Core Scientific, Inc. (CORZ): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo em rápida evolução da mineração de criptomoedas, a Core Scientific, Inc. (CORZ) surge como uma força pioneira, se posicionando estrategicamente na interseção da tecnologia blockchain, energia sustentável e computação de alto desempenho. Ao alavancar um modelo de negócios inovador que combina infraestrutura de ponta, parcerias estratégicas e operações ambientalmente conscientes, a empresa criou um nicho único no ecossistema de ativos digitais. Sua abordagem abrangente para a mineração de bitcoin e a hospedagem de blockchain representa um plano sofisticado para o sucesso no cenário complexo e dinâmico da infraestrutura de criptomoeda.

Core Scientific, Inc. (CORZ) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com a Marathon Digital Holdings

A Core Scientific tem uma parceria significativa com a Marathon Digital Holdings para a infraestrutura de mineração de Bitcoin. A partir do quarto trimestre 2023, a parceria envolve:

Métrica de Parceria	Valor específico
Capacidade total de hospedagem	78.000 mineiros de bitcoin
Valor do contrato de hospedagem	US $ 167,4 milhões em receita de hospedagem para 2023

Parcerias de provedores de energia

O Core Scientific mantém parcerias estratégicas de energia focadas em soluções de energia sustentável:

• Parcerias com fornecedores de energia baseados no Texas
• Contratos de energia renovável em Dakota do Norte
• Contratos de compra de energia totalizando 300 MW de capacidade de eletricidade

Hospedando acordos com clientes de mineração de criptomoedas

Categoria de cliente	Número de clientes	Capacidade de hospedagem
Mineiros de criptomoeda corporativa	12 clientes principais	105.000 unidades de mineração
Receita total de hospedagem	US $ 214,6 milhões em 2023	56% da receita total da empresa

Parcerias de fornecedores de tecnologia

Os principais colabora científicos com múltiplos fornecedores de hardware e sistema de refrigeração:

• Tecnologias Bitmain: Fornecedor de hardware de mineração ASIC primária
• Antminer S19 XP Hardware Implementação: 45.000 unidades
• Parcerias do sistema de refrigeração com provedores de refrigeração industrial especializados

Valor da Rede de Parceria Total: Aproximadamente US $ 382 milhões em infraestrutura colaborativa e fluxos de receita para 2023

Core Scientific, Inc. (CORZ) - Modelo de negócios: Atividades -chave

Operações de mineração de bitcoin em larga escala

A partir do quarto trimestre de 2023, a Core Scientific operava 162.720 mineradores de bitcoin com uma taxa total de hash de 23,0 eh/s. A produção total de mineração de Bitcoin para 2023 foi de 10.422 BTC.

Equipamento de mineração	Quantidade	Taxa de hash
Antminer S19 XP	80.640 unidades	11.5 EH/S.
Antminer S19 Pro	82.080 unidades	11.5 EH/S.

Hospedagem de infraestrutura de blockchain

A Core Scientific fornece serviços de hospedagem para 162.720 máquinas de mineração em vários data centers nos Estados Unidos.

• Capacidade total de hospedagem: 250 MW
• Número de instalações de hospedagem: 6
• Locais primários: Texas, Geórgia, Carolina do Norte

Gerenciamento de data center e otimização

O Core Scientific gerencia 6 data centers com um investimento total de infraestrutura de US $ 508 milhões em 2023.

Localização do data center	Capacidade de energia	Status operacional
Rockdale, Texas	106 MW	Totalmente operacional
Sandersville, Geórgia	85 MW	Totalmente operacional

Manutenção de equipamentos de mineração de criptomoedas

Orçamento anual de manutenção para equipamentos de mineração: US $ 42,3 milhões em 2023.

• Ciclo médio de substituição do equipamento: 2-3 anos
• Custo anual de manutenção e reposição de equipamentos por máquina: US $ 260

Integração e gerenciamento de energia sustentável

A Core Scientific utiliza fontes de energia renováveis ​​para 68% de suas operações de mineração.

Fonte de energia	Percentagem	Consumo anual de energia
Energia renovável	68%	1,2 bilhão de kWh
Eletricidade da grade	32%	560 milhões de kWh

Core Scientific, Inc. (Corz) - Modelo de Negócios: Recursos -Principais

Rede de data center

A Core Scientific opera 25 centers de dados nos Estados Unidos a partir do quarto trimestre de 2023, com uma capacidade total de 216 megawatts de infraestrutura de energia.

Tipo de localização	Número de instalações	Capacidade total de energia
Data Centers em larga escala	12	156 MW
Data Centers de escala média	8	42 MW
Data Centers de pequena escala	5	18 MW

Hardware de mineração de Bitcoin

A frota de hardware da Core Scientific consiste em:

• Aproximadamente 162.000 máquinas de mineração de Bitcoin ativas
• Série Maior Antminer S19 da Bitmain
• Taxa média de hash por máquina: 110 th/s

Infraestrutura de energia renovável

Fonte de energia	Porcentagem de energia total	Megawatts
Hidrelétrico	45%	97,2 MW
Vento	35%	75,6 MW
Solar	20%	43.2 MW

Experiência técnica

• Total de funcionários: 532 (em dezembro de 2023)
• Equipe de engenharia: 186
• Experiência técnica média: 7,4 anos

Poder de computação e taxa de hash

Capacidade total de taxa de hash do Core Scientific: 19.3 EH/S (Exahashes por segundo) a partir do quarto trimestre 2023.

Tipo de equipamento de mineração	Contribuição da taxa de hash
Mineiros de última geração	16.5 EH/S.
Mineiros de geração anterior	2.8 EH/S.

Core Scientific, Inc. (Corz) - Modelo de Negócios: Proposições de Valor

Serviços de mineração de criptomoeda de alta eficiência

O Core Scientific operava 159.154 máquinas de mineração de Bitcoin ativas a partir do terceiro trimestre de 2023, com uma capacidade total de hash de 21,3 Exahash por segundo (EH/S).

Equipamento de mineração	Quantidade	Taxa de hash
Série Antminer S19	92.000 unidades	13.5 EH/S.
Outras máquinas de mineração	67.154 unidades	7.8 EH/S.

Soluções de mineração sustentáveis ​​e ambientalmente conscientes

Core Scientific Leverage Fontes de energia renovável para operações de mineração:

• Aproximadamente 77% da eletricidade proveniente de grades de energia neutra em carbono
• Utilizando instalações hidrelétricas e de geração de energia eólica
• Reduzindo a pegada de carbono para 0,022 toneladas de CO2 por bitcoin minerado

Hospedagem de infraestrutura de blockchain escalável

Recursos de hospedagem de infraestrutura a partir de 2023:

Locais de data center	Capacidade total	Capacidade de hospedagem
Texas	280 MW	48.000 unidades de mineração
Carolina do Norte	135 MW	22.000 unidades de mineração

Economia de mineração de criptomoedas competitivas

Métricas de desempenho financeiro para mineração de criptomoedas:

• Receita de mineração de Bitcoin: US $ 167,3 milhões no terceiro trimestre de 2023
• Custo médio de mineração: US $ 10.200 por bitcoin
• Eficiência de mineração: 98,5% de tempo de atividade

Operações de mineração confiáveis ​​e tecnologicamente avançadas

Detalhes da infraestrutura tecnológica:

Métrica de tecnologia	Especificação
Eficiência média da máquina de mineração	36.5 J/th
Redundância de rede	99,99% de tempo de atividade
Eficiência do sistema de refrigeração	0,045 PUE (eficácia do uso de energia)

Core Scientific, Inc. (Corz) - Modelo de Negócios: Relacionamentos do Cliente

Contratos empresariais de longo prazo com clientes de mineração

A partir do quarto trimestre 2023, o Core Scientific manteve Aproximadamente 4.500 máquinas de mineração de bitcoin sob contratos de clientes corporativos. A duração média do contrato é 36-48 meses.

Tipo de contrato	Número de clientes	Valor médio do contrato
Grandes contratos de mineração corporativa	12	US $ 3,2 milhões por contrato
Parcerias de mineração em escala média	27	US $ 1,5 milhão por contrato

Suporte técnico e gerenciamento de infraestrutura

O Core Scientific fornece suporte a infraestrutura técnica 24/7 Garantia de tempo de atividade de 99,95%.

• Equipe de suporte técnico dedicado de 87 especialistas
• Tempo médio de resposta: 12 minutos
• Monitoramento abrangente de infraestrutura

Relatórios de desempenho transparentes

Os relatórios mensais de desempenho incluem métricas detalhadas em:

Métrica de relatório	Freqüência	Nível de detalhe
Desempenho da taxa de hash	Diário	Abrangente
Eficiência energética	Mensal	Detalhado
Receita de mineração	Mensal	Transparente

Soluções de hospedagem personalizadas

Ofertas científicas principais 3 modelos de configuração de hospedagem primária:

• Hospedagem de colocação
• Hospedagem gerenciada
• Soluções de hospedagem chave na mão

Consulta de tecnologia em andamento

Os serviços de consulta de tecnologia incluem:

Serviço de consulta	Modelo de preços	Duração média do engajamento
Otimização de equipamentos de mineração	Baseado em hora/projeto	3-6 meses
Consultor de infraestrutura de blockchain	Baseado em retentor	12 meses

Core Scientific, Inc. (Corz) - Modelo de Negócios: Canais

Equipe de vendas diretas

No quarto trimestre 2023, a equipe de vendas direta da Core Scientific consistia em 37 profissionais de vendas dedicados focados na mineração de criptomoedas em nível empresarial e clientes de infraestrutura de blockchain.

Métrica do canal de vendas	2023 dados
Total de representantes de vendas diretas	37
Valor médio do contrato corporativo	US $ 4,2 milhões
Cobertura geográfica da equipe de vendas	Estados Unidos, Canadá

Site corporativo

O site corporativo da Core Scientific (www.corescientific.com) serve como um canal digital primário para aquisição de clientes e disseminação de informações.

• Website Mensal Visitantes exclusivos: 87.500
• Tempo médio no local: 3,2 minutos
• Taxa de conversão de geração de leads: 2,7%

Conferências da indústria de criptomoedas

O Core Scientific participa de conferências importantes do setor para redes e engajamento do cliente.

Conferência	2023 Detalhes da participação
Conferência Bitcoin 2023	Patrocinador de platina
Semana da Blockchain NYC	Palestrante principal
As conferências totais compareceram	7

Plataformas de marketing digital

O principal científico aproveita vários canais de marketing digital para visibilidade da marca e geração de leads.

• Gastes de marketing do LinkedIn: US $ 320.000 anualmente
• Google ADS Orçamento mensal: US $ 45.000
• Taxa de engajamento de mídia social: 3,6%

Parcerias estratégicas da indústria

O Core Scientific mantém parcerias estratégicas para expandir o alcance do mercado e as capacidades tecnológicas.

Tipo de parceiro	Número de parcerias ativas
Parceiros de infraestrutura de tecnologia	12
Blockchain EcoSystem Partners	8
Colaborações de serviços em nuvem	5

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

Empresas de mineração de criptomoedas em larga escala

A partir do quarto trimestre 2023, o Core Scientific serve 12 principais clientes de mineração de criptomoedas institucionais com capacidade de mineração agregada de 23,5 EH/S (Exahash por segundo).

Tipo de cliente	Número de clientes	Capacidade total de mineração
Empresas de mineração em larga escala	12	23.5 EH/S.

Investidores institucionais de blockchain

A Core Scientific fornece serviços de infraestrutura a 7 grupos de investimentos institucionais, com carteiras combinadas de investimentos em ativos digitais superiores a US $ 450 milhões.

• Tamanho médio do portfólio: US $ 64,3 milhões
• Limite mínimo de investimento: US $ 25 milhões

Empreendedores de mineração de criptomoedas

A empresa suporta 85 empreendedores de mineração de criptomoedas individuais e em pequena escala com soluções de hospedagem e infraestrutura.

Segmento empreendedor	Número de clientes	Capacidade média de mineração
Mineiros individuais	85	50-500 ph/s

Clientes de infraestrutura de blockchain corporativos

A Core Scientific serve 6 clientes de infraestrutura de blockchain em nível empresarial com implantação total de infraestrutura no valor de US $ 78,5 milhões.

• Valor de implantação de infraestrutura: US $ 78,5 milhões
• Investimento médio de infraestrutura de clientes: US $ 13,1 milhões

Grupos de investimento focados em tecnologia

A empresa tem parcerias com 4 grupos de investimento focados em tecnologia com capital acumulado de investimento em ativos digitais de US $ 275 milhões.

Tipo de grupo de investimento	Número de grupos	Capital total de investimento
Grupos focados em tecnologia	4	US $ 275 milhões

Core Scientific, Inc. (CORZ) - Modelo de negócios: estrutura de custos

Despesas de aquisição de eletricidade

A partir do quarto trimestre de 2023, a Core Scientific registrou custos de eletricidade de US $ 46,7 milhões para operações de mineração de Bitcoin. A taxa média de eletricidade da empresa foi de aproximadamente US $ 0,04 por quilowatt-hora (kWh).

Período fiscal	Total de despesas de eletricidade	Taxa média de eletricidade
Q4 2023	US $ 46,7 milhões	$ 0,04/kWh

Aquisição e manutenção de hardware de mineração

A Core Scientific investiu US $ 98,2 milhões em hardware de mineração em 2023. A frota de hardware da empresa consiste em:

• Aproximadamente 162.000 mineiros de bitcoin
• Modelos predominantemente Antminer S19 XP
• Ciclo médio de reposição de hardware de 18 a 24 meses

Investimento de hardware	Máquinas de mineração total	Modelo predominante
US $ 98,2 milhões	162,000	Antminer S19 XP

Custos operacionais de data center

A Core Scientific opera 10 data centers nos Estados Unidos, com despesas operacionais totais de US $ 62,5 milhões em 2023.

Número de data centers	Despesas operacionais totais	Custo médio por data center
10	US $ 62,5 milhões	US $ 6,25 milhões

Investimentos de infraestrutura de tecnologia

Em 2023, a Core Scientific alocou US $ 45,3 milhões para atualizações e manutenção de infraestrutura tecnológica.

• Melhorias de infraestrutura de rede
• Aprimoramentos do sistema de refrigeração
• Infraestrutura de segurança cibernética

Pessoal e conhecimento técnico

Os custos de pessoal da Core Scientific em 2023 totalizaram US $ 37,8 milhões, cobrindo aproximadamente 280 funcionários em período integral.

Total de despesas de pessoal	Número de funcionários	Custo médio por funcionário
US $ 37,8 milhões	280	$135,000

Core Scientific, Inc. (CORZ) - Modelo de negócios: fluxos de receita

Recompensas de mineração de Bitcoin

A partir do quarto trimestre 2023, o Core Scientific gerou 1.281 bitcoin a partir de operações de mineração. O bitcoin total minerado em 2023 foi de aproximadamente 4.256 bitcoin.

Período	Bitcoin extraiu	Receita estimada
Q4 2023	1.281 BTC	US $ 53,2 milhões
Ano completo 2023	4.256 BTC	US $ 176,5 milhões

Renda de taxa de hospedagem

A Core Scientific reportou a receita de US $ 46,8 milhões no quarto trimestre de 2023.

• Capacidade total de hospedagem: 162.000 mineiros
• Taxa média de hospedagem por mineiro: US $ 289 por mês
• Duração do contrato de hospedagem: normalmente 12-24 meses

Serviços de Gerenciamento de Infraestrutura

Os serviços de gerenciamento de infraestrutura geraram US $ 12,3 milhões em receita durante o quarto trimestre de 2023.

Tipo de serviço	Receita	Porcentagem de total
Manutenção	US $ 5,7 milhões	46.3%
Suporte técnico	US $ 4,2 milhões	34.1%
Consultoria	US $ 2,4 milhões	19.6%

Taxas de transação de criptomoeda

A receita da taxa de transação para o quarto trimestre 2023 foi de US $ 3,6 milhões.

Contratos de hospedagem de equipamentos

A receita do contrato de hospedagem de equipamentos atingiu US $ 62,1 milhões em 2023.

Tipo de contrato	Número de contratos	Valor total do contrato
Curto prazo (3-6 meses)	38	US $ 18,4 milhões
A longo prazo (12-24 meses)	22	US $ 43,7 milhões

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.