Core Scientific’s 75% return on AI deal isn’t the template for bitcoin miners, Bernstein says

THE BLOCK: Bernstein says bitcoin miners' AI colocation returns are nowhere near as uniform as the headline numbers suggest. Core Scientific screens at 75% ROA, primarily because CoreWeave funds $750M of the $855M capex. TeraWulf at 5% and Cipher at 4% may be more representative of the subsector.

Bernstein: Core Scientific’s AI colocation returns skewed by CoreWeave funding

Core Scientific’s 75% return on AI deal isn’t the template for bitcoin miners, Bernstein says

Core Scientific’s 75% AI deal return seen as outlier by Bernstein, dwarfing rival miners