Bernstein Dismisses Core Scientific's AI Deal as Unrepresentative of Bitcoin Miners

Analysts at Bernstein have dismissed Core Scientific's significant returns from an AI deal as an unrepresentative example for Bitcoin miners. The news comes as Grayscale repositions its Bitcoin Mining ETF to track an AI infrastructure index.

The company, which provides data center solutions and IT infrastructure services, saw a 75% return on investment in an AI-related deal. However, Bernstein analysts believe that this is not the template for Bitcoin miners.

Bitcoin miners have been struggling with low profitability due to high energy costs and decreasing cryptocurrency prices. The analyst's comments suggest that Core Scientific's success may be specific to its unique situation rather than a general trend in the industry.