Updated: 2026-05-19
- This quarter was the worst in years for mining companies.
- The situation is exacerbated by increasing mining difficulty and rising electricity costs.
The largest publicly traded Bitcoin mining companies finished the first quarter of 2026 extremely weak. Following the 2024 halving, miners’ revenues declined significantly, leading to net losses for most of them.
Riot Platforms posted revenue of $167,2 million but a net loss of $500,5 million. CleanSpark reported revenue of $181,2 million and a loss of $378,7 million. Core Scientific posted a profit of $115,24 million with a loss of $347,19 million, and Hut 8 earned $71 million with a loss of $253,1 million. MARA Holdings also ended the quarter with a massive loss of $1,26 billion.
Despite the fact that the Bitcoin With the Bitcoin price trading around $77,000, most mining companies are operating at the margins of profitability or at a loss. As of May 2026, there are less than 100,000 blocks left until the next halving in April 2028, which will reduce the block reward to approximately 1,6 BTC. The situation is getting worse. growth difficulties in coin mining and increased energy costs.
Many public miners are already actively diversifying their businesses and switching to AI computing, using their infrastructure to host data centers. However, this has not yet helped them avoid significant financial losses in the first quarter of 2026.
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