In an effort to reduce energy consumption and expensive Co content, herein we report the effects of Co content on microstructure and microhardness of widely studied AlCoxCrFeNi high-entropy alloys produced by cost-efficient aluminothermic self-propagating high-temperature synthesis (SHS) method. Accordingly, the feasibility of SHS technique in the production of AlCoxCrFeNi master high-entropy alloys was discussed. In order to investigate the effect of further casting, the SHS alloys were also subjected to vacuum arc melting/suction casting process. Prior to SHS; phase diagram, raw material amounts and adiabatic temperatures were calculated via thermochemical modelling. The calculated equilibrium phase diagram suggested a full BCC structure over the whole Co range. However, according to XRD results, as-cast alloys consisted of BCC and FCC phases, having microhardness values ranging in between 385 HV and 504 HV, depending on Co content. The increase in Co content, enlarged the grains, altered the spinodal decomposition morphology and led to the formation of dual-phase (FCC + BCC) alloys, which in return had a significant effect on the microhardness values. Overall hardness values were increased due to finer microstructure obtained by suction casting. Also, Widmanstätten plate-like growth of the FCC phase inside the BCC cores was kinetically suppressed due to higher cooling rate. It was concluded that AlCoxCrFeNi master high-entropy alloys can be successfully produced by SHS method and the attained dual-phase microstructures could be beneficial in tailoring mechanical properties as well as reducing the total cost of the AlCoxCrFeNi HEAs system in addition to the significant energy reduction obtained via SHS route.