Bitcoin Miners Sold 32,000+ BTC in Q1 2026 as 20% Turned Unprofitable, Says JPMorgan

According to JPMorgan, 20% of Bitcoin miners turned unprofitable in Q1 2026 as the asset traded near $63,000, well below the estimated $78,000 production cost. Public mining companies sold more than 32,000 BTC during the quarter to cover operating expenses, exceeding the total amount sold throughout all of 2025.

JPMorgan analysts noted that Bitcoin has traded below its production cost for five consecutive months. The persistent price pressure is expected to continue driving volatility in mining difficulty and hashrate until Bitcoin climbs materially above $78,000 or weaker operators exit the market.