"article": "Hook\n\n848 Bitcoin. That's the number. Core Scientific’s new holding. In a vacuum, it signals bullish sentiment. A public miner adding to its treasury. Headlines screamed: \"AI Giant Bets on Bitcoin.\" But numbers don't care about narratives. They expose geometry. Let's dissect the balance sheet.\n\nCore Scientific emerged from bankruptcy in early 2024. Post-restructuring, they pivoted: AI datacenter services. Bitcoin mining became a side operation. Yet they announced holding 848 BTC as of late 2025. The market cheered. I didn't.\n\nThe chain remembers what the ledger forgets.\n\nContext\n\nCore Scientific is a dual-purpose entity. They run 20+ EH/s of SHA-256 hashpower. They also lease GPU clusters for AI inference. The merger story is attractive: use mining infrastructure for AI, generate stable f
