CoinShares: Declining Hashprice and Tariffs Could Drag Down Bitcoin Miners’ Q1 Earnings

Tariffs and Declining Hashprice Set Stage for Disappointing Q1 for Bitcoin Miners: CoinShares

Bitcoin mining companies could report lackluster first-quarter earnings as industry economics take a hit from falling hashprice and rising import tariffs, according to new research from CoinShares.

The firm highlighted that profitability across the sector has been pressured, with hashprice — a key metric reflecting mining revenue — declining amid intensified competition and softer bitcoin prices. At the same time, new U.S. tariffs on mining hardware imports, especially from China (54%) and Malaysia (24%), are raising capital expenditure for miners relying on foreign equipment.

CoinShares analysts noted that these twin pressures are likely to weigh heavily on Q1 earnings and may persist into Q2. They also warned that hashprice is unlikely to rebound significantly, projecting it to remain between $35–$50 per petahash per day until the next halving in 2028.

Some firms are exploring strategic pivots to offset the squeeze. Core Scientific is expanding into high-performance computing to diversify revenues, while Bitdeer’s vertical integration could mitigate tariff impact, though international sales margins may still narrow.

Additionally, CoinShares anticipates the Bitcoin network hashrate could reach 1 zettahash per second (ZH/s) by mid-year — a milestone that underscores the growing competitiveness of the mining space.

In parallel, Grayscale recently emphasized how macroeconomic and geopolitical factors, such as tariffs, could accelerate broader interest in Bitcoin as an alternative financial hedge.