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

Bitcoin (BTC) miners' first-quarter results may disappoint because the hashprice, a measure of daily mining profitability, fell further and trade tariffs weighed on the market, asset manager CoinShares (CS) said in a blog post on Friday."Q2 results may show deterioration, as tariffs on imported mining rigs range from 24% (Malaysia) to 54% (China)," analysts led by James Butterfill wrote.Bitcoin miners that are dependent on older or less-efficient rigs are faced with higher exposure to these tariffs, the report said.Core Scientific (CORZ) is "better insulated, as it transitions to HPC," the authors wrote, adding that Bitdeer (BTDR), which makes its own rigs, could see margin pressure on sales outside the U source: https://www.coindesk.com/markets/2025/04/28/bitcoin-miner-1q-results-may-disappoint-as-hashprice-fell-tariffs-hit-coinshares