The results of the first quarter of Bitcoin’s miners (BTC) can disappoint because the hashprice, a daily mining profitability measure, fell even more and commercial tariffs weighed in the market, said the Coinshares Assets Manager (CS) on Friday in a blog post.
“The results of Q2 can show the deterioration, since tariffs on imported mining platforms vary from 24% (Malaysia) to 54% (China),” wrote the analysts led by James Butterfill.
Bitcoin miners who depend on older or less efficient platforms face greater exposure to these rates, according to the report.
Core Scientific (Corz) is “better isolated, since it passes to HPC”, the authors wrote, and added that Bitdeer (BTDR), which makes its own platforms, could see margin pressure on sales outside the United States.
The asset manager predicts that the hashrate of the Bitcoin Network could reach 1 Zettahash per second (ZH/S) in July and 2 ZH/SA beginning of 2027.
The hashprice perspective is not so positive.
The asset administrator model indicates “a gradual structural decrease, with prices that probably remain in range between $ 35 and $ 50 per pH/day to the mid -mid -mid cycle.”
Rates and commercial tensions could be positive for the adoption of Bitcoin in the medium term, said Grayscale, asset manager, in a research report earlier this month.
Read more: Bitcoin miners with HPC exposure had a lower performance in the first two weeks of April: JPMorgan
