Bitcoin Mining Network Shows Higher Price Sensitivity as 20% of Miners Face Losses; JPMorgan Sets $78K Cost Threshold

According to JPMorgan Chase's latest report, the bitcoin mining network has demonstrated heightened sensitivity to price fluctuations, with the hashrate elasticity coefficient rising to 0.62 over the past six months as more miners operate near breakeven. The bank noted that approximately 20% of miners currently operate at a loss, with bitcoin prices remaining below the production cost for five consecutive months.

Publicly listed mining firms have increased BTC selloffs amid profitability pressure. First-quarter sales exceeded 32,000 BTC, surpassing the entire 2025 volume. JPMorgan predicts that if bitcoin remains below the $78,000 production cost threshold, mining's heightened price sensitivity will persist.