CoinShares Flags Potential Q1 Miss for Bitcoin Miners as Operational Costs Climb and Hashprice Drops

Tariffs and Declining Revenue Metrics Threaten Bitcoin Miners’ Q1 Performance: CoinShares

Bitcoin mining firms may report underwhelming first-quarter results as shrinking margins from lower hashprices and rising import duties eat into profits, according to a new CoinShares analysis.

The research points to a challenging environment for miners, with hashprice — the revenue per unit of computing power — falling sharply in recent months. Simultaneously, the U.S. has imposed steep tariffs on mining equipment imported from countries like China and Malaysia, reaching as high as 54%.

“These two factors are placing intense pressure on operational profitability,” CoinShares noted, adding that hashprice is unlikely to break above $50/PH/day until the next halving cycle in 2028. Current estimates show it fluctuating between $35 and $50.

As a result, miners are exploring ways to adapt. Core Scientific is diversifying into high-performance computing to soften the impact, while Bitdeer’s vertically integrated model may offer some protection, although its international margins may shrink due to tariff exposure.

CoinShares also projected the Bitcoin network’s hashrate could reach 1 ZH/s by mid-year — a signal of rising competition that could further dilute earnings for less efficient operators.

In a broader context, firms like Grayscale argue these macroeconomic and trade developments could push investors further toward Bitcoin, reinforcing its role as a financial hedge in uncertain times.