Bitcoin Miners Face 1Q Earnings Squeeze as Hashprice Craters and Tariffs Bite

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2025-04-28 16:15:20

Bitcoin Miner 1Q Results May Disappoint as Hashprice Fell, Tariffs Hit: CoinShares

CoinShares report warns of disappointing Q1 results for Bitcoin miners—hashprice collapse and regulatory tariffs deliver a one-two punch to profitability.

Hashprice (mining revenue per TH/s) plunged 40% quarter-over-quarter, squeezing margins just as energy costs spike. Meanwhile, the U.S. Treasury’s new 30% tariff on Chinese mining rigs forces operators to eat costs or delay upgrades.

Silver lining? The ’efficiency purge’ could benefit well-capitalized players—because nothing says ’decentralization’ like watching smaller miners get steamrolled by macro conditions.

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