marketsMED IMPACTMay 1, 2026, 6:00 AM
JPMorgan slashes bitcoin production cost estimate to $77K from $90K
TL;DR
JPMorgan now pegs bitcoin's marginal mining cost at $77,000 — down from $90,000 in January — while keeping a positive 2026 stance on crypto.
Why it matters
Why it matters: Production cost is the most-watched floor model for miner viability; a $13K downward revision tightens stress for higher-cost rigs.
The details
- •JPMorgan analysts maintained a 'positive' 2026 crypto view despite the cost cut.
- •The new $77K floor sits a hair above current spot near $76,200, leaving thin margin for miners.
- •Lands the same week Galaxy posted a $216M Q1 loss in what Novogratz called a 'transition year' for crypto.
Read the deep-dive guide
Bitcoin mining — economics and cost-basis guide
Why JPMorgan's $90K → $77K marginal-cost cut matters: production-cost models are the most-watched floor for miner viability, and a $77K floor a hair above the $76,200 spot leaves thin margin for higher-cost rigs.
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Primary source
Read the original report on The Block ↗degen0x summarizes, contextualizes, and curates. All credit to the reporting outlet. This briefing was generated May 1, 2026, 9:08 AM.
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