Jenkins: Bitcoin Below $85,000 Miner Cost Level for 280 Days
JPMorgan puts Bitcoin's average production cost near $85,000, a soft floor the asset fell below for 280 days before this week's rally; the level now shapes miner selling pressure.
Why it matters
A sustained move above the $85,000 production-cost estimate would ease pressure on the average miner to sell newly mined coins, cut spending or retire inefficient machines, which would remove one structural source of market supply. U.Today, separately from the mining coverage, reported Coinbase CEO Brian Armstrong expecting price run-ups ahead of the 2028 halving, an expectation not confirmed by price data in the set.
Key facts
JPMorgan analysts estimate the average production cost of one bitcoin at approximately $85,000.
85,000 USDReported by U.Today
Bitcoin traded below its production cost for 280 days before this week's rally.
280 daysReported by U.Today
JPMorgan views the production cost level as a soft floor for Bitcoin's price.
Reported by U.Today
A JPMorgan analyst team led by Nikolaos Panigirtzoglou calculated the roughly $85,000 production cost figure.
85,000 USDReported by Crypto News (CryptoNews.net)
Bitcoin briefly crossed $85,000 during the latest rally and then traded near $84,000.
84,000 USDReported by U.Today
Crypto News reported Bitcoin trading in the $80,000-$85,000 range with price remaining above the estimated production cost.
80,000 USDReported by Crypto News (CryptoNews.net)
JPMorgan tokenized its JLTXX and MONY money market funds on Ethereum to a combined on-chain AUM of over $940 million.
940,000,000 USDReported by Crypto News (CryptoNews.net)
On-chain analyst Root said halving progress has reached 61%, with OKLink estimating the next halving on April 13, 2028 and 109,012 blocks remaining.
61 %Reported by U.Today
What happened
JPMorgan analysts put Bitcoin's average production cost at roughly $85,000 and treat that figure as a soft floor for the price. U.Today reports Bitcoin spent 280 days below that estimated cost before crossing it during this week's rally, and that BTC has since slipped back below the threshold to trade near $84,000. Crypto News, citing The Block, identifies the team behind the calculation as JPMorgan analysts led by Nikolaos Panigirtzoglou, and notes that Bitcoin is currently trading in the $80,000-$85,000 range. Bitcoin Insider, also citing JPMorgan, calls the level a market-wide stress marker rather than a universal break-even price, since mining costs vary by power contracts, machine efficiency, financing, cooling and network difficulty. One item in the set, from U.Today, covers a separate subject: on-chain analyst Root said on X that halving progress has reached 61%, with OKLink estimating the next halving for April 13, 2028 at 109,012 remaining blocks. It is unclear whether the current rally holds above $85,000 for long, which determines whether miner selling pressure eases.
How the story developed
- First report
First report by U.Today
Bitcoin (BTC) Halving Progress Hits 61%: What's Next?
- Update
On-chain analyst Root posts 61% halving progress
U.Today cites a screenshot of the X post; OKLink estimates April 13, 2028 with 109,012 blocks remaining.
- Update
Bitcoin closes at its longest stretch below the $85,000 production cost, counted at 280 days
U.Today reports the 280-day sub-cost period ended with this week's rally.
- Update
Bitcoin crosses above $85,000 during the week's rally
The move was brief; U.Today reports BTC fell back below shortly after.
- Update
Bitcoin Insider publishes a second-source account of the $85,000 stress marker
The account says the level is a market-wide stress marker, not a universal break-even price, because mining costs vary by power, efficiency, financing, cooling and difficulty.
- Update
JPMorgan analyst calculation attributed to a team led by Nikolaos Panigirtzoglou
Crypto News, citing The Block, names the lead analyst behind the $85,000 average production cost figure.
- Update
Crypto News reports Bitcoin remaining above the estimated production cost
The report places BTC in the $80,000-$85,000 range and says miner selling pressure may ease if the price stays there.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 22 Sept 2026, 13:40 UTC: U.Today — 1 independent source, 1 reports
- 24 Sept 2026, 21:02 UTC: U.Today — 2 independent sources, 2 reports
- 25 Sept 2026, 07:59 UTC: Bitcoin Insider — 3 independent sources, 3 reports
Affected entities
Also mentioned: Fidelity, Brian Armstrong, ARK Invest, Base, Optimism
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| U.Today Crypto media | Bitcoin (BTC) Halving Progress Hits 61%: What's Next? | Original | |
| U.Today Crypto media | JPMorgan Explains Why $85K Level Is Crucial for Bitcoin (BTC) | Syndicated | |
| Bitcoin Insider Aggregator | Why Bitcoin's $85,000 Mining Cost Matters for Miner Selling | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | JPMorgan Reveals Critical Level for Bitcoin (BTC): “Could Reduce Selling Pressure!” | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | Ethereum Sees JPMorgan’s Tokenized Funds Reach $940M AUM | Syndicated |
Related events
JPMorgan puts2026 crypto inflows near $50 billion as ETF flows turn positive
JPMorgan analysts estimate about $50 billion has entered digital assets in 2026, an annualized pace of roughly $66 billion, with ETF flows positive since August.
JPMorgan expands tokenized money market funds MONY and JLTXX to Solana for qualified US investors
JPMorgan Asset Management launched its MONY and JLTXX tokenized money market funds on Solana, accessible to qualified US investors via the Morgan Money platform.
JPMorgan Says Bitcoin Could Outperform Gold as ETF Hedging Eases
JPMorgan analysts argue Bitcoin has more room to gain versus gold if defensive ETF positioning unwinds, while Bloomberg analyst Balchunas projects Bitcoin ETFs could triple gold ETF assets long-term.
Ethereum Network Gains JPM Coin Deposit Token for Institutional Payments
SpaceX Reports Q3 2026 Earnings With $14.6 Billion Revenue and Announces Merger Talks With Tesla
SpaceX beat expectations with $14.6 billion revenue and $4.4 billion profit in Q3 2026, while Elon Musk confirmed both companies formed special committees to explore a merger combining 30,221 bitcoin.