Miners’ Q1 Results to Test AI Hosting as Halving Cuts Rewards

Public bitcoin miners and related crypto firms including Core Scientific, TeraWulf, Hut 8, Cipher Mining, MicroStrategy, Coinbase and Block will report first-quarter results between May 5 and May 8. The reports will include the first public quarterly revenue figures tied to AI hosting for several miners while Bitcoin trades near $80,000.

The April 2024 halving cut Bitcoin’s block subsidy from 6.25 BTC to 3.125 BTC. That change removed half of the new coins miners receive for each mined block. Industry data show hashprice, a measure of daily revenue per unit of compute, fell to lows near $29 per PH/s during parts of 2025 and has not returned to pre-halving baselines. The weighted average cash cost to produce one bitcoin for publicly listed miners was about $79,995 in the previous quarter. Public miners’ liabilities exceed $4 billion.

Miners have taken a range of actions to respond to the tighter margins. Some operators are upgrading equipment to improve efficiency. Others have sold treasury bitcoin to raise cash. Several firms have begun renting excess power capacity to third-party compute customers. Core Scientific sold about $175 million of bitcoin in March as part of liquidity activity.

Public miners reporting this week have disclosed more than $30 billion in named AI and high-performance computing contracts. Industrywide agreements held by public miners exceed $70 billion. Hut 8 signed a 15-year lease for 245 megawatts at its River Bend, Louisiana campus with Fluidstack as the compute partner and Anthropic as the workload customer; Google backstops the base term. The base contract value is roughly $7 billion with renewal options that can push the total to about $17.7 billion. TeraWulf signed a Google-backed Fluidstack contract at its Abernathy, Texas site valued at about $9.5 billion, adding to earlier Lake Mariner agreements. Core Scientific’s deal with CoreWeave covers about 590 megawatts and is projected to generate more than $10 billion in revenue over 12 years; CoreWeave is moving to acquire Core Scientific. Cipher Mining remains earlier in its AI transition with smaller contracts and ongoing hashrate expansion plans.

Wall Street consensus expects AI hosting revenue to be material for some miners but still limited in total contribution this quarter. Coinbase is forecast to report roughly $1.5 billion in revenue for Q1, a decline of about 26% year over year, with consensus EPS near $0.36 versus $1.94 a year earlier. Coinbase’s subscription and services revenue guidance of $550 million to $630 million is being watched for recurring-sale trends. Block’s results will give an indirect read on retail bitcoin demand through Cash App activity.

MicroStrategy holds 818,334 bitcoin and reported a $14.46 billion unrealized digital-asset loss for Q1 2026. The company paused its weekly bitcoin purchases ahead of the earnings release. MicroStrategy’s report will focus on treasury holdings and any change in acquisition cadence.

Miners’ stocks have risen between about 25% and 73% year-to-date while bitcoin trades roughly 12% below its January level. The quarterly reports will provide the first set of public figures showing the dollar size of AI hosting revenue recorded in operators’ income statements and the scale of related contractual revenue recognized in Q1.