JPMorgan analysts say Bitcoin’s estimated production cost has dropped to around $77,000 from $90,000 as mining activity cooled. The shift comes from lower hashrate and reduced difficulty, marking one of the sharpest resets in recent years. With network activity already stabilizing, analysts expect production costs to rise again during the next adjustment.

Key factors highlighted:

• Falling BTC price pushed higher-cost miners offline

• Severe winter conditions temporarily disrupted large mining hubs

• Roughly 15% cumulative difficulty decline this year

According to the outlook, miner capitulation appears to be settling while institutional interest continues to build. Analysts remain constructive on the broader crypto market heading into 2026, pointing to stronger capital flows and long-term growth potential.