Key Points:
- CoinShares indicated that the declining hashprice and imposed trade tariffs could negatively impact the first-quarter results of bitcoin mining entities.
- Miners reliant on older or less efficient equipment may face heightened impacts from tariffs, according to the report.
- The Bitcoin network’s hashrate is projected to hit 1 zettahash per second (ZH/s) by July, aiming for 2 ZH/s by early 2027, as stated by the asset management firm.
Bitcoin miners’ performance in the first quarter could fall below expectations as the hashprice, reflecting daily profitability in mining, has continued its downward trend compounded by trade tariffs affecting the market, CoinShares noted in a blog on Friday.
“Results for Q2 are projected to decline further, with tariffs on imports of mining rigs ranging between 24% for Malaysia and 54% for China,” said analysts led by James Butterfill.
Miners that are far more dependent on older setups may be significantly affected by these tariffs, as per the report.
Core Scientific is noted as being “well insulated” as it transitions to HPC, while Bitdeer, which produces its own rigs, might experience profit pressure on sales conducted outside the United States.
Forecasts suggest that while the hashrate improves, the hashprice will likely maintain a gradual decline, remaining trapped between $35 and $50 per petahash per day up until the 2028 cycle of halving. CoinShares also mentioned that tariffs and ongoing trade disputes might favor bitcoin adoption in the mid-term, as highlighted by Grayscale in an earlier research report.
Read more: Bitcoin Miners With HPC Exposure Underperformed in the First Two Weeks of April: JPMorgan
