Core Scientific, Inc. (CORZ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo en rápida evolución de la minería de criptomonedas, Core Scientific, Inc. (Corz) emerge como una fuerza pionera, posicionándose estratégicamente en la intersección de la tecnología blockchain, la energía sostenible y la computación de alto rendimiento. Al aprovechar un modelo de negocio innovador que combina la infraestructura de vanguardia, las asociaciones estratégicas y las operaciones de consciente ambientalmente, la compañía ha forjado un nicho único en el ecosistema de activos digitales. Su enfoque integral para la minería de bitcoin y la alojamiento de blockchain representa un plan sofisticado para el éxito en el paisaje complejo y dinámico de la infraestructura de criptomonedas.

Core Scientific, Inc. (CORZ) - Modelo de negocios: asociaciones clave

Colaboración estratégica con Marathon Digital Holdings

Core Scientific tiene una asociación significativa con Marathon Digital Holdings para la infraestructura minera de Bitcoin. A partir del cuarto trimestre de 2023, la asociación implica:

Métrico de asociación	Valor específico
Capacidad total de alojamiento	78,000 mineros de bitcoin
Valor de acuerdo de alojamiento	$ 167.4 millones en ingresos de alojamiento para 2023

Asociaciones de proveedores de energía

Core Scientific Mantiene asociaciones de energía estratégica centradas en soluciones de energía sostenibles:

• Asociaciones con proveedores de energía con sede en Texas
• Contratos de energía renovable en Dakota del Norte
• Acuerdos de compra de energía por un total de 300 MW de capacidad eléctrica

Alojamiento de acuerdos con clientes de minería de criptomonedas

Categoría de cliente	Número de clientes	Capacidad de alojamiento
Mineros de criptomonedas empresariales	12 clientes principales	105,000 unidades mineras
Ingresos de alojamiento total	$ 214.6 millones en 2023	56% de los ingresos totales de la compañía

Asociaciones de proveedores de tecnología

Core Scientific colabora con múltiples proveedores de hardware y sistema de enfriamiento:

• BitMain Technologies: proveedor de hardware de minería ASIC primario
• ANTMINER S19 XP Implementación de hardware: 45,000 unidades
• Asociaciones del sistema de enfriamiento con proveedores de enfriamiento industrial especializados

Valor de la red de asociación total: aproximadamente $ 382 millones en infraestructura colaborativa y flujos de ingresos para 2023

Core Scientific, Inc. (CORZ) - Modelo de negocio: actividades clave

Operaciones mineras de bitcoin a gran escala

A partir del cuarto trimestre de 2023, Core Scientific operaba 162,720 mineros de bitcoin con una tasa de hash total de 23.0 eh/s. La producción total de minería de bitcoin para 2023 fue de 10,422 BTC.

Equipo minero	Cantidad	Tasa de hash
Antminer S19 XP	80,640 unidades	11.5 eh/s
Antminer S19 Pro	82,080 unidades	11.5 eh/s

Alojamiento de infraestructura blockchain

Core Scientific proporciona servicios de alojamiento para 162,720 máquinas mineras en múltiples centros de datos en los Estados Unidos.

• Capacidad de alojamiento total: 250 MW
• Número de instalaciones de alojamiento: 6
• Ubicaciones principales: Texas, Georgia, Carolina del Norte

Gestión y optimización del centro de datos

Core Scientific administra 6 centros de datos con una inversión de infraestructura total de $ 508 millones a partir de 2023.

Ubicación del centro de datos	Capacidad de potencia	Estado operativo
Rockdale, Texas	106 MW	Totalmente operativo
Sandersville, Georgia	85 MW	Totalmente operativo

Mantenimiento de equipos de minería de criptomonedas

Presupuesto de mantenimiento anual para equipos mineros: $ 42.3 millones en 2023.

• Ciclo de reemplazo de equipo promedio: 2-3 años
• Mantenimiento de equipos anual y costo de reemplazo por máquina: $ 260

Integración y gestión de energía sostenible

Core Scientific utiliza fuentes de energía renovable para el 68% de sus operaciones mineras.

Fuente de energía	Porcentaje	Consumo anual de energía
Energía renovable	68%	1.200 millones de kWh
Electricidad de la cuadrícula	32%	560 millones de kWh

Core Scientific, Inc. (CORZ) - Modelo de negocios: recursos clave

Red de centro de datos

Core Scientific opera 25 centros de datos en los Estados Unidos a partir del cuarto trimestre de 2023, con una capacidad total de 216 megavatios de infraestructura de energía.

Tipo de ubicación	Número de instalaciones	Capacidad de potencia total
Centros de datos a gran escala	12	156 MW
Centros de datos a mediana	8	42 MW
Centros de datos a pequeña escala	5	18 MW

Hardware de minería bitcoin

La flota de hardware de Core Scientific consiste en:

• Aproximadamente 162,000 máquinas mineras activas de bitcoin
• Serie Mayority Antminer S19 de BitMain
• Tasa de hash promedio por máquina: 110 th/s

Infraestructura de energía renovable

Fuente de energía	Porcentaje de energía total	Megawatts
Hidroeléctrico	45%	97.2 MW
Viento	35%	75.6 MW
Solar	20%	43.2 MW

Experiencia técnica

• Total de empleados: 532 (a diciembre de 2023)
• Personal de ingeniería: 186
• Experiencia técnica promedio: 7.4 años

Potencia informática y tasa de hash

Capacidad de tasa de hash total de Core Scientific: 19.3 Eh/s (exahashes por segundo) a partir del cuarto trimestre de 2023.

Tipo de equipo minero	Contribución de tarifas hash
Mineros de última generación	16.5 eh/s
Mineros de generación anterior	2.8 eh/s

Core Scientific, Inc. (CORZ) - Modelo de negocio: propuestas de valor

Servicios de minería de criptomonedas de alta eficiencia

Core Scientific operó 159,154 máquinas mineras activas de bitcoin a partir del tercer trimestre de 2023, con una capacidad de tasa de hash total de 21.3 Exahash por segundo (EH/S).

Equipo minero	Cantidad	Tasa de hash
Serie Antminer S19	92,000 unidades	13.5 eh/s
Otras máquinas mineras	67,154 unidades	7.8 eh/s

Soluciones mineras sostenibles y ambientalmente conscientes

Core Scientific aprovecha fuentes de energía renovable para operaciones mineras:

• Aproximadamente el 77% de la electricidad procedente de redes de energía neutral en carbono
• Utilización de instalaciones de generación de energía hidroeléctrica y eólica
• Reducir la huella de carbono a 0.022 toneladas métricas CO2 por bitcoin extraída

Alojamiento de infraestructura de blockchain escalable

Capacidades de alojamiento de infraestructura a partir de 2023:

Ubicaciones de centros de datos	Capacidad total	Capacidad de alojamiento
Texas	280 MW	48,000 unidades mineras
Carolina del Norte	135 MW	22,000 unidades mineras

Economía de minería de criptomonedas competitivas

Métricas de desempeño financiero para minería de criptomonedas:

• Ingresos mineros de Bitcoin: $ 167.3 millones en el tercer trimestre 2023
• Costo de minería promedio: $ 10,200 por bitcoin
• Eficiencia minera: 98.5% de tiempo de actividad

Operaciones mineras confiables y tecnológicamente avanzadas

Detalles de la infraestructura tecnológica:

Métrica de tecnología	Especificación
Eficiencia promedio de la máquina minera	36.5 j/th
Redundancia de la red	99.99% de tiempo de actividad
Eficiencia del sistema de enfriamiento	0.045 Pue (efectividad del uso de potencia)

Core Scientific, Inc. (Corz) - Modelo de negocios: relaciones con los clientes

Contratos empresariales a largo plazo con clientes mineros

A partir del cuarto trimestre de 2023, Core Scientific mantuvo aproximadamente 4.500 máquinas mineras de bitcoin bajo contratos de cliente empresarial. La duración promedio del contrato es 36-48 meses.

Tipo de contrato	Número de clientes	Valor de contrato promedio
Grandes contratos de minería empresarial	12	$ 3.2 millones por contrato
Asociaciones mineras a mediana	27	$ 1.5 millones por contrato

Soporte técnico y gestión de infraestructura

Core Scientific proporciona soporte de infraestructura técnica 24/7 con Garantía de tiempo de actividad del 99.95%.

• Equipo de soporte técnico dedicado de 87 especialistas
• Tiempo de respuesta promedio: 12 minutos
• Monitoreo integral de infraestructura

Informes de rendimiento transparente

El informe mensual de rendimiento incluye métricas detalladas en:

Métrica de informes	Frecuencia	Nivel de detalle
Rendimiento de tasa de hash	A diario	Integral
Eficiencia energética	Mensual	Detallado
Ingresos mineros	Mensual	Transparente

Soluciones de alojamiento personalizadas

Ofertas científicas centrales 3 modelos de configuración de alojamiento primario:

• Hosting de colocación
• Hosting administrado
• Soluciones de alojamiento llave en mano

Consulta de tecnología en curso

Los servicios de consulta de tecnología incluyen:

Servicio de consulta	Modelo de precios	Duración promedio de compromiso
Optimización de equipos mineros	Hora/Basado en proyectos	3-6 meses
Aviso de infraestructura de blockchain	Basado en el retenedor	12 meses

Core Scientific, Inc. (CORZ) - Modelo de negocios: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, el equipo de ventas directas de Core Scientific consistió en 37 profesionales de ventas dedicados centrados en los clientes de minería de criptomonedas de nivel empresarial e infraestructura de blockchain.

Métrico de canal de ventas	2023 datos
Representantes de ventas directas totales	37
Valor de contrato empresarial promedio	$ 4.2 millones
Cobertura geográfica del equipo de ventas	Estados Unidos, Canadá

Sitio web corporativo

El sitio web corporativo de Core Scientific (www.corescientific.com) sirve como un canal digital primario para la adquisición de clientes y la difusión de información.

• Sitio web Visitantes únicos mensuales: 87,500
• Tiempo promedio en el sitio: 3.2 minutos
• Tasa de conversión de generación de leads: 2.7%

Conferencias de la industria de criptomonedas

Core Scientific participa en conferencias clave de la industria para la creación de redes y la participación del cliente.

Conferencia	2023 Detalles de participación
Conferencia Bitcoin 2023	Patrocinador de platino
Blockchain Week NYC	Orador principal
Conferencias totales a las que asistió	7

Plataformas de marketing digital

Core Scientific aprovecha múltiples canales de marketing digital para la visibilidad de la marca y la generación de leads.

• Gasto de marketing de LinkedIn: $ 320,000 anualmente
• Presupuesto mensual de Google ADS: $ 45,000
• Tasa de compromiso de las redes sociales: 3.6%

Asociaciones estratégicas de la industria

Core Scientific mantiene asociaciones estratégicas para expandir el alcance del mercado y las capacidades tecnológicas.

Tipo de socio	Número de asociaciones activas
Socios de infraestructura tecnológica	12
Socios del ecosistema blockchain	8
Colaboraciones de servicios en la nube	5

Core Scientific, Inc. (CORZ) - Modelo de negocio: segmentos de clientes

Compañías mineras de criptomonedas a gran escala

A partir del cuarto trimestre de 2023, Core Scientific sirve a 12 clientes mineros de criptomonedas institucionales principales con capacidad minera agregada de 23.5 eh/s (exahash por segundo).

Tipo de cliente	Número de clientes	Capacidad minera total
Compañías mineras a gran escala	12	23.5 eh/s

Inversores de blockchain institucionales

Core Scientific brinda servicios de infraestructura a 7 grupos de inversión institucional con carteras combinadas de inversión de activos digitales superiores a $ 450 millones.

• Tamaño promedio de la cartera: $ 64.3 millones
• Umbral de inversión mínima: $ 25 millones

Empresarios de minería de criptomonedas

La compañía apoya a 85 empresarios de minería de criptomonedas individuales y a pequeña escala con soluciones de alojamiento e infraestructura.

Segmento empresarial	Número de clientes	Capacidad minera promedio
Mineros individuales	85	50-500 ph/s

Clientes de infraestructura de blockchain empresarial

Core Scientific sirve a 6 clientes de infraestructura de blockchain de nivel empresarial con un despliegue de infraestructura total valorado en $ 78.5 millones.

• Valor de implementación de infraestructura: $ 78.5 millones
• Inversión promedio de infraestructura del cliente: $ 13.1 millones

Grupos de inversión centrados en la tecnología

La compañía tiene asociaciones con 4 grupos de inversión centrados en la tecnología con un capital de inversión de activos digitales acumulativos de $ 275 millones.

Tipo de grupo de inversión	Número de grupos	Capital de inversión total
Grupos centrados en la tecnología	4	$ 275 millones

Core Scientific, Inc. (CORZ) - Modelo de negocio: Estructura de costos

Gastos de adquisición de electricidad

A partir del cuarto trimestre de 2023, Core Scientific informó costos de electricidad de $ 46.7 millones para operaciones mineras de bitcoins. La tasa de electricidad promedio de la compañía fue de aproximadamente $ 0.04 por kilovatio-hora (KWH).

Período fiscal	Gastos totales de electricidad	Tasa de electricidad promedio
P4 2023	$ 46.7 millones	$ 0.04/kWh

Adquisición y mantenimiento de hardware de minería

Core Scientific invirtió $ 98.2 millones en hardware minero en 2023. La flota de hardware de la compañía consiste en:

• Aproximadamente 162,000 mineros de bitcoins
• Predominantemente modelos antminadores S19 XP
• Ciclo de reemplazo de hardware promedio de 18-24 meses

Inversión de hardware	Máquinas mineras totales	Modelo predominante
$ 98.2 millones	162,000	Antminer S19 XP

Costos operativos del centro de datos

Core Scientific opera 10 centros de datos en los Estados Unidos, con gastos operativos totales de $ 62.5 millones en 2023.

Número de centros de datos	Gastos operativos totales	Costo promedio por centro de datos
10	$ 62.5 millones	$ 6.25 millones

Inversiones de infraestructura tecnológica

En 2023, Core Scientific asignó $ 45.3 millones para actualizaciones y mantenimiento de la infraestructura tecnológica.

• Mejoras de infraestructura de red
• Mejoras del sistema de enfriamiento
• Infraestructura de ciberseguridad

Personal y experiencia técnica

Los costos de personal para Core Scientific en 2023 totalizaron $ 37.8 millones, cubriendo aproximadamente 280 empleados a tiempo completo.

Gastos totales de personal	Número de empleados	Costo promedio por empleado
$ 37.8 millones	280	$135,000

Core Scientific, Inc. (CORZ) - Modelo de negocios: flujos de ingresos

Recompensas de minería de bitcoin

A partir del cuarto trimestre de 2023, Core Scientific generó 1.281 bitcoin a partir de operaciones mineras. El bitcoin total extraído en 2023 fue de aproximadamente 4,256 bitcoin.

Período	Bitcoin minado	Ingresos estimados
P4 2023	1.281 BTC	$ 53.2 millones
Año completo 2023	4,256 BTC	$ 176.5 millones

Ingresos de tarifas de alojamiento

Core Scientific informó ingresos de alojamiento de $ 46.8 millones en el cuarto trimestre de 2023.

• Capacidad de alojamiento total: 162,000 mineros
• Tarifa de alojamiento promedio por minero: $ 289 por mes
• Duración del contrato de alojamiento: típicamente de 12-24 meses

Servicios de gestión de infraestructura

Los servicios de gestión de infraestructura generaron $ 12.3 millones en ingresos durante el cuarto trimestre de 2023.

Tipo de servicio	Ganancia	Porcentaje de total
Mantenimiento	$ 5.7 millones	46.3%
Apoyo técnico	$ 4.2 millones	34.1%
Consultante	$ 2.4 millones	19.6%

Tarifas de transacción de criptomonedas

Los ingresos por la tarifa de transacción para el cuarto trimestre de 2023 fueron de $ 3.6 millones.

Contratos de alojamiento de equipos

Los ingresos por contrato de alojamiento de equipos llegaron a $ 62.1 millones en 2023.

Tipo de contrato	Número de contratos	Valor total del contrato
A corto plazo (3-6 meses)	38	$ 18.4 millones
A largo plazo (12-24 meses)	22	$ 43.7 millones

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.