JPMorgan's research report states that the current mining cost for bitcoin miners is approximately $45,000, which has decreased from above $50,000. The bank had expected a significant drop in the hashrate after the halving, but the launch of the Runes protocol caused a temporary spike in transaction fees, delaying the expected drop. However, as the Runes hype faded, unprofitable miners with inefficient rigs have exited, leading to a decline in power consumption and hashrate. JPMorgan does not see any upside for bitcoin in the near term due to various headwinds, including a lack of positive catalysts and the disappearing retail impulse.