JPMorgan: Bitcoin Reclaims $85,000 Production Cost, Miner Sell Pressure Expected to Ease

JPMorgan analysts report that Bitcoin has surpassed its estimated production cost of $85,000 after 280 days of trading below that threshold, which is expected to alleviate miner sell pressure. Miners have been adapting by relocating operations, upgrading hardware, and pivoting computing power toward AI, leading to a 19% decline in network hashrate and a 15% drop in mining difficulty. This structural shift suggests that the growth rate of Bitcoin's production cost will slow down, as public miners lose market share to private sovereign entities.