JPMorgan analysts said the cost of Bitcoin ($BTC) Production has recently fallen significantly, reshaping conditions in the mining sector. According to the bank’s assessment, the cost of producing Bitcoin, previously around $90,000, has now fallen to $77,000.
Analysts point to two main factors behind the drop in production costs: the withdrawal of some expensive miners from the market and disruptions to mining operations due to winter storms in the United States. Thanks to these developments, the difficulty level on the Bitcoin network has recently decreased by 15%. According to JPMorgan, this decline indicates the closure of miners, especially those with high electricity costs.
However, it was stated that the network’s total processing power, or hashrate, had started to recover and production costs would likely increase again after the next difficulty adjustment. JPMorgan pointed out that as the hashrate recovers, competition will increase and mining costs may face upward pressure.
On the other hand, the bank remains optimistic about its 2026 outlook for the cryptocurrency market. Analysts expect increased institutional capital flows next year and regulations such as the Clarity Act, currently under consideration in the United States, to bring clarity to the market.
JPMorgan also maintained its long-term outlook for Bitcoin, forecasting that $BTC could reach $266,000 in the long term.
*This does not constitute investment advice.