Bitcoin Miners Post Wider Q1 Losses as AI Deals Ramp

Five publicly traded Bitcoin miners reported wider net losses for the first quarter of 2026 as declining Bitcoin prices, asset writedowns and higher financing costs weighed on results while the companies expand AI data center leases and colocation services.

Hut 8 posted a Q1 net loss of $253.1 million, up from a $134.3 million loss a year earlier; the company disclosed $295.7 million of primarily unrealized losses on digital assets in the period, versus $112.4 million in the prior-year quarter. Core Scientific reported a $347.2 million net loss, driven mainly by $266.5 million in non-cash impairment charges and a $30.8 million non-cash loss tied to changes in the fair value of warrants and contingent value rights. American Bitcoin recorded an $81.8 million net loss for Q1, wider than a $59.5 million loss in the previous quarter, and attributed $117.18 million of the loss to its digital asset holdings. Cipher Digital reported a $114 million loss related to the wind-down of its Black Pearl mining operation, a fair-value decline on a power contract and higher interest expense from new debt. Riot Platforms reported a quarterly loss that exceeded $500 million and recorded $33.2 million of data center revenue for the period.

Companies cited falling Bitcoin prices as a headwind. American Bitcoin reported the token declined about 22% in the quarter. Matthew Prusak, president of American Bitcoin, noted: “We produced Bitcoin at a 52% gross margin despite a 22% decline in Bitcoin price, reflecting meaningful cost improvements that partially offset the price headwind. Our cost to mine fell to approximately $36,200 per Bitcoin, down from roughly $46,900 in Q4 2025.”

Trading in miner stocks showed mixed moves on May 6. Hut 8 shares rose about 35% to $108.94 during the regular session before slipping roughly 1% in after-hours trading. Core Scientific climbed 11% to $24.63 in the session and then traded near $22.85 after hours. American Bitcoin briefly reached about $1.25 in regular trading before gains were erased in pre-market activity.

The quarterly filings arrived alongside increased AI data center activity. Hut 8 disclosed a lease for Beacon Point it values at $9.8 billion. Cipher Digital signed a third hyperscale lease in the quarter. Core Scientific said it is repurposing parts of its mining footprint for colocation services. Riot booked data center revenue as it diversifies operations.

The companies’ financial statements itemized unrealized losses on digital assets, impairment charges, non-cash fair-value adjustments and higher interest expense as contributors to the wider deficits. Several firms indicated they expect to expand recurring revenue from data center leases and colocation using existing real estate and power contracts.