JPMorgan says Bitcoin mining cost drops to $77,000 as difficulty falls 15% in 2026

JPMorgan estimates that the average cost to mine one Bitcoin has declined from $90,000 to about $77,000 since the beginning of the year, following a roughly 15% drop in network difficulty and lower hashrate. The bank argues that this easing is pressuring high‑cost miners but improving margins and market share prospects for more efficient operators, while it continues to project a long‑term Bitcoin price target of $266,000.