Bernstein claims that Core Scientific's AI custody model is difficult to replicate, while other mining companies' earnings tend to be stable

According to The Block, Bernstein analysis states that the AI custody agreement between Core Scientific and CoreWeave will have an average asset return rate of 75% and a cost-benefit ratio of 79% over the next five years. This model is derived from a special capital expenditure structure and is not a standard template. After comparing Digital Realty, Equinix, and several mining companies, Bernstein pointed out that the stable asset return rates of TeraWulf, Cipher, and CleanSpark are mostly between 4% and 5%, with a cost-benefit ratio of about 17% to 19%, which is closer to the long-term industry level.