Core Viewpoint - Core Scientific, Inc. (NASDAQ:CORZ) is identified as a strong candidate for short squeeze investments, with a price target increase from $22.50 to $24.50 by Ladenburg Thalmann, maintaining a Buy rating based on potential earnings from High-Performance Computing and projected growth in hashrate [1] Financial Performance - Core Scientific's non-GAAP cash earnings are projected to reach $461 million, or $0.92 per share, with revenues expected to grow to $1.055 million by calendar year 2027 [2] - The company's break-even mining price is significantly lower than current and anticipated Bitcoin prices, allowing for profitable operations despite market volatility [2] Corporate Developments - The proposed merger with CoreWeave, Inc. has been terminated due to shareholder disapproval, officially dissolving the July 2025 merger agreement [3] Business Operations - Core Scientific operates in digital Bitcoin mining and high-performance computing infrastructure, utilizing its own fleet of miners to earn Bitcoin and providing hosting services at eight operational data centers in the U.S. [4]

Core Insights - The crypto industry, particularly Bitcoin mining firms, is facing significant challenges due to rising energy costs, declining mining rewards, and regulatory uncertainties [2][3]. Group 1: Industry Challenges - Bitcoin mining companies are struggling to operate amid high energy costs and decreasing rewards for mining [2]. - A notable company, Bitfarms Ltd., plans to shut down its Bitcoin mining operations by 2027 to pivot towards AI [2]. - Tether, the largest stablecoin issuer, is also ceasing its Bitcoin mining operations in Uruguay due to similar energy cost issues [3]. Group 2: Operational Incidents - Greenidge Generation Holdings reported a fire incident at its Bitcoin mining facility in Dresden, New York, which led to a temporary shutdown of operations [5]. - The company has contained the fire and is investigating the incident while developing a repair plan [5]. - Preliminary assessments indicate that the fire did not cause material damage to the Bitcoin miners, and normal operations are expected to resume in the coming weeks [6].

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Stablecoin Giant Tether to Shutter Uruguay Bitcoin Mining Operation► https://t.co/CWi5c6t1Fm https://t.co/CWi5c6t1Fm ...

Core Insights - The Bitcoin mining sector is shifting towards AI infrastructure to diversify revenue streams, with TeraWulf (WULF) and CleanSpark (CLSK) leading this transformation [1][2] - Both companies announced significant developments in November 2025, with TeraWulf converting preferred stock and CleanSpark completing a convertible debt offering [2] TeraWulf (WULF) - TeraWulf's transition to AI infrastructure presents both opportunities and challenges, with Q3 results showing revenue growth to $50.6 million but a GAAP net loss of $455 million due to non-cash revaluations [3][4] - The company's capital structure is concerning, with nearly $1.5 billion in total debt and only $712.8 million in cash, resulting in a negative net cash of $374 million and a debt-to-equity ratio of 4.39 [4] - Operationally, TeraWulf faces cost efficiency issues, with power costs around $0.035 per kilowatt-hour and a modest mining capacity of 12.8 exahash per second, leading to a year-over-year production decline [5] - TeraWulf's AI partnerships, while promising, require significant upfront capital, with over $5 billion in long-term financing increasing leverage and execution risks [6] CleanSpark (CLSK) - CleanSpark is positioned as a fundamentally stronger investment, reporting record revenues of $766 million in fiscal 2025, a 102% year-over-year increase, and a positive net income of $364.5 million [7][8] - The company achieved an operational hashrate of over 50 exahash per second and produced nearly 8,000 Bitcoin, holding over 13,000 Bitcoin valued at approximately $1.2 billion [8] - CleanSpark's strategic financing included a $1.15 billion zero-coupon convertible note offering, funding a $460 million share buyback and strengthening its balance sheet with about $1 billion in working capital [10] - The AI infrastructure strategy appears pragmatic, with secured power agreements potentially unlocking $3.8 billion in shareholder value by 2027 [11][12] Valuation and Performance Comparison - Both companies are trading at premium valuations, but CleanSpark offers better value metrics with a forward P/S ratio of 3.96x compared to WULF's elevated ratio exceeding 17.8 [13] - CleanSpark has demonstrated stable stock appreciation, while WULF has shown extreme volatility, with a beta exceeding 4.0 and significant pullbacks during Bitcoin price declines [16] Conclusion - CleanSpark exhibits clear advantages over TeraWulf, including proven profitability, robust cash generation, superior mining efficiency, and a more achievable AI infrastructure deployment plan [18][19] - Investors are advised to monitor CleanSpark for attractive entry points while avoiding TeraWulf until it shows progress in cost reduction and margin improvement [19]

Donald Trump's Son Showcases Bitcoin Mining FacilityDonald Trump's son Eric Trump showcased the Bitcoin mining facility of his company American Bitcoin in Texas on his personal X account on November 25th. The facility utilizes American energy for Bitcoin mining on U.S. soil, equipped with 35,000 liquid-cooled servers that mine continuously and secure the network 24/7, with its daily Bitcoin output accounting for approximately 2% of the global supply. He addressed the claim that "cryptocurrencies are intangi ...

RT Documenting ₿itcoin 📄 (@DocumentingBTC)A bitcoin mine in Mongolia during the freezing winter kept overheating and shutting down until engineers installed cameras and found the reason was stray cats sleeping on the warm machines, blocking ventilation and forcing the mining rigs into automatic shutdown. https://t.co/ZV2hhTcHNG ...

Core Insights - Tether has acquired an additional 1.89 million shares in Bitdeer through open-market purchases between November 17 and November 21 [1] - Bitdeer's stock has significantly declined following its Q3 earnings call, which revealed a net loss of $266.7 million and a fire at its Ohio facility [2] - The company announced indefinite delays in the production schedule of its SEAL04 miner due to technical complexities and design changes [3] - Tether previously reduced its Bitdeer stake by approximately 7.7 million shares for $166 million since its peak holding in April [4] - The broader bitcoin mining market has lost $32 billion in market capitalization since October, with bitcoin's hashprice dropping to an all-time low below $35 per petahash per second [5] Company Developments - Tether's recent acquisition of shares indicates continued investment interest despite Bitdeer's challenges [1] - Bitdeer's operational setbacks, including a significant quarterly loss and production delays, raise concerns about its future performance [2][3] - The company is currently reviewing the SEAL miner timeline, with engineering teams addressing necessary design adjustments before mass production [4] - The overall decline in the bitcoin mining sector reflects broader economic pressures affecting profitability and operational viability [5] Market Context - The bitcoin mining public market has experienced a substantial decrease in market capitalization, highlighting the industry's struggles [5] - The decline in bitcoin's hashprice is attributed to lower bitcoin prices and high network difficulty, impacting mining economics [5]

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Financial Data and Key Metrics Changes - CleanSpark achieved record revenues of $766 million for fiscal year 2025, representing over 100% year-over-year growth [19] - Gross margin was 55%, a slight decrease of 1% year-over-year, which is notable given it was the first full year post-Bitcoin halving [8][19] - Adjusted EBITDA for the year exceeded $800 million, with a normalized adjusted EBITDA from operations of approximately $305 million, translating to a net margin of about 40% [20] - The company reported a significant positive net income of about $365 million [20] Business Line Data and Key Metrics Changes - CleanSpark produced nearly 8,000 Bitcoin during the fiscal year, with an average marginal cost per Bitcoin slightly below $43,000 and average revenue per Bitcoin around $98,000 [19] - The operational hash rate reached 50 exahash per second, with 100% U.S.-based infrastructure [8] Market Data and Key Metrics Changes - The company has a Bitcoin treasury that grew by nearly 62% to over 13,000 Bitcoin, generated entirely from its own mining operations [9] - The average spot Bitcoin sales price for the fourth quarter was $111,721, with additional premiums generated per Bitcoin of $4,184, leading to an effective cash generated per Bitcoin of almost $116,000 [26] Company Strategy and Development Direction - CleanSpark is evolving into a digital infrastructure platform, focusing on opportunities in generative AI, grid balancing through Bitcoin mining, and high-performance computing [5][6] - The company is prioritizing a blended approach to grow and monetize its portfolio, aiming to diversify revenue and enhance margins [8] - A significant focus is on securing tenants for AI-ready locations while expanding land and power footprints to meet market demand [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand in the HPC AI space, citing strong inquiries for their facilities [42] - The company is well-prepared for future growth, leveraging its strong balance sheet and operational excellence [6][36] - Management acknowledged the challenges in the market but emphasized their competitive position due to their efficient operations and strategic planning [43] Other Important Information - CleanSpark completed its largest financing ever with a $1.15 billion upsized 0% convertible note, which included a stock buyback of $460 million, reducing outstanding shares by over 10% [17][33] - The company has secured a 285-megawatt site in Texas for AI factory development, with plans for further expansion [12][34] Q&A Session Summary Question: Can you provide insight into client conversations and demand outlook for HPC AI? - Management reported extensive discussions with potential clients, indicating strong demand for their facilities, particularly in Texas and Georgia [42] Question: How do you view the pairing of Bitcoin mining with HPC campuses? - Management sees potential in blending AI, HPC, and Bitcoin mining to provide versatile power usage, which could benefit both operations [47] Question: What key milestones should investors look for in 2026 regarding HPC strategy? - Management highlighted the importance of speed to market and modular approaches in their development strategy, particularly at the Sandersville and Sealy sites [52][53] Question: What are the near-term expansion plans for Bitcoin mining? - Management indicated a shift of Bitcoin mining operations to more remote locations with favorable utility rates, while continuing to grow their operational capacity [56][58] Question: How should we think about the economic impact of the MoU with Submer? - Management emphasized the cost savings and speed to market advantages of their partnership with Submer, which is expected to enhance their competitive position [70]