• bitcoinBitcoin (BTC) $ 110,913.00
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  • cardanoCardano (ADA) $ 0.833497
  • wrapped-stethWrapped stETH (WSTETH) $ 5,230.97
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  • ethena-usdeEthena USDe (USDE) $ 1.00
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  • jito-staked-solJito Staked SOL (JITOSOL) $ 256.12
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  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.288258
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  • binance-peg-wethBinance-Peg WETH (WETH) $ 4,323.79
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  • story-2Story (IP) $ 7.88
  • binance-staked-solBinance Staked SOL (BNSOL) $ 224.53
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • kaspaKaspa (KAS) $ 0.083617
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  • vechainVeChain (VET) $ 0.023787
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  • susdssUSDS (SUSDS) $ 1.07
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 5.48
  • rocket-pool-ethRocket Pool ETH (RETH) $ 4,920.73
  • fasttokenFasttoken (FTN) $ 4.51
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.030562
  • kucoin-sharesKuCoin (KCS) $ 14.98
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 4,541.25
  • render-tokenRender (RENDER) $ 3.45
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  • kinetic-staked-hypeKinetiq Staked HYPE (KHYPE) $ 44.65
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  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.616672
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  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 4,665.32
  • usdtbUSDtb (USDTB) $ 0.997917
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 110,996.00
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  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 4,567.29
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  • solv-btcSolv Protocol BTC (SOLVBTC) $ 110,520.00
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  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 0.999952
  • spx6900SPX6900 (SPX) $ 1.12
  • pax-goldPAX Gold (PAXG) $ 3,545.57
  • aerodrome-financeAerodrome Finance (AERO) $ 1.13
  • sonic-3Sonic (S) $ 0.310113
  • immutable-xImmutable (IMX) $ 0.513970
  • syrupusdcSyrupUSDC (SYRUPUSDC) $ 1.12
  • super-oethSuper OETH (SUPEROETH) $ 4,320.19
  • msolMarinade Staked SOL (MSOL) $ 276.57
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  • the-graphThe Graph (GRT) $ 0.089219
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 110,864.00
  • raydiumRaydium (RAY) $ 3.42
  • pyth-networkPyth Network (PYTH) $ 0.158575
  • conflux-tokenConflux (CFX) $ 0.175072
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Bitcoin Miner 1Q Results May Disappoint as Hashprice Fell, Tariffs Hit: CoinShares

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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.S.

The asset manager predicts that the Bitcoin network hashrate could reach 1 zettahash per second (ZH/s) by July and 2 ZH/s by early 2027.

The hashprice outlook is not as positive.

The asset manager’s model indicates “a gradual structural decline, with prices likely to remain range-bound between $35 and $50 per PH/day through to the 2028 halving cycle.”

Tariffs and trade tensions could be positive for bitcoin adoption in the medium term, asset manager Grayscale said in a research report earlier this month.



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