Bitcoin Miners Face Disappointment as Hashprice Declines and Tariffs Impact Results

Bitcoin miners may face disappointing Q1 results due to declining hashprice and trade tariffs, according to CoinShares. Key points include:

• Hashprice, a measure of mining profitability, is decreasing.
• Tariffs on imported mining rigs range from 24% to 54%.
• Miners using older or less-efficient rigs are more vulnerable to tariffs.
• Core Scientific is better insulated as it transitions to high-performance computing (HPC).
• Bitdeer may experience margin pressure on sales outside the U.S.
• Bitcoin network hashrate could reach 1 zettahash per second by July and 2 ZH/s by early 2027.
• Hashprice is expected to remain between $35 and $50 per petahash/day until the 2028 halving cycle.
• Tariffs and trade tensions may positively impact Bitcoin adoption in the medium term.