JPMorgan: Bitcoin Mining Becoming Increasingly Sensitive to Price Fluctuations, More Miners Approaching Break-Even

On June 22, JPMorgan's latest report indicated that as more miners operate close to break-even, the Bitcoin mining network is exhibiting greater sensitivity to price changes, with the response of hash rate and mining difficulty to price fluctuations significantly increasing. The analysis shows that the 'elasticity coefficient' of mining difficulty relative to Bitcoin price changes has risen to 0.62 over the past six months, indicating a faster response of hash rate to market changes. Analysts noted that Bitcoin prices have been below production costs for five consecutive months, with approximately 20% of miners currently operating at a loss. Under profit pressure, publicly listed mining companies have increased their Bitcoin selling volume, with over 32,000 BTC sold in the first quarter alone, surpassing the total for the entire year of 2025. As some high-cost mining machines are shut down, network hash rate declines, leading to adjustments in mining difficulty. JPMorgan expects that as long as Bitcoin remains below the production cost of about $78,000, the high sensitivity of mining to price fluctuations will persist. Meanwhile, some mining companies are turning to artificial intelligence and high-performance computing businesses to seek more stable revenue sources.