Bitcoin Miners See Gloomy Quarter Even With Trump Support (1)

Last year on the campaign trail, Donald Trump promised to be a champion of the Bitcoin mining industry in the US. Yet as American crypto miners begin to release their first quarterly earnings reports since Trump returned to the White House, it’s clear the group is struggling.

Seven of the eight biggest publicly traded miners that are based in the US are expected to post a loss when they report first-quarter results, according to analysts’ estimates compiled by Bloomberg. The financial struggles come even after Bitcoin reached a record above $109,000 in January, and its price in the quarter ...