JPMorgan: Bitcoin mining is becoming increasingly sensitive to price fluctuations, with more miners approaching the breakeven point

According to CoinDesk, JPMorgan's latest report indicates that as more miners operate close to breakeven, the Bitcoin mining network is showing a higher sensitivity to price changes, with the response of hash rate and mining difficulty to price fluctuations significantly enhanced. The analysis shows that the "elasticity coefficient" of mining difficulty relative to Bitcoin price changes has risen to 0.62 over the past six months, indicating that the hash rate is responding more quickly to market changes.

Analysts state that Bitcoin prices have been below production costs for five consecutive months, with approximately 20% of miners currently in a loss-making position. Under profit pressure, publicly listed mining companies have increased their Bitcoin selling scale, with sales exceeding 32,000 BTC in the first quarter alone, surpassing the total for the entire year of 2025. As some high-cost mining machines shut down, the network hash rate declines, and mining difficulty adjusts accordingly.

JPMorgan expects that as long as Bitcoin remains below the production cost of about $78,000, the high sensitivity of mining to price fluctuations will continue to exist. At the same time, some mining companies are turning to artificial intelligence and high-performance computing businesses to seek more stable sources of income.