Bitcoin has traded below its mining cost for five months

Bitcoin has spent five straight months trading below what it costs to produce, squeezing miners. JPMorgan estimates it costs about $78,000 to mine one bitcoin, well above the roughly $62,500 the asset fetches now.

The strain is showing: about 20% of miners are now unprofitable, and publicly traded miners sold more than 32,000 bitcoin in the first quarter to cover operating costs — more than they offloaded in all of 2025.

The network is adjusting on its own. When the price drops below cost, higher-cost miners power down, the hashrate, or total computing power

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