Bitcoin Has Sat Below Its $78,000 Mining Cost for Five Months Straight

By Isaac • June 20, 2026 1:48 pm •

Bitcoin has spent five straight months trading below what it costs to mine, according to JPMorgan. The bank pegs the all-in production cost near $78,000 while BTC has been trading around $62,500.

That gap is squeezing the weakest operators hard.

JPMorgan estimates roughly 20% of miners are now unprofitable. To cover operating costs, publicly traded miners sold more than 32,000 BTC in the first quarter, more than they sold in all of 2025.

None of this changes Bitcoin’s standing as the top asset in the market. CoinGecko’s June 20 data still ranked BTC first by market cap, with the coin near $63,789 and a market cap around $1.28 trillion.

JPMorgan: Bitcoin Has Traded Below Production