JPMorgan says bitcoin has traded below its $78,000 all-in mining cost for five months as BTC hovers near $63,000

JPMorgan says bitcoin is trading near $63,000, well below the industry’s average all-in production cost of about $78,000, extending loss-making mining conditions for five straight months. The bank estimates roughly 20% of miners are unprofitable, and says listed operators including RIOT and MARA sold a combined 32,000 bitcoin in Q1 to fund expenses. It also points to weaker fundamentals, with hashprice around $33/PH/s/day alongside declines in hashrate and mining difficulty.