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

60-second summary

Bernstein analysts peg TeraWulf at 5% and Cipher at 4% stabilized return on assets, calling Core Scientific's 75% figure a capex-advantaged outlier. This suggests that most bitcoin miners will not achieve such high returns, as Core Scientific's high figure is likely driven by its significant capital expenditures. The industry's overall return on assets will likely remain lower.