🔔 JPMorgan: Bitcoin's production cost has fallen from $90,000 at the start of the year to $77,000 According to The Block, JPMorgan analysts report that their estimated Bitcoin production cost—long regarded as a "soft price floor"—has declined from $90,000 at the beginning of the year to $77,000, primarily due to recent decreases in network hash rate and mining difficulty. The analysts note that the recent drop in Bitcoin’s network hash rate triggered the largest mining difficulty adjustment since China’s 2021 mining ban, with a cumulative decline of approximately 15% so far this year. The reduced difficulty provides relief for remaining miners, allowing efficient operators to capture market share from high-cost miners forced to shut down. The analysts have observed a rebound in hash rate and expect production costs to rise again at the next difficulty adjustment. The report attributes the difficulty drop to two factors: first, the decline in Bitcoin’s price has rendered high-cost mining unprofitable; second, winter storms in the U.S., particularly in Texas, caused temporary shutdowns at large mining facilities. Some high-cost miners have sold Bitcoin to sustain operations or shifted toward AI, exacerbating price pressure since the start of the year. The analysts believe the exit of high-cost miners has stabilized and maintain an “optimistic” outlook for the broader cryptocurrency market in 2026. https://t.co/MWUo6wOjPT