JPMorgan flags deteriorating Bitcoin mining economics as BTC trades below estimated $78,000 cost

JPMorgan says Bitcoin mining profitability is coming under increasing strain, with bitcoin:native trading below an estimated $78,000 all-in production cost for five consecutive months. The bank notes mounting pressure across the sector: about 20% of miners are now operating at a loss, prompting sales of more than 32,000 BTC in Q1 to cover ongoing expenses. Analysts add that the level of market pessimism could also act as a contrarian indicator, often viewed as a potentially bullish signal. The question now is whether the market is approaching a bottom.