sell off and the week's bounce fades17 minutes ago3Ex-Celsius CEO Mashinsky gets U.S. CFTC ban in final resolution with regulator9 hours ago4U.S. agencies seek stablecoin customer-ID rules akin to banks in new GENIUS Act pitch11 hours ago5Ethereum Foundation loses another key leader as co-executive director Hsiao-Wei Wang resigns13 hours ago6Crypto for Advisors: Trading the bitcoin cycle14 hours ago7Algorand unveils roadmap to achieve quantum resistance by 202815 hours ago8CoinDesk 20 performance update: Stellar (XLM) jumps 10% while index declines15 hours ago9Alchemy's AI-driven identity and payment service gains access to Visa network16 hours ago10Hive shares jumps 10% on $220m Canada sovereign AI infrastructure deal17 hours agoLatest Research CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record HighCEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record HighIn May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.By CoinDesk ResearchJun 15, 2026In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.Why it matters:In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.View Full ReportMore From Markets Bitcoin traders load up on bearish bets all the way down to $52,000Bitcoin falls below $63,000 as risk assets sell off and the week's bounce fadesHive shares jumps 10% on $220m Canada sovereign AI infrastructure deal