Bitcoin (BTC) miners' first quarter results could be disappointing as the hash rate, which measures the daily profitability of mining, continues to decline and trade tariffs weigh on the market, CoinShares (CS) said in a blog post on Friday.

“Second-quarter results could be worse as tariffs on imported mining equipment range from 24% (Malaysia) to 54% (China),” analysts led by James Butterfill said.

The report mentions that Bitcoin miners using older or less efficient hardware face increased vulnerability to these tariffs.

The authors note that Core Scientific (CORZ) is “best positioned to move into HPC,” adding that Bitdeer (BTDR), which makes its own rigs, may face margin pressure from sales outside the U.S.

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

The hashrate outlook does not look so optimistic.

The management company's model points to “a gradual structural decline, with prices likely to remain in the $35-$50/PH/day range until the 2028 halving cycle.”

Tariffs and trade tensions could have a positive impact on Bitcoin adoption in the medium term, according to a Grayscale research report published earlier this month.

Read more: HPC-exposed Bitcoin miners underperform in first two weeks of April: JPMorgan

Source: cryptonews.net