JPMorgan: Bitcoin spent 280 days below mining cost, longer than 2018 bear market
- —JPMorgan pegs bitcoin's average production cost at $85,000, up from $78,000 in June
- —280 consecutive days below cost, versus about 224 days in 2018
- —Hashrate is roughly 19% below the October 2025 peak; difficulty down about 15%
- —Miners are shifting power to AI computing for steadier revenue
Why it matters: Production cost has historically acted as a soft floor for BTC, and holding above it lowers the risk of forced selling by miners.
Source: 動區 BlockTempo