Q1 earnings to test AI hosting for bitcoin miners

Public bitcoin miners report first-quarter results May 5–8 as bitcoin trades near $80,000. Companies scheduled to report include Hut 8, Core Scientific, TeraWulf, Cipher Mining, MicroStrategy, Coinbase and Block. Investors expect the reports to include revenue breakdowns for mining and AI hosting, treasury activity and guidance for subscription or services lines.

The April 2024 halving cut the block subsidy from 6.25 BTC to 3.125 BTC per block, reducing the new bitcoin earned by miners. Daily revenue per unit of computing power, or hashprice, fell below pre-halving levels and has remained structurally lower. Data tracked across publicly traded miners put the weighted average cash cost to produce one bitcoin at about $79,995 in the most recent quarter. Aggregate liabilities for public miners exceed $4 billion.

Faced with tighter margins, some operators have upgraded equipment, sold portions of their bitcoin treasuries, or rented power and rack capacity to AI and high-performance computing customers. Core Scientific sold $175 million of bitcoin in March, disclosed in its filings.

Four pure-play miners reporting next week have booked more than $30 billion in AI and HPC contracts, and public miners across the sector hold about $70 billion in committed AI/HPC deals. Contract terms and durations vary by company and site.

Hut 8 signed a 15-year, 245-megawatt lease at its River Bend, Louisiana campus with a base contract value near $7 billion and renewal options that can increase the total. The base term of that lease is backstopped by a major cloud partner. TeraWulf has a Fluidstack-backed agreement at its Abernathy, Texas site with a base value near $9.5 billion, in addition to prior Lake Mariner contracts totaling roughly $3.7 billion. Core Scientific holds a CoreWeave agreement covering about 590 megawatts that projects more than $10 billion in revenue over 12 years; CoreWeave is pursuing an acquisition of Core Scientific. Cipher Mining has smaller AI contracts and continues to expand hashrate.

Wall Street consensus places relatively low revenue and earnings expectations on the group. Analysts project Coinbase will report about $1.5 billion in revenue for Q1, down roughly 26% year over year, with consensus EPS near $0.36 versus $1.94 a year earlier. Coinbase guidance for subscription and services revenue is in the $550 million to $630 million range. Block’s results will offer another view of retail bitcoin demand through its Cash App business.

MicroStrategy holds 818,334 bitcoin and disclosed an unrealized digital-asset loss of $14.46 billion for Q1 2026. Executive Chair Michael Saylor indicated the company would pause weekly bitcoin purchases ahead of the report in a public update.

Mining equities have risen between about 25% and 73% year to date, while bitcoin is roughly 12% lower since January. The coming earnings reports will provide the first public figures that break out AI hosting revenue alongside mining revenue and treasury moves for the sector.