BUSINESSTHE BLOCK
Core Scientific’s 75% return on AI deal isn’t the template for bitcoin miners, Bernstein says
Bernstein Research highlights that Core Scientific's 75% return on its AI deal is an outlier compared to TeraWulf's 5% and Cipher's 4% stabilized return on assets (ROA), attributing Core's performance to capital expenditure advantages.
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Adjacent reporting
- AI contracts, not bitcoin, now drive miner valuations, and Cipher and TeraWulf look cheap
- JPMorgan: Bitcoin Mining Costs Have ‘Worsened’ as BTC Trades Below Production Cost
- Ledn says bitcoin-backed lending market could reach $1 trillion as securitization attracts institutional capital
- Buying bitcoin below its 200-week average has historically delivered over 100% in median returns, Kraken says