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Bernstein says Core Scientific’s AI deal gains are not a bitcoin template

The bank highlighted ROA of 5% for TeraWulf and 4% for Cipher as more representative stabilized levels for bitcoin miners.

Reported · Written up by our desk · Market Structure

Bernstein said Core Scientific’s reported 75% return on an AI related deal is not a repeatable blueprint for bitcoin miners, arguing it reflects a capex advantaged outlier rather than a sector norm.

In the bank’s view, more typical performance measures for miners are lower and should be modeled using stabilized return on assets, with TeraWulf pegged at 5% and Cipher at 4%.

The Block reported that Bernstein’s comparison suggests investors may need to treat Core Scientific’s deal economics differently from the broader bitcoin mining group.

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