So, like, apparently, Bitcoin (BTC) miners didn’t do so hot in the first quarter of 2025. The hashprice, which measures how much money they make mining every day, dropped even more, and trade tariffs didn’t help matters at all. CoinShares (CS), an asset manager, spilled the tea in a blog post on Friday.
According to the analysts, led by James Butterfill, Q2 might be even worse. They mentioned that tariffs on mining rigs imported range from 24% in Malaysia to a whopping 54% in China. Ouch! Miners who are still using old or not-so-great rigs are really feeling the pinch from these tariffs, the report explained.
But hey, it’s not all doom and gloom. Core Scientific (CORZ) seems to be in a better position since they’re moving towards HPC. And Bitdeer (BTDR), which makes its own rigs, might struggle a bit with margins on sales outside the U.S.
The asset manager is predicting that the Bitcoin network’s hashrate could hit 1 zettahash per second (ZH/s) by July and then double to 2 ZH/s by early 2027. That sounds like a whole lot of hashing power! But, the outlook for hashprice isn’t looking too bright.
According to the asset manager’s model, prices are expected to gradually decline, with prices likely to stay between $35 and $50 per PH/day until the 2028 halving cycle. That’s not ideal, for sure. Tariffs and trade tensions could actually end up being a good thing for bitcoin adoption in the medium term, according to a research report from asset manager Grayscale earlier this month.
So, Will Canny, a finance reporter at CoinDesk, shared all this info. He seems to know his stuff about the financial services industry. And get this, he owns over $1,000 worth of SOL. X icon. Impressive, right?
I mean, I’m not really sure why this all matters, but it’s interesting to see how tariffs and trade tensions can impact the world of Bitcoin mining. Who would’ve thought? Maybe it’s just me, but I feel like there’s a lot more to this story than meets the eye. Either way, it’s definitely something to keep an eye on in the coming months.
And that’s the scoop on Bitcoin miners’ struggles in the first quarter of 2025. Stay tuned for more updates on this developing story.
