Bitcoin2026-09-26 10:26:35JPMorgan says Bitcoin briefly moved above production cost after 280 days below itJPMorgan said in a Sept. 23 report that Bitcoin briefly climbed above the bank’s estimated average production cost of about $85,000 this week, ending a 280-day stretch below that level. The period was longer than the roughly 224 days seen in 2018, according to the report. Bitcoin later slipped back to around $84,000. The report, covered by The Block on Sept. 24, said production cost has historically acted as a soft floor for Bitcoin prices because miners with higher electricity and hardware costs can be pushed into losses when the market trades below that threshold for an extended period. JPMorgan wrote that if the new setup holds, it could give miners some relief and reduce the risk of forced selling. The bank also said miners have been coping by moving machines to cheaper power regions, selling older rigs, idling equipment, and retiring less efficient hardware. It estimated network hash rate was about 19% below its October peak and mining difficulty about 15% lower. JPMorgan added that some miners are redirecting power capacity to AI workloads, where revenue is seen as more predictable and more profitable per MW than Bitcoin mining.290
JPMorgan2026-07-03 02:00:14JPMorgan Sees Bitcoin's Long-Term Investment Appeal Surpassing Gold Amid Current Crash to $65KJPMorgan's latest report asserts that Bitcoin's risk-adjusted investment appeal relative to gold has significantly strengthened despite its historic selloff. Gold's 60%+ rally in 2025 has been accompanied by rising volatility, narrowing the risk gap. The volatility ratio of Bitcoin to gold hit a record low of 1.5. JPMorgan calculates that Bitcoin's implied price would need to reach $266,000 on a volatility-adjusted basis to match private sector gold investment. Currently Bitcoin has crashed to $65,000, below its estimated production cost of $87,000, with persistent ETF outflows but moderate liquidation activity.1360
JPMorgan2026-07-03 01:45:14JPMorgan: Bitcoin's Long-Term Appeal Exceeds Gold as Volatility Ratio Hits Record LowJPMorgan analysts argue that Bitcoin's risk-adjusted profile versus gold has improved significantly, despite Bitcoin's sharp market pullback. The volatility ratio between Bitcoin and gold has fallen to a record low of 1.5, implying a theoretical Bitcoin price of $266,000 to match gold investment levels. The report notes Bitcoin is trading below its estimated production cost of $87,000, potentially forcing inefficient miners out. Gold has risen 60% in the past year but with increased volatility. Bitcoin has dropped nearly 50% from its peak above $126,000 to around $65,000, marking four consecutive months of declines. ETF outflows total over $12 billion in three months.480
Bitcoin2026-06-28 06:31:22Bitcoin Mining Profitability Worsens: 136% Gap Between Theoretical and Actual Daily Revenue, 2028 Halving to Accelerate Industry ConsolidationBitcoin mining is undergoing its most complex structural adjustment since the protocol's inception. Despite BTC price hovering around $61,000 and network hashrate nearing 1 ZH/s, miner profitability continues to deteriorate. Data shows a 136% gap between theoretical daily revenue ($78 million) and actual ($33 million), while transaction fee revenue averages only $220,000 per day, far below the historical implied $9.7 million. In 2025, miners' total revenue was $17.2 billion, with electricity costs alone accounting for $12.3 billion (71.5% of revenue). The breakeven price is approximately $65,000, meaning mining alone is barely profitable at current prices. Post-2028 halving, production cost is projected to rise to about $93,289, concentrating the industry toward well-capitalized, diversified miners with AI/HPC hosting and low-cost power resources. Key insights from BIT on Target report.1400
