Bitcoin Miners’ Q1 Losses Mount as AI Pivots Accelerate

Bitcoin (BTC) miners reported widening net losses in the first quarter of 2026 as declining Bitcoin prices, broader market pressures, and other factors weighed on the firms.

Hut 8 (HUT), Core Scientific (CORZ), American Bitcoin (ABTC), Cipher Digital (CIFR), and Riot Platforms (RIOT) all reported losses.

Bitcoin Miner Q1 Losses Hit Sector 

According to its latest press release, HUT posted a net loss of $253.1 million in the first quarter of 2026. The losses widened from $134.3 million recorded during the same period last year. 

“Net loss for the period included $295.7 million of primarily unrealized losses on digital assets, compared to $112.4 million in the prior year period,” the firm noted.

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Meanwhile, American Bitcoin, the Bitcoin mining and treasury company co-founded by Eric Trump, reported an $81.8 million net loss for the first quarter, up from a $59.5 million loss in the previous quarter. 

Again, the company’s digital asset holdings were the main drag, contributing to $117.18 million in losses. 

“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,” Matthew Prusak, President of American Bitcoin, said.

Core Scientific reported a net loss of $347.2 million, primarily due to $266.5 million in non-cash impairment charges. The company was also impacted by a $30.8 million non-cash loss tied to changes in the fair value of warrants and contingent value rights. 

Cipher Digital’s $114 million loss followed the Black Pearl mining wind-down, a fair-value decline on its power contract, and higher interest expense from new debt facilities. Lastly, Riot Platforms’ quarterly loss exceeded $500 million.

Miner Stock Reactions

Meanwhile, mining stocks posted modest declines in after-hours trading following the disclosure of losses. Google Finance data showed that HUT surged 35% to $108.94 during regular trading on May 6 before slipping 1% in after-hours trading. 

CORZ rose 11% to $24.63 during the session, then fell 7.2% to $22.85 after hours. ABTC gained 1.6% to $1.25 in regular trading before erasing those gains in pre-market activity.

AI Data Center Pivot Reshapes the Sector

The earnings reports landed alongside fresh AI data center moves at every firm. Hut 8 unveiled a $9.8 billion Beacon Point lease.

Cipher Digital signed its third hyperscale lease in Q1. Riot Platforms booked $33.2 million of data center revenue. Core Scientific continues repurposing mining facilities for colocation services.

Whether the pivot offsets pressures on the underlying mining business will become clearer in the time ahead.

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The post Bitcoin Miners’ Q1 Losses Mount as AI Pivots Accelerate appeared first on BeInCrypto.

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