According to JPMorgan, the Bitcoin mining economy continues to deteriorate, with the first cryptocurrency price holding down below its estimated cost of mining for the fifth month, now estimated at $78,000. As a result, some 20% of miners are forced to operate at a loss, and the Oncheen data already show signs of surrender.

To make matters worse, the chain’s heshage and complexity have become much more responsive to exchange-rate fluctuations: the correlation ratio has risen to 0.62, and at the beginning of June, extraction complexity fell by 10%. Against this background, public mining companies began to sell off reserves on a massive scale, realizing more than 32,000 BTC in the first quarter to cover operating costs.

The pressure on the industry will continue until Bitcoin crosses $78,000. However, analysts at JPMorgan admit that the current deep pessimism and mass sales by miners could be a "bull counter-cyclical signal" for future market growth.

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The material is prepared solely for informational purposes and does not constitute a financial advice or recommendation.