Bitcoin Miners Hit Rock Bottom? Valuations Slip Below Key Average For First Time In A Year
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 17 2025
0mins
Source: Benzinga
Mining Stocks Struggle: U.S.-listed mining stocks have seen a significant decline, with valuations dropping below historical averages due to a combination of falling Bitcoin prices and increased competition in the mining sector. The market cap of tracked miners fell by 13%, equating to a $3 billion loss.
Bitcoin Price and Mining Competition: Bitcoin's average price decreased by 10% in March, while the network hashrate rose by 35% year-over-year, leading to reduced daily mining profitability as more miners compete for rewards.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy CORZ?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on CORZ
Wall Street analysts forecast CORZ stock price to fall
15 Analyst Rating
14 Buy
1 Hold
0 Sell
Strong Buy
Current: 27.760
Low
19.94
Averages
27.46
High
40.00
Current: 27.760
Low
19.94
Averages
27.46
High
40.00
About CORZ
Core Scientific, Inc. is engaged in designing, building, and operating large-scale, purpose-built data centers for high-density colocation (HDC) services and digital asset mining for both its own account and to a lesser extent, third-party customers. The Company operates facilities for HDC services and is a provider of digital infrastructure, software solutions, and services to its third-party customers. The Company operates through three segments, which include Colocation, Digital Asset Self-Mining, and Digital Asset Hosted Mining. The Colocation segment provides space, power, cooling, facilities operations, security, and other services to third-party customers to support workloads for machine learning and artificial intelligence. The Digital Asset Self-Mining segment consists of performing digital asset mining for its own account. The Digital Asset Hosted Mining segment provides hosting services to third parties for digital asset mining.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Aschenbrenner's Major Investment in Nebius Sparks Wall Street Attention
- Portfolio Highlight: Aschenbrenner's hedge fund, Situational Awareness, holds 12.4 million Class A shares of Nebius, representing a 5.6% stake, making it the fund's largest equity investment, reflecting strong confidence in the cloud computing sector.
- Fund Size and Background: As of the end of March, Situational Awareness reported approximately $4 billion in investments, and despite Aschenbrenner's lack of professional money management experience, the fund has garnered support from several prominent tech and investment figures, indicating its potential in the AI space.
- Diverse Investment Strategy: The fund invests not only in publicly traded companies expected to benefit from AI adoption but also backs startups like Anthropic, while also taking smaller short positions against industries that may be disrupted by AI, showcasing its adaptive market response capabilities.
- Market Risk Management: Situational Awareness disclosed sizable put-option positions linked to Nvidia, Broadcom, and others, indicating a proactive approach to hedge against overheated market risks while pursuing returns, ensuring the stability of its investment portfolio.
See More
Core Scientific Transitions to AI Data Centers Amidst Market Volatility
- Business Transformation: Core Scientific, Inc. is shifting from pure Bitcoin mining to High-Performance Computing (HPC) hosting, with self-mining revenue declining while colocation revenue surged 268% to $31.3 million, indicating the company's potential in the AI data center super-cycle.
- Strategic Partnership: The firm has secured multi-billion dollar hosting contracts with AI cloud provider CoreWeave, which enhances capital expenditure efficiency and allows Core to expand state-of-the-art AI data centers without dilutive equity raises, strengthening its market position.
- Power Expansion Plans: Core Scientific announced plans to expand its Pecos, Texas campus to 1.5 gigawatts of gross power, with high-voltage power permits and grid connections currently having 5-to-7-year lead times, laying the groundwork for future growth despite the long lead times.
- Market Valuation: Despite facing market volatility, institutional investors believe that the replacement cost of Core Scientific's infrastructure is significantly higher than its current market valuation, suggesting that its stock holds long-term investment appeal.
See More
Core Scientific Q1 2026 Earnings Call Insights
- Significant Revenue Growth: Core Scientific reported 243 megawatts of billable capacity in Q1 2026, translating to over $350 million in annualized GAAP revenue, indicating strong performance in the high-density colocation market and potential for increased market share.
- Successful Capital Financing: The company closed a $3.3 billion project bond financing with approximately $2.9 billion in net proceeds, which will be allocated for future growth projects, showcasing its strong appeal and capability in capital markets.
- Clear Expansion Plans: Core Scientific expects to deploy around $2 billion in capital expenditures in 2026 to advance approximately 1 gigawatt of new billable capacity, reflecting confidence in future growth and strategic positioning.
- Business Model Transformation: As Bitcoin mining activities gradually wind down, the company is actively shifting focus to high-density colocation, with plans to deliver additional data center capacity by 2027, enhancing its competitive edge in the market.
See More
Core Scientific Announces Expansion and Acquisition Strategy
- Expansion Strategy: Core Scientific plans to scale its Muskogee campus to approximately 1.5GW of total power, with about 1.0GW being leasable, significantly enhancing its competitive position in the high-density colocation market.
- Acquisition Agreement: The company has entered into an agreement to acquire Polaris DS LLC, which has contracted 440MW of power with Oklahoma Gas & Electric, expected to accelerate the delivery of new capacity and enhance service capabilities for future customers.
- Construction Progress: In Muskogee, Core Scientific is constructing a new 82.5MW building, with initial delivery expected in Q4 2027, further increasing its data center processing capacity to meet growing market demand.
- Land Resources: To support its expansion plans, the company has secured approximately 250 acres of land, showcasing its strategic positioning and future growth potential in high-density compute deployments through innovative power solutions.
See More
CORE SCIENTIFIC INC: JEFFERIES INCREASES TARGET PRICE FROM $20 TO $24
- Price Increase Announcement: Jeffries has raised its price target for Core Scientific from $20 to $24.
- Market Implications: This adjustment reflects a positive outlook on Core Scientific's performance in the market.
See More
Emerging Neocloud Providers Spark Investment Surge
- Strong Cloud Growth: Amazon Web Services (AWS) reported a 26% increase in quarterly sales, Microsoft Azure saw a 40% revenue growth, and Google Cloud's sales surged by 63%, indicating robust demand for cloud services and reinforcing their high spending plans.
- Retail Investor Favor: NBIS has gained 67% year-to-date and received investment from Nvidia, reflecting strong retail investor interest in emerging cloud providers, particularly Nebius and IREN.
- Market Sentiment Shift: On Stocktwits, sentiment for CRWV shifted from neutral to bullish, while NBIS moved from bearish to neutral, indicating increased investor confidence in emerging cloud providers following strong earnings reports.
- Future Spending Expectations: The
See More
Aschenbrenner's Major Investment in Nebius Sparks Wall Street Attention
- Portfolio Highlight: Aschenbrenner's hedge fund, Situational Awareness, holds 12.4 million Class A shares of Nebius, representing a 5.6% stake, making it the fund's largest equity investment, reflecting strong confidence in the cloud computing sector.
- Fund Size and Background: As of the end of March, Situational Awareness reported approximately $4 billion in investments, and despite Aschenbrenner's lack of professional money management experience, the fund has garnered support from several prominent tech and investment figures, indicating its potential in the AI space.
- Diverse Investment Strategy: The fund invests not only in publicly traded companies expected to benefit from AI adoption but also backs startups like Anthropic, while also taking smaller short positions against industries that may be disrupted by AI, showcasing its adaptive market response capabilities.
- Market Risk Management: Situational Awareness disclosed sizable put-option positions linked to Nvidia, Broadcom, and others, indicating a proactive approach to hedge against overheated market risks while pursuing returns, ensuring the stability of its investment portfolio.
See More
Core Scientific Transitions to AI Data Centers Amidst Market Volatility
- Business Transformation: Core Scientific, Inc. is shifting from pure Bitcoin mining to High-Performance Computing (HPC) hosting, with self-mining revenue declining while colocation revenue surged 268% to $31.3 million, indicating the company's potential in the AI data center super-cycle.
- Strategic Partnership: The firm has secured multi-billion dollar hosting contracts with AI cloud provider CoreWeave, which enhances capital expenditure efficiency and allows Core to expand state-of-the-art AI data centers without dilutive equity raises, strengthening its market position.
- Power Expansion Plans: Core Scientific announced plans to expand its Pecos, Texas campus to 1.5 gigawatts of gross power, with high-voltage power permits and grid connections currently having 5-to-7-year lead times, laying the groundwork for future growth despite the long lead times.
- Market Valuation: Despite facing market volatility, institutional investors believe that the replacement cost of Core Scientific's infrastructure is significantly higher than its current market valuation, suggesting that its stock holds long-term investment appeal.
See More
Core Scientific Q1 2026 Earnings Call Insights
- Significant Revenue Growth: Core Scientific reported 243 megawatts of billable capacity in Q1 2026, translating to over $350 million in annualized GAAP revenue, indicating strong performance in the high-density colocation market and potential for increased market share.
- Successful Capital Financing: The company closed a $3.3 billion project bond financing with approximately $2.9 billion in net proceeds, which will be allocated for future growth projects, showcasing its strong appeal and capability in capital markets.
- Clear Expansion Plans: Core Scientific expects to deploy around $2 billion in capital expenditures in 2026 to advance approximately 1 gigawatt of new billable capacity, reflecting confidence in future growth and strategic positioning.
- Business Model Transformation: As Bitcoin mining activities gradually wind down, the company is actively shifting focus to high-density colocation, with plans to deliver additional data center capacity by 2027, enhancing its competitive edge in the market.
See More
Core Scientific Announces Expansion and Acquisition Strategy
- Expansion Strategy: Core Scientific plans to scale its Muskogee campus to approximately 1.5GW of total power, with about 1.0GW being leasable, significantly enhancing its competitive position in the high-density colocation market.
- Acquisition Agreement: The company has entered into an agreement to acquire Polaris DS LLC, which has contracted 440MW of power with Oklahoma Gas & Electric, expected to accelerate the delivery of new capacity and enhance service capabilities for future customers.
- Construction Progress: In Muskogee, Core Scientific is constructing a new 82.5MW building, with initial delivery expected in Q4 2027, further increasing its data center processing capacity to meet growing market demand.
- Land Resources: To support its expansion plans, the company has secured approximately 250 acres of land, showcasing its strategic positioning and future growth potential in high-density compute deployments through innovative power solutions.
See More
CORE SCIENTIFIC INC: JEFFERIES INCREASES TARGET PRICE FROM $20 TO $24
- Price Increase Announcement: Jeffries has raised its price target for Core Scientific from $20 to $24.
- Market Implications: This adjustment reflects a positive outlook on Core Scientific's performance in the market.
See More
Emerging Neocloud Providers Spark Investment Surge
- Strong Cloud Growth: Amazon Web Services (AWS) reported a 26% increase in quarterly sales, Microsoft Azure saw a 40% revenue growth, and Google Cloud's sales surged by 63%, indicating robust demand for cloud services and reinforcing their high spending plans.
- Retail Investor Favor: NBIS has gained 67% year-to-date and received investment from Nvidia, reflecting strong retail investor interest in emerging cloud providers, particularly Nebius and IREN.
- Market Sentiment Shift: On Stocktwits, sentiment for CRWV shifted from neutral to bullish, while NBIS moved from bearish to neutral, indicating increased investor confidence in emerging cloud providers following strong earnings reports.
- Future Spending Expectations: The
See More
