Key Takeaways:
JPMorgan says Bitcoin stayed below its $78K production cost for 5 straight months.Public miners sold 32,000+ BTC in Q1 2026 as 20% of operators turned unprofitable.JPMorgan expects volatility to persist until Bitcoin climbs above $78K or miners exit.That figure exceeds the total amount those companies sold during all of 2025.
The outlook adds another challenge for a sector already dealing with rising energy costs, post-halving revenue pressure, and increasing competition from larger mining firms with stronger balance sheets.
