JPMorgan Chase: Bitcoin mining is becoming increasingly sensitive to price volatility, with more miners nearing the break-even point.

According to Mars Finance, a recent report by JPMorgan Chase on June 22nd indicates that as more miners approach break-even, Bitcoin mining networks are showing greater sensitivity to price changes, with hashrate and mining difficulty exhibiting a significantly stronger responsiveness to price fluctuations. The bank's 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 a faster response of hashrate to market changes. Analysts say that Bitcoin prices have been below production costs for five consecutive months, and currently about 20% of miners are operating at a loss. Under pressure to generate profits, listed mining companies have increased their Bitcoin sales, with over 32,000 BTC sold in the first quarter alone, exceeding the total for 2025. As some high-cost mining machines shut down, network hashrate declined, and mining difficulty adjusted accordingly. JPMorgan Chase predicts that as long as Bitcoin remains below its production cost of approximately $78,000, the mining industry's high sensitivity to price fluctuations will continue. Meanwhile, some mining companies are shifting towards artificial intelligence and high-performance computing businesses to seek more stable revenue streams.