JPMorgan: Bitcoin mining economics have worsened

JPMorgan analysts have observed a deterioration in the economics of Bitcoin mining, noting that the current trading price of BTC has fallen below the cost of production for many miners. This situation is exacerbated by the increasing hashrate growth and evolving treasury models, which are being impacted by the buildout of AI infrastructure. The report suggests that the profitability challenges for Bitcoin miners are intensifying, potentially leading to consolidation or operational adjustments within the industry.