Q1 Earnings Under Pressure for Bitcoin Miners Amid Falling Hashrate Profits and Steep Tariffs: CoinShares
Bitcoin mining companies may be in for a tough earnings season, with first-quarter results expected to reflect the double blow of declining hashprice and escalating trade tariffs, according to a new report from CoinShares.
The analysis highlights that mining profitability has slumped as hashprice — the key revenue metric for miners — continues to trend downward, now hovering in the $35–$50 per PH/day range. At the same time, U.S. tariffs on imported mining equipment have surged, with Chinese rigs facing up to 54% duties and Malaysian imports hit with 24%.
“These challenges are likely to compress margins and lead to weaker-than-expected financial results,” CoinShares stated. The firm projects that hashprice will remain subdued as network difficulty rises and global hashrate approaches the 1 ZH/s mark by summer, intensifying competition among miners.
Some mining firms are looking to pivot. Core Scientific is investing in non-crypto computing ventures, while Bitdeer’s control over its own ASIC production offers limited insulation from geopolitical headwinds — but risks remain in international markets.
CoinShares concluded by noting that geopolitical friction could actually bolster Bitcoin’s long-term investment thesis, with some asset managers arguing that decentralized assets like BTC become more attractive amid global trade disruptions.
