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