Miner Capitulation: $77K Cost vs $66.8K Current Price JPMorgan estimates the breakeven price for BTC miners at $77K, while the current price is $66.8K. In other words, according to JPM's model, many miners are mining at a loss right now. The cost range for miners varies greatly from $40K to $80K—efficient miners are still profitable, but older machines are bleeding hard. Miner capitulation sounds scary, right? But this is actually a bottom signal. The logic is simple: miners lose money → shut down machines → hash rate drops → difficulty adjusts → surviving miners regain profitability → supply contracts → price gets support. This cycle has played out at the bottom of every market cycle. On top of that, OI has already plunged 55%, completing a cleanup, and leveraged longs have basically been wiped out. Now we’re in a low-leverage environment, so when the rebound comes, it’s less likely to trigger cascading liquidations. Seriously, every time miner capitulation happens, everyone panics, but in hindsight, it’s always the best price range.