JPMorgan: Bitcoin Mining Industry Increasingly Sensitive to Price Swings, More Miners Approaching Breakeven Point

BlockBeats News, June 22, Morgan Stanley's latest report pointed out that as more miners approach breakeven, the Bitcoin mining network is showing a higher sensitivity to price changes, with hashrate and mining difficulty responding more strongly to price fluctuations.

The bank's analysis shows that the six-month "elasticity coefficient" of mining difficulty relative to Bitcoin price changes has risen to 0.62, indicating that hashrate is responding more quickly to market changes. Analysts stated that the Bitcoin price has been below the production cost for five consecutive months, with currently around 20% of miners operating at a loss.

Under profit pressure, publicly listed mining companies have increased their Bitcoin selling scale, with the sales volume in just the first quarter exceeding 32,000 BTC, surpassing the level for the whole year of 2025. As some high-cost mining machines shut down, network hashrate has decreased, and mining difficulty has subsequently adjusted.

Morgan Stanley predicts that as long as Bitcoin remains below the production cost of around $78,000, the mining industry's high sensitivity to price fluctuations will continue to exist. At the same time, some mining companies are shifting towards artificial intelligence and high-performance computing businesses to seek more stable sources of income.