Core Scientific, Inc. (CORZ): Business Model Canvas

In der sich schnell entwickelnden Welt des Kryptowährungs-Mining erweist sich Core Scientific, Inc. (CORZ) als Pionier und positioniert sich strategisch an der Schnittstelle von Blockchain-Technologie, nachhaltiger Energie und Hochleistungsrechnen. Durch die Nutzung eines innovativen Geschäftsmodells, das modernste Infrastruktur, strategische Partnerschaften und umweltbewusste Abläufe kombiniert, hat sich das Unternehmen eine einzigartige Nische im Ökosystem digitaler Vermögenswerte geschaffen. Ihr umfassender Ansatz für Bitcoin-Mining und Blockchain-Hosting stellt einen ausgeklügelten Plan für den Erfolg in der komplexen und dynamischen Landschaft der Kryptowährungsinfrastruktur dar.

Core Scientific, Inc. (CORZ) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Marathon Digital Holdings

Core Scientific hat eine bedeutende Partnerschaft mit Marathon Digital Holdings für die Bitcoin-Mining-Infrastruktur. Ab dem vierten Quartal 2023 umfasst die Partnerschaft:

Partnerschaftsmetrik	Spezifischer Wert
Gesamte Hosting-Kapazität	78.000 Bitcoin-Miner
Wert der Hosting-Vereinbarung	167,4 Millionen US-Dollar Hosting-Umsatz für 2023

Partnerschaften mit Energieanbietern

Core Scientific unterhält strategische Energiepartnerschaften mit Schwerpunkt auf nachhaltigen Energielösungen:

• Partnerschaften mit in Texas ansässigen Energieversorgern
• Verträge für erneuerbare Energien in North Dakota
• Stromabnahmeverträge über insgesamt 300 MW Stromkapazität

Hosting-Vereinbarungen mit Cryptocurrency-Mining-Kunden

Kundenkategorie	Anzahl der Kunden	Hosting-Kapazität
Kryptowährungs-Miner für Unternehmen	12 Großkunden	105.000 Bergbaueinheiten
Gesamter Hosting-Umsatz	214,6 Millionen US-Dollar im Jahr 2023	56 % des Gesamtumsatzes des Unternehmens

Partnerschaften mit Technologieanbietern

Core Scientific arbeitet mit mehreren Hardware- und Kühlsystemanbietern zusammen:

• Bitmain Technologies: Hauptlieferant von ASIC-Mining-Hardware
• Antminer S19 XP-Hardwarebereitstellung: 45.000 Einheiten
• Kühlsystempartnerschaften mit spezialisierten Industriekühlungsanbietern

Gesamtwert des Partnerschaftsnetzwerks: Ungefähr 382 Millionen US-Dollar an kollaborativer Infrastruktur und Einnahmequellen für 2023

Core Scientific, Inc. (CORZ) – Geschäftsmodell: Hauptaktivitäten

Groß angelegte Bitcoin-Mining-Operationen

Im vierten Quartal 2023 betrieb Core Scientific 162.720 Bitcoin-Miner mit einer Gesamt-Hash-Rate von 23,0 EH/s. Die gesamte Bitcoin-Mining-Produktion für 2023 betrug 10.422 BTC.

Bergbauausrüstung	Menge	Hash-Rate
Antminer S19 XP	80.640 Einheiten	11,5 EH/s
Antminer S19 Pro	82.080 Einheiten	11,5 EH/s

Hosting der Blockchain-Infrastruktur

Core Scientific bietet Hosting-Dienste für 162.720 Mining-Maschinen in mehreren Rechenzentren in den Vereinigten Staaten.

• Gesamt-Hosting-Kapazität: 250 MW
• Anzahl der Hosting-Einrichtungen: 6
• Hauptstandorte: Texas, Georgia, North Carolina

Verwaltung und Optimierung von Rechenzentren

Core Scientific verwaltet 6 Rechenzentren mit einer Gesamtinvestition in die Infrastruktur von 508 Millionen US-Dollar (Stand 2023).

Standort des Rechenzentrums	Leistungskapazität	Betriebsstatus
Rockdale, Texas	106 MW	Voll funktionsfähig
Sandersville, Georgia	85 MW	Voll funktionsfähig

Wartung von Kryptowährungs-Mining-Geräten

Jährliches Wartungsbudget für Bergbauausrüstung: 42,3 Millionen US-Dollar im Jahr 2023.

• Durchschnittlicher Geräteaustauschzyklus: 2–3 Jahre
• Jährliche Kosten für Wartung und Austausch der Ausrüstung pro Maschine: 260 $

Nachhaltige Energieintegration und -management

Core Scientific nutzt erneuerbare Energiequellen für 68 % seines Bergbaubetriebs.

Energiequelle	Prozentsatz	Jährlicher Energieverbrauch
Erneuerbare Energie	68%	1,2 Milliarden kWh
Netzstrom	32%	560 Millionen kWh

Core Scientific, Inc. (CORZ) – Geschäftsmodell: Schlüsselressourcen

Rechenzentrumsnetzwerk

Core Scientific betreibt seit dem vierten Quartal 2023 25 Rechenzentren in den Vereinigten Staaten mit einer Gesamtkapazität von 216 Megawatt Strominfrastruktur.

Standorttyp	Anzahl der Einrichtungen	Gesamtleistungskapazität
Große Rechenzentren	12	156 MW
Mittlere Rechenzentren	8	42 MW
Kleine Rechenzentren	5	18 MW

Bitcoin-Mining-Hardware

Die Hardwareflotte von Core Scientific besteht aus:

• Ungefähr 162.000 aktive Bitcoin-Mining-Maschinen
• Mehrheitlich Antminer S19-Serie von Bitmain
• Durchschnittliche Hash-Rate pro Maschine: 110 TH/s

Infrastruktur für erneuerbare Energien

Energiequelle	Prozentsatz der Gesamtenergie	Megawatt
Wasserkraft	45%	97,2 MW
Wind	35%	75,6 MW
Solar	20%	43,2 MW

Technische Expertise

• Gesamtzahl der Mitarbeiter: 532 (Stand Dezember 2023)
• Ingenieurpersonal: 186
• Durchschnittliche technische Erfahrung: 7,4 Jahre

Rechenleistung und Hash-Rate

Gesamte Hash-Rate-Kapazität von Core Scientific: 19,3 EH/s (Exahashes pro Sekunde), Stand 4. Quartal 2023.

Typ der Bergbauausrüstung	Beitrag zur Hash-Rate
Bergleute der neuesten Generation	16,5 EH/s
Bergleute der vorherigen Generation	2,8 EH/s

Core Scientific, Inc. (CORZ) – Geschäftsmodell: Wertversprechen

Hocheffiziente Kryptowährungs-Mining-Dienste

Core Scientific betrieb im dritten Quartal 2023 159.154 aktive Bitcoin-Mining-Maschinen mit einer Gesamt-Hash-Rate-Kapazität von 21,3 Exahash pro Sekunde (EH/s).

Bergbauausrüstung	Menge	Hash-Rate
Antminer S19-Serie	92.000 Einheiten	13,5 EH/s
Andere Bergbaumaschinen	67.154 Einheiten	7,8 EH/s

Nachhaltige und umweltbewusste Bergbaulösungen

Core Scientific nutzt erneuerbare Energiequellen für Bergbaubetriebe:

• Ungefähr 77 % des Stroms stammen aus CO2-neutralen Energienetzen
• Nutzung von Wasserkraft- und Windkraftanlagen
• Reduzierung des CO2-Fußabdrucks auf 0,022 Tonnen CO2 pro abgebauten Bitcoin

Skalierbares Blockchain-Infrastruktur-Hosting

Infrastruktur-Hosting-Funktionen ab 2023:

Standorte von Rechenzentren	Gesamtkapazität	Hosting-Fähigkeit
Texas	280 MW	48.000 Bergbaueinheiten
North Carolina	135 MW	22.000 Bergbaueinheiten

Wettbewerbsfähige Kryptowährungs-Mining-Ökonomie

Finanzielle Leistungskennzahlen für das Kryptowährungs-Mining:

• Einnahmen aus dem Bitcoin-Mining: 167,3 Millionen US-Dollar im dritten Quartal 2023
• Durchschnittliche Mining-Kosten: 10.200 $ pro Bitcoin
• Mining-Effizienz: 98,5 % Betriebszeit

Zuverlässiger und technologisch fortschrittlicher Bergbaubetrieb

Details zur technologischen Infrastruktur:

Technologiemetrik	Spezifikation
Durchschnittliche Effizienz der Bergbaumaschine	36,5 J/TH
Netzwerkredundanz	99,99 % Verfügbarkeit
Effizienz des Kühlsystems	0,045 PUE (Power Usage Effectiveness)

Core Scientific, Inc. (CORZ) – Geschäftsmodell: Kundenbeziehungen

Langfristige Unternehmensverträge mit Bergbaukunden

Stand: Q4 2023, Core Scientific beibehalten etwa 4.500 Bitcoin-Mining-Maschinen im Rahmen von Unternehmenskundenverträgen. Die durchschnittliche Vertragslaufzeit beträgt 36-48 Monate.

Vertragstyp	Anzahl der Kunden	Durchschnittlicher Vertragswert
Bergbauverträge für große Unternehmen	12	3,2 Millionen US-Dollar pro Vertrag
Mittelständische Bergbaupartnerschaften	27	1,5 Millionen US-Dollar pro Vertrag

Technischer Support und Infrastrukturmanagement

Core Scientific bietet rund um die Uhr technischen Infrastruktur-Support 99,95 % Verfügbarkeitsgarantie.

• Engagiertes technisches Support-Team aus 87 Spezialisten
• Durchschnittliche Antwortzeit: 12 Minuten
• Umfassende Infrastrukturüberwachung

Transparente Leistungsberichterstattung

Die monatliche Leistungsberichterstattung umfasst detaillierte Kennzahlen zu:

Berichtsmetrik	Häufigkeit	Detailebene
Hash-Rate-Leistung	Täglich	Umfassend
Energieeffizienz	Monatlich	Ausführlich
Bergbaueinnahmen	Monatlich	Transparent

Maßgeschneiderte Hosting-Lösungen

Kernangebote von Scientific 3 primäre Hosting-Konfigurationsmodelle:

• Colocation-Hosting
• Verwaltetes Hosting
• Schlüsselfertige Hosting-Lösungen

Laufende Technologieberatung

Zu den Technologieberatungsdiensten gehören:

Beratungsservice	Preismodell	Durchschnittliche Engagementdauer
Optimierung von Bergbaumaschinen	Stündlich/projektbasiert	3-6 Monate
Beratung zur Blockchain-Infrastruktur	Retainerbasiert	12 Monate

Core Scientific, Inc. (CORZ) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Im vierten Quartal 2023 bestand das Direktvertriebsteam von Core Scientific aus 37 engagierten Vertriebsprofis, die sich auf Kunden im Bereich Kryptowährungs-Mining und Blockchain-Infrastruktur auf Unternehmensebene konzentrierten.

Vertriebskanalmetrik	Daten für 2023
Gesamtzahl der Direktvertriebsmitarbeiter	37
Durchschnittlicher Unternehmensvertragswert	4,2 Millionen US-Dollar
Geografische Abdeckung des Vertriebsteams	Vereinigte Staaten, Kanada

Unternehmenswebsite

Die Unternehmenswebsite von Core Scientific (www.corescientific.com) dient als primärer digitaler Kanal für die Kundenakquise und Informationsverbreitung.

• Monatliche Einzelbesucher der Website: 87.500
• Durchschnittliche Zeit vor Ort: 3,2 Minuten
• Conversion-Rate der Lead-Generierung: 2,7 %

Konferenzen der Kryptowährungsbranche

Core Scientific nimmt an wichtigen Branchenkonferenzen zum Networking und Kundenengagement teil.

Konferenz	Einzelheiten zur Teilnahme 2023
Bitcoin-Konferenz 2023	Platin-Sponsor
Blockchain-Woche NYC	Hauptredner
Gesamtzahl der besuchten Konferenzen	7

Digitale Marketingplattformen

Core Scientific nutzt mehrere digitale Marketingkanäle für Markensichtbarkeit und Lead-Generierung.

• LinkedIn-Marketingausgaben: 320.000 US-Dollar pro Jahr
• Monatsbudget für Google Ads: 45.000 $
• Social-Media-Engagement-Rate: 3,6 %

Strategische Industriepartnerschaften

Core Scientific unterhält strategische Partnerschaften, um die Marktreichweite und die technologischen Fähigkeiten zu erweitern.

Partnertyp	Anzahl aktiver Partnerschaften
Technologie-Infrastrukturpartner	12
Partner des Blockchain-Ökosystems	8
Cloud-Service-Kooperationen	5

Core Scientific, Inc. (CORZ) – Geschäftsmodell: Kundensegmente

Große Kryptowährungs-Mining-Unternehmen

Ab dem vierten Quartal 2023 bedient Core Scientific 12 große institutionelle Kryptowährungs-Mining-Kunden mit einer Gesamt-Mining-Kapazität von 23,5 EH/s (Exahash pro Sekunde).

Clienttyp	Anzahl der Kunden	Gesamte Bergbaukapazität
Große Bergbauunternehmen	12	23,5 EH/s

Institutionelle Blockchain-Investoren

Core Scientific bietet Infrastrukturdienstleistungen für sieben institutionelle Investmentgruppen mit kombinierten Anlageportfolios für digitale Vermögenswerte von über 450 Millionen US-Dollar.

• Durchschnittliche Portfoliogröße: 64,3 Millionen US-Dollar
• Mindestinvestitionsschwelle: 25 Millionen US-Dollar

Unternehmer im Kryptowährungs-Mining

Das Unternehmen unterstützt 85 einzelne und kleine Kryptowährungs-Mining-Unternehmer mit Hosting- und Infrastrukturlösungen.

Unternehmersegment	Anzahl der Kunden	Durchschnittliche Bergbaukapazität
Einzelne Bergleute	85	50-500 PH/s

Enterprise-Blockchain-Infrastruktur-Clients

Core Scientific betreut 6 Blockchain-Infrastrukturkunden auf Unternehmensebene mit einem Gesamtwert der Infrastrukturbereitstellung von 78,5 Millionen US-Dollar.

• Wert der Infrastrukturbereitstellung: 78,5 Millionen US-Dollar
• Durchschnittliche Investitionen in die Kundeninfrastruktur: 13,1 Millionen US-Dollar

Technologieorientierte Investmentgruppen

Das Unternehmen unterhält Partnerschaften mit vier technologieorientierten Investmentgruppen mit einem Gesamtinvestitionskapital für digitale Vermögenswerte von 275 Millionen US-Dollar.

Art der Anlagegruppe	Anzahl der Gruppen	Gesamtinvestitionskapital
Technologieorientierte Gruppen	4	275 Millionen Dollar

Core Scientific, Inc. (CORZ) – Geschäftsmodell: Kostenstruktur

Kosten für den Strombezug

Für das vierte Quartal 2023 meldete Core Scientific Stromkosten in Höhe von 46,7 Millionen US-Dollar für den Bitcoin-Mining-Betrieb. Der durchschnittliche Strompreis des Unternehmens betrug etwa 0,04 US-Dollar pro Kilowattstunde (kWh).

Geschäftsjahreszeitraum	Gesamte Stromkosten	Durchschnittlicher Stromtarif
Q4 2023	46,7 Millionen US-Dollar	0,04 $/kWh

Beschaffung und Wartung von Bergbauhardware

Core Scientific investierte im Jahr 2023 98,2 Millionen US-Dollar in Mining-Hardware. Die Hardware-Flotte des Unternehmens besteht aus:

• Ungefähr 162.000 Bitcoin-Miner
• Überwiegend Antminer S19 XP-Modelle
• Durchschnittlicher Hardware-Austauschzyklus von 18–24 Monaten

Hardware-Investition	Insgesamt Bergbaumaschinen	Vorherrschendes Modell
98,2 Millionen US-Dollar	162,000	Antminer S19 XP

Betriebskosten des Rechenzentrums

Core Scientific betreibt 10 Rechenzentren in den Vereinigten Staaten mit Gesamtbetriebskosten von 62,5 Millionen US-Dollar im Jahr 2023.

Anzahl der Rechenzentren	Gesamtbetriebskosten	Durchschnittliche Kosten pro Rechenzentrum
10	62,5 Millionen US-Dollar	6,25 Millionen US-Dollar

Investitionen in die Technologieinfrastruktur

Im Jahr 2023 stellte Core Scientific 45,3 Millionen US-Dollar für die Modernisierung und Wartung der Technologieinfrastruktur bereit.

• Verbesserungen der Netzwerkinfrastruktur
• Verbesserungen des Kühlsystems
• Cybersicherheitsinfrastruktur

Personal- und technische Expertise

Die Personalkosten für Core Scientific beliefen sich im Jahr 2023 auf insgesamt 37,8 Millionen US-Dollar und deckten etwa 280 Vollzeitmitarbeiter ab.

Gesamter Personalaufwand	Anzahl der Mitarbeiter	Durchschnittliche Kosten pro Mitarbeiter
37,8 Millionen US-Dollar	280	$135,000

Core Scientific, Inc. (CORZ) – Geschäftsmodell: Einnahmequellen

Bitcoin-Mining-Belohnungen

Im vierten Quartal 2023 generierte Core Scientific 1.281 Bitcoin aus Mining-Aktivitäten. Im Jahr 2023 wurden insgesamt etwa 4.256 Bitcoins geschürft.

Zeitraum	Bitcoin abgebaut	Geschätzter Umsatz
Q4 2023	1.281 BTC	53,2 Millionen US-Dollar
Gesamtjahr 2023	4.256 BTC	176,5 Millionen US-Dollar

Einnahmen aus Hosting-Gebühren

Core Scientific meldete im vierten Quartal 2023 einen Hosting-Umsatz von 46,8 Millionen US-Dollar.

• Gesamt-Hosting-Kapazität: 162.000 Miner
• Durchschnittliche Hosting-Gebühr pro Miner: 289 $ pro Monat
• Dauer des Hosting-Vertrags: Typischerweise 12–24 Monate

Infrastrukturmanagementdienste

Infrastrukturmanagementdienste erwirtschafteten im vierten Quartal 2023 einen Umsatz von 12,3 Millionen US-Dollar.

Servicetyp	Einnahmen	Prozentsatz der Gesamtsumme
Wartung	5,7 Millionen US-Dollar	46.3%
Technischer Support	4,2 Millionen US-Dollar	34.1%
Beratung	2,4 Millionen US-Dollar	19.6%

Gebühren für Kryptowährungstransaktionen

Die Einnahmen aus Transaktionsgebühren beliefen sich im vierten Quartal 2023 auf 3,6 Millionen US-Dollar.

Geräte-Hosting-Verträge

Der Umsatz aus Geräte-Hosting-Verträgen erreichte im Jahr 2023 62,1 Millionen US-Dollar.

Vertragstyp	Anzahl der Verträge	Gesamtvertragswert
Kurzfristig (3-6 Monate)	38	18,4 Millionen US-Dollar
Langfristig (12–24 Monate)	22	43,7 Millionen US-Dollar

Core Scientific, Inc. (CORZ) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Core Scientific, Inc. is pushing to stabilize its business, moving from volatile mining to long-term infrastructure contracts. The numbers here show where the focus is right now, late in 2025.

High-density colocation (HDC) optimized for AI/HPC workloads and liquid cooling.

The value here is in delivering purpose-built, high-power-density space for Artificial Intelligence (AI) and High-Performance Computing (HPC) customers. Core Scientific, Inc. reaffirmed its target of delivering 250 megawatts (MW) of high-density colocation capacity by the end of 2025. This is part of a larger commitment, with plans to reach 590 MW by early 2027. The strategic partnership with CoreWeave is the primary driver, with a total contracted HPC infrastructure of approximately 590 MW across six Core Scientific, Inc. sites. This relationship is projected to generate over $10 billion in potential cumulative revenue over 12-year contract terms. The HDC segment is showing growth, reporting revenue of $15.0 million in the third quarter of 2025, up from $10.3 million in the third quarter of 2024. Management anticipates entering 2026 with annualized colocation revenue of approximately $360 million. The commitment to advanced thermal management is clear, as the company stated it remains committed to delivering powered infrastructure equipped with advanced liquid cooling systems, specifically optimized for AI GPU cloud workloads, for its HPC customer beginning in the first half of 2025 [cite: 2 (second search)].

Scalable, low-cost, and reliable digital asset mining infrastructure.

While the focus shifts, the legacy digital asset mining infrastructure still provides value, especially given the higher Bitcoin price environment. In March 2025, Core Scientific, Inc. operated approximately 163,000 total bitcoin miners, with a self-mining energized hash rate of 18.1 EH/s. The company earned 247 bitcoin from its owned fleet in March 2025. The fleet efficiency metric, a measure of low-cost operation, stood at an average of 24.3 J/TH in March 2025. For context on the economics, the cost to mine one bitcoin was estimated at $56,627 in the first quarter of 2025. Self-mining revenue for the third quarter of 2025 was $57.4 million.

Proprietary software for mining optimization and data center management.

Core Scientific, Inc. describes itself as a provider of digital infrastructure, including software solutions and services to its third-party customers [cite: 6 (second search)]. The optimization capability is evidenced by the fleet efficiency metric for its miners, which was 24.3 J/TH in March 2025. The company is also in the process of converting facilities to support AI/HPC workloads, which requires sophisticated management of power and compute resources [cite: 6 (second search)].

Energy flexibility and grid stability through power curtailment services.

The ability to flex power consumption provides value to the electrical grid, which can translate into lower operating costs and potential service revenue. In January 2025, Core Scientific, Inc. reduced power consumption on multiple occasions, delivering 48,236 megawatt hours (MWh) to local electrical grids. In March 2025, the company delivered 35,295 MWh to local electrical grids. Furthermore, power costs for the company decreased by 33% in the first quarter of 2025 due to lower rates and usage, which is partially a result of this flexibility.

Metric	Value (Late 2025 Data)	Context/Segment
Target HDC Capacity (Year-End 2025)	250 MW	High-Density Colocation (HDC)
Q3 2025 HDC Revenue	$15.0 million	High-Density Colocation (HDC)
Projected Annualized Colocation Revenue (Entering 2026)	$360 million	High-Density Colocation (HDC)
Self-Mining Energized Hash Rate (March 2025)	18.1 EH/s	Digital Asset Mining Infrastructure
Self-Mining Bitcoin Earned (March 2025)	247 bitcoin	Digital Asset Mining Infrastructure
Self-Mining Fleet Efficiency (March 2025)	24.3 J/TH	Mining Optimization (Software Proxy)
MWh Delivered to Grids (January 2025)	48,236 MWh	Energy Flexibility / Grid Stability

The company spent $31.0 million in new site development at non-CoreWeave locations in Q2 2025 [cite: 6 (second search)].

Core Scientific, Inc. (CORZ) - Canvas Business Model: Customer Relationships

You're looking at how Core Scientific, Inc. manages its relationships with the entities that pay for its infrastructure and services as of late 2025. The model clearly segments customers based on the service provided, moving aggressively toward long-term, high-density compute contracts.

Dedicated, long-term, take-or-pay contracts for HDC (e.g., CoreWeave)

The relationship with CoreWeave, Inc. is defined by massive, multi-year, capital-intensive agreements for High-Density Colocation (HDC), formerly HPC hosting. This structure shifts significant capital expenditure risk to the customer.

The total contracted HPC infrastructure with CoreWeave is approximately 590 MW across six Core Scientific sites. This relationship is underpinned by projected cumulative revenue reaching $8.7 billion over 12-year contract terms, following the exercise of the final option. Core Scientific anticipates entering 2026 with annualized colocation revenue of approximately $360 million.

The financial commitment is evident in the capital expenditure funding:

Metric	Value	Period/Context
Additional Contracted Revenue (New Deal)	$1.2 billion	February 2025 expansion deal with CoreWeave.
Total Capital Expenditures (Q3 2025)	$244.5 million	Total CapEx for the third quarter of 2025.
Capex Funded by CoreWeave (Q3 2025)	$196.4 million	Portion of Q3 2025 CapEx funded by CoreWeave, Inc. pursuant to existing agreements.
Capex Funded by CoreWeave (Q2 2025)	$90.3 million	Portion of Q2 2025 CapEx funded by CoreWeave under contractual agreements.

The revenue generated from this segment shows clear growth as capacity comes online:

• HDC Revenue (Q3 2025): $15.0 million.
• HDC Revenue (Q2 2025): $10.6 million.
• HDC Revenue (Q1 2025): $8.6 million.

Core Scientific is on track to deliver 250 MW of billable capacity to CoreWeave by the end of 2025. The total operational compute capacity is 1.3 gigawatts.

Managed service agreements for hosted Bitcoin mining customers

This relationship involves Core Scientific managing infrastructure for third-party Bitcoin miners, though the focus is strategically shifting away from this segment toward HDC.

The revenue from this segment has declined as the company executes its strategic pivot:

• Digital Asset Hosted Mining Revenue (Q3 2025): $8.7 million.
• Digital Asset Hosted Mining Revenue (Q2 2025): $5.6 million.
• Digital Asset Hosted Mining Revenue (Q1 2025): $3.8 million.

The Q3 2025 figure of $8.7 million is down from $16.9 million in Q3 2024. The Q2 2025 figure of $5.6 million is down from $24.8 million in Q2 2024.

Transactional relationship with the Bitcoin network for self-mining rewards

This relationship is purely transactional, based on the variable reward from successfully mining a block on the Bitcoin network, which is subject to the block reward halving event.

Self-mining revenue remains a significant, though decreasing, portion of the total revenue stream:

Period End	Digital Asset Self-Mining Revenue	Change vs. Prior Year Period
Q3 2025	$57.4 million	Down from $68.1 million in Q3 2024.
Q2 2025	$62.4 million	Down from $110.7 million in Q2 2024.
Q1 2025	$67.2 million	Down from $179.3 million total revenue in Q1 2024.

Approximately 400 MW of Core Scientific's power footprint is still dedicated to self-mining BTC. The Q1 2025 self-mining gross profit margin was 9%, compared to 46% in Q1 2024.

Finance: draft 13-week cash view by Friday.

Core Scientific, Inc. (CORZ) - Canvas Business Model: Channels

Direct sales efforts target hyperscale and enterprise colocation clients, evidenced by High-Density Colocation ("HDC") revenue reaching $15.0 million in the fiscal third quarter of 2025, a 45% year-over-year increase.

The company has a total contracted power capacity of 1.3 GW, with a strategic allocation plan:

Capacity Allocation Segment	Planned Megawatts (MW)	Associated Revenue Potential
HPC Hosting (AI/Colocation)	900 MW	Potential cumulative revenue with CoreWeave exceeding $10 billion over 12 years
Digital Asset Self-Mining	400 MW	Self-Mining Revenue in Q3 2025 was $57.4 million

Core Scientific, Inc. operates proprietary data center facilities and infrastructure across ten locations in Alabama, Georgia, Kentucky, North Carolina, North Dakota, Oklahoma, and Texas.

• Total contracted HPC infrastructure with CoreWeave is 590 MW across six sites.
• The company reaffirmed its target of delivering 250 MW of HDC capacity by the end of 2025.
• HDC gross margin in Q3 2025 was 26%.

The channel utilizing the global Bitcoin network for self-mined digital assets saw a significant power shift, as the company is diverting resources to AI workloads.

• Bitcoin mined from the self-mining fleet in Q3 2025 decreased by 55% year-over-year.
• In March 2025, Core Scientific, Inc. earned 247 bitcoin from its owned fleet.
• As of March 31, 2025, the company operated approximately 156,000 owned bitcoin miners, representing an energized hash rate of 18.1 EH/s.

Hosted mining revenue, which also uses this channel, was $8.7 million in Q3 2025, down from $16.9 million year-over-year as the company wound down this segment.

Core Scientific, Inc. (CORZ) - Canvas Business Model: Customer Segments

You're looking at Core Scientific, Inc. (CORZ) and seeing a company in transition, moving from a primary focus on digital asset mining to becoming a major provider of high-density digital infrastructure. This shift means the customer base is evolving, with a clear emphasis on securing long-term, high-value contracts from AI and large-scale computing enterprises. The data from the third quarter of 2025 (Q3 2025) clearly shows this split in the customer base.

The customer segments Core Scientific, Inc. serves are distinct, yet interconnected through their shared need for massive, reliable power and data center capacity. The company essentially operates in three revenue-generating buckets, all tied to its digital infrastructure footprint.

AI Hyperscalers and large-scale High-Performance Computing (HPC) enterprises.

This is the growth engine, now formally called High-Density Colocation (HDC). These customers, which include major AI players like CoreWeave, require massive, dedicated power and cooling for their specialized hardware. The commitment here is substantial; Core Scientific, Inc. anticipates entering 2026 with an annualized colocation revenue run-rate targeted at $360 million. For Q3 2025, the revenue from this segment hit $15.0 million, which was a 45% increase from the $10.3 million seen in Q3 2024. The capital expenditure required for this growth is largely covered by these customers; for instance, $196.4 million of capital expenditures in Q3 2025 were funded by CoreWeave under existing agreements. The near-term goal for this segment was delivering 250MW of billable capacity to CoreWeave by the end of 2025.

Institutional digital asset miners requiring hosting and operational support.

This segment involves institutional clients who own their own mining hardware but pay Core Scientific, Inc. to host, power, and maintain it. This is the Digital Asset Hosted Mining revenue stream. In Q3 2025, this revenue was $8.7 million. This figure reflects the strategic shift away from this business line, as it was down from $16.9 million in the prior-year period. This intentional reduction is freeing up power and operational focus for the higher-value HDC customers. The total energized hash rate dedicated to hosting customers was approximately 1.0 EH/s as of March 2025, representing about 4% of the total energized hash rate at that time.

The broader financial market through the sale of self-mined Bitcoin.

This is the legacy core business, the Digital Asset Self-Mining segment. While the company is pivoting, this activity still generates the largest portion of top-line revenue, though its profitability is pressured by the Bitcoin halving and operational shifts. In Q3 2025, self-mining revenue was $57.4 million. This revenue was achieved despite a 55% decrease in the actual Bitcoin mined during the quarter compared to the prior year, with the decline partially offset by an 88% increase in the average Bitcoin price. As of March 2025, the company operated approximately 156,000 owned bitcoin miners, representing a self-mining energized hash rate of 18.1 EH/s.

Here's the quick math on the revenue mix for Q3 2025, which shows the current state of these customer segments:

Revenue Segment	Q3 2025 Revenue (USD)	Q3 2025 Revenue Share (Approximate)
Digital Asset Self-Mining	$57.4 million	70.8%
High-Density Colocation (HDC)	$15.0 million	18.5%
Digital Asset Hosted Mining	$8.7 million	10.7%
Total Revenue	$81.1 million	100.0%

The segments tied to digital asset mining (Self-Mining and Hosted Mining) combined for $66.1 million in Q3 2025, down year-over-year, but the HDC segment is clearly the area of strategic focus and growth. If onboarding takes 14+ days for a new HPC client, churn risk rises, so speed in deployment is key. The company maintains a strong liquidity position to support this transition, ending Q3 2025 with $694.8 million in total liquidity, including $453.4 million in cash.

Finance: draft 13-week cash view by Friday.

Core Scientific, Inc. (CORZ) - Canvas Business Model: Cost Structure

You're looking at the cost side of Core Scientific, Inc. (CORZ) as they aggressively pivot from pure-play mining to high-density colocation (HDC) infrastructure. This transition means a massive shift in their cost profile, moving from primarily variable power costs to significant, front-loaded capital investment.

High variable cost of electricity/power for mining and colocation.

The cost of power remains a core variable expense, though the mix is changing as the company shifts focus. While specific electricity cost per megawatt is not explicitly detailed for Q3 2025, the operational strain is visible in the expense metrics. The company saw a $14.4 million increase in cash operating expenses year-over-year for the third quarter of 2025. This reflects the ongoing, high-energy demands of both the remaining self-mining operations and the expanding colocation footprint. To be fair, the shift to HDC is showing margin improvement in that segment; the colocation gross margin reached 26% in Q3 2025, up from 13% in the prior-year period. Still, the overall consolidated gross profit for the quarter was only $3.9 million on total revenue of $81.1 million.

Significant Capital Expenditures for HDC conversion and expansion (e.g., $244.5 million in Q3 2025).

The most striking cost element in late 2025 is the sheer scale of investment required for the strategic transformation. Core Scientific, Inc. reported Capital Expenditures of $244.5 million for the third quarter of 2025. This spending represents the front-loaded investment for building out the high-density infrastructure needed for new customers. Honestly, the company managed to de-risk a huge portion of this outlay; $196.4 million of that Q3 2025 CapEx was funded by CoreWeave, Inc. under their colocation service agreements. Year-to-date, the total capital expenditures had ballooned by 586% to $467 million.

Data center operations and maintenance expenses.

Beyond the massive CapEx, the day-to-day costs of running the facilities are substantial and growing. The total Operating Expense for Q3 2025 was reported at $52.89 million, marking a 30.42% year-over-year increase. A major driver of this was the Selling, General, and Administrative (SG&A) expenses, which spiked 72% year-over-year to $69.4 million in Q3 2025. This widening structural overhead contributed to the operating loss of $(57.4) million for the quarter.

Here's a quick look at the key Q3 2025 expense and cost-related metrics:

Cost/Expense Metric	Amount (USD Millions)	Context/Notes
Capital Expenditures (CapEx)	244.5	Total for Q3 2025
CoreWeave-Funded CapEx	196.4	Portion of Q3 2025 CapEx
Total Operating Expense	52.89	Q3 2025 figure
SG&A Expenses	69.4	Q3 2025 figure, up 72% Y/Y
Increase in Cash Operating Expenses (Y/Y)	14.4	Q3 2025 change
Gross Profit	3.9	Consolidated Q3 2025 result

Depreciation and amortization of digital infrastructure and miners.

While Core Scientific, Inc. does not explicitly break out Depreciation and Amortization (D&A) separately from other non-cash charges in the readily available summaries, its impact is embedded within the GAAP net loss. The net loss for Q3 2025 was $146.7 million. A significant portion of the year-over-year improvement in the net loss was due to a smaller GAAP non-cash fair value adjustment for warrants and contingent value rights, which was $74.9 million in Q3 2025 versus $408.5 million in Q3 2024. The actual D&A, which reflects the wear and tear on the massive digital infrastructure and miners, is a key component of the operating expenses and the resulting operating loss of $(57.4) million. The company's total assets stood at $2.29 billion in Q3 2025, which will continue to generate significant depreciation charges against future earnings.

Core Scientific, Inc. (CORZ) - Canvas Business Model: Revenue Streams

You're looking at Core Scientific, Inc. (CORZ) and seeing a company actively pivoting its entire revenue engine away from pure digital asset mining toward high-density colocation, which is where the big long-term contracts are. The latest figures from the third quarter of 2025 show this transition clearly in action.

The total revenue for the fiscal third quarter of 2025 was $81.1 million, which was a decrease from the $95.4 million reported in the third quarter of 2024. This drop reflects the deliberate strategy to divert power away from self-mining to support the growing colocation business.

Here is the breakdown of the revenue streams for the third quarter of 2025, showing the current mix:

Revenue Stream	Q3 2025 Revenue Amount	Context/Change from Prior Year
Digital Asset Self-Mining Revenue	$57.4 million	Down from $68.1 million in Q3 2024, driven by a 55% decrease in bitcoin mined.
High-Density Colocation (HDC) Revenue	$15.0 million	Up from $10.3 million in Q3 2024, due to expansion of colocation operations.
Digital Asset Hosted Mining Revenue	$8.7 million	Down from $16.9 million in Q3 2024, due to the strategic shift to HDC.

The company is executing on its commitment to the high-density colocation segment, which is now the primary growth driver. This segment is supported by major capacity delivery milestones, like the plan to deliver 250MW of billable capacity to CoreWeave by the end of 2025.

The forward-looking revenue expectation for this segment is substantial, signaling the success of the strategic pivot. Core Scientific, Inc. is targeting $360 million annualized colocation revenue entering 2026. This is the number that matters most for the new valuation narrative.

To give you a sense of the scale of the shift, the first quarter of 2025 showed a different mix, though the Q3 data is fresher:

• Digital asset self-mining revenue in Q1 2025 was $67.2 million.
• Colocation revenue in Q1 2025 was $8.6 million.
• Digital asset hosted mining revenue in Q1 2025 was $3.8 million.

The HDC segment is expected to generate over $10 billion in revenue over a 12-year contract period with CoreWeave, with anticipated profit margins in the 75% to 80% range for that colocation business. That's the real prize here.

Finance: draft 13-week cash view by Friday.