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JPMorgan: Bitcoin production cost has dropped from $90,000 at the beginning of the year to $77,000

JPMorgan: Bitcoin production cost has dropped from $90,000 at the beginning of the year to $77,000

PANewsPANews2026/02/13 01:07
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PANews, February 13 – According to The Block, JPMorgan analysts stated that their estimated bitcoin production cost—which has historically been regarded as a “soft price floor”—has dropped from $90,000 at the beginning of the year to $77,000, mainly due to the recent decline in network hashrate and mining difficulty. The analysts pointed out that the recent drop in bitcoin network hashrate triggered the largest mining difficulty adjustment since China’s 2021 mining ban, with a cumulative decrease of about 15% so far this year. The decrease in difficulty has provided breathing room for miners still in operation, with efficient miners seizing the market share lost by high-cost miners forced to shut down. The analysts noted a recovery in hashrate and expect that production costs may rebound during the next difficulty adjustment.

The report attributes the difficulty decrease to two factors: first, the decline in bitcoin prices has rendered high-cost miners unprofitable; second, winter storms in the United States have caused large mining farms in Texas and other regions to temporarily halt operations. Some high-cost miners have maintained operations by selling bitcoin or pivoting to AI, intensifying the price pressure since the beginning of the year. The analysts believe that the exit of high-cost miners has stabilized and remain “positive” on the overall cryptocurrency market outlook for 2026.

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