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Bitcoin Miner Q1 Earnings at Risk: Hashprice Slump & Tariffs Bite, Warns CoinShares
Bitcoin Miner Q1 Earnings at Risk: Hashprice Slump & Tariffs Bite, Warns CoinShares
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Public bitcoin miners face a rocky Q1 earnings season as two headwinds collide: plummeting hashprice and rising energy costs from new tariffs. CoinShares analysts warn margins could get squeezed to breaking point.
Hashprice—the revenue per unit of mining power—dropped 40% quarter-over-quarter as the network hashrate surged post-halving. Meanwhile, the Biden administration’s 30% tariff on Chinese mining rigs hits just as firms need to upgrade aging hardware.
The double whammy exposes the fragile economics of public miners chasing shareholder returns in a zero-sum game. ’They’ll either dilute shareholders again or finally learn that hodling beats hyper-leveraged mining plays,’ quipped one hedge fund manager watching the carnage.
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