JPMorgan: BTC Below $78K Production Cost for 5 Months
Five months underwater at an estimated $78K production cost has pushed ~20% of miners into losses, and Q1 2026 treasury sales from public miners already ran ahead of full-year 2025.
Bitcoin (BTC) is the first decentralized cryptocurrency, introduced in 2009 by an individual or group operating under the pseudonym Satoshi Nakamoto. It runs on its own blockchain, the Bitcoin network, secured through a Proof of Work consensus mechanism in which miners use computing power to validate transactions and produce new blocks roughly every ten minutes. The protocol defines a hard cap of 21 million coins, and the block reward given to miners is automatically halved approximately every four years, embedding a predictable, disinflationary issuance schedule into the network. This scarcity, combined with permissionless access and resistance to censorship, has led many to characterize Bitcoin as a form of digital gold or a store of value distinct from traditional fiat currencies. Beyond peer-to-peer transfers, the Bitcoin ecosystem has expanded to include Ordinals, a method of inscribing data onto individual satoshis that enables NFT-like assets directly on the base layer, and BRC-20, an experimental fungible token standard built on those inscriptions. Emerging Bitcoin Finance (BTCFi) initiatives extend these capabilities further, allowing BTC to be used in staking, lending, and cross-chain security applications, positioning Bitcoin as a foundation for a broader decentralized financial ecosystem.
Five months underwater at an estimated $78K production cost has pushed ~20% of miners into losses, and Q1 2026 treasury sales from public miners already ran ahead of full-year 2025.
1.9K $BTC (≈118.6M) moved from unknown wallet to #Paypal.
Hyperion's Hyunsu Jung argues HYPE's $75B fully diluted peak puts it in CME, IBKR, and Robinhood territory — and that the chain's next chapter is L1-style app revenue, not just perps.
The signal isn't just the cost line — it's that public miners are now running at a structurally negative margin while BTC trades in the low production-cost band, a setup that historically pressures…
Panellists on this week's NFA Live argue that tokenized equities, a stalled Clarity Act and ECB hostility are siphoning momentum from crypto just as a seasonal soft patch sets in.
The Hormuz chokepoint carries roughly 20% of global oil trade; its reopening removes an acute supply-shock risk that had been repricing energy markets and pressuring risk assets worldwide.
The move puts BTC back below a key psychological level, testing near-term support as broader market sentiment remains cautious.
1K $BTC (≈62.4M) moved from unknown wallet to #Coinbase.
2.1K $BTC (≈134.9M) moved from unknown wallet to unknown wallet.
Bitdeer, CleanSpark and peers are diverting capital and infrastructure toward AI workloads, creating a structural tension between hashrate growth and the treasury models miners built during the last…
The July-Sept 2025 setup showed BTC near highs while dominance slid from 62% to 54%; the 2026 correction flipped the script, with dominance climbing back to 58-59% as speculative sectors bled.
The move deepens a Tether-Ledn relationship that started with a strategic investment in November 2025, and turns a tokenized bullion asset into usable loan collateral on a book that has originated…
The Royal Government of Bhutan is now a known sovereign seller on the tape — $979M realized at ~$93,738 per BTC leaves roughly 1,750 BTC in state coffers worth ~$113M.
The Blackwell-powered contract adds ~$70M in annual recurring revenue on top of HIVE's $35M realized ARR — more than tripling the high-margin HPC line that grew 158% last year.
The product lands in the same week Mastercard shipped its Agent Pay initiative and MetaMask launched Agent Wallet — three big rails in 30 days, all betting the next payments surface is autonomous.
The Fed is the story again: half the FOMC now sees a rate hike by year-end and the market-implied probability is 90%, overshadowing early onchain signals that capital outflows from the network are…
A $500 annual registration with the central bank's anti-money laundering unit formalizes the asset class, but leaves the door open for a sovereign Bitcoin reserve debate.
Listing velocity tends to rise with the market — exchanges feed trader interest when appetite is hot, and the September 2025 surge to 427 listings preceded Bitcoin's fresh all-time high by roughly a…
The Hyperliquid listing gives institutions their first real hedging rail against a crypto-native perps DEX — but the venue's weekend-only maintenance windows leave a gap sharp enough to matter.
The 32-year runway claim reframes MicroStrategy's BTC treasury not as a speculative bet but as a structured balance-sheet tool capable of sustaining long-term shareholder obligations.
Bitcoin is the world's first decentralized cryptocurrency, created in 2009 by the pseudonymous Satoshi Nakamoto.
Bitcoin (BTC) launched on 2009-01-03.
Bitcoin (BTC) is categorised as: Smart Contract Platform, Layer 1 (L1), FTX Holdings.
The official Bitcoin site is http://www.bitcoin.org.
Most recent Bitcoin coverage: "JPMorgan: BTC Below $78K Production Cost for 5 Months" — read at /en-US/a/jpmorgan-btc-below-78k-production-cost-for-5-months.