Shares of Bitcoin miner Core Scientific (CORZ) fell 18%

Shares of Bitcoin miner Core Scientific (CORZ) fell 18% on March 6 after reports that Microsoft reduced its commitment to CoreWeave

Shares of bitcoin (BTC) miner Core Scientific (CORZ) fell 18% on Monday after a report that Microsoft had reduced its commitment to CoreWeave, a partner of Core Scientific’s in providing services to the tech giant.

According to a report by The Block, which cited a filing with the Securities and Exchange Commission, CoreWeave missed deadlines and had issues delivering materials needed to scale its artificial intelligence models. This led to Microsoft cutting back on some of its contracts.

The filing for CoreWeave’s initial public offering, dated March 3, says that Microsoft is its largest customer, accounting for 35% of revenue in 2023 and 62% in 2024. According to the report, the company still retains some of its contracts with CoreWeave, while CoreWeave denied that any contracts had been canceled.

Core Scientific’s 1D stock price chart. Source: Google Finance

In March 2024, Core Scientific inked a $100 million deal with CoreWeave to provide data center services in an attempt to diversify revenue streams ahead of the bitcoin halving. As part of the deal, Core Scientific would lease a Tier 3 data center in Austin, Texas, to deliver up to 16 megawatts of capacity.

The company, which was once on the verge of bankruptcy, is one of the largest publicly listed bitcoin miners in the world. According to Arkham Intelligence, it holds 755.6 BTC worth approximately $66.7 million at this writing. Its bitcoin balance has been on the rise since December 2024.

Shares of some bitcoin mining companies fell on Monday amid the US stock market’s struggles. Shares of Cipher Mining (CIFR) dropped nearly 9%, while shares of CleanSpark (CLSK) and Bitfarms (BITF) tumbled 5% each.

The United States stock market had a Fear and Greed score of 17, which reveals “extreme fear” among investors, according to CNN’s index. The Nasdaq Composite Index — used as a benchmark for tech stocks — dropped by 2.6%, according to Google Finance data.

Macroeconomic concerns, including a possible US recession and the ongoing battles between the Trump administration and other companies over tariffs, are posing headwinds for risky assets. Bitcoin slipped below $90,000 on Monday despite expectations for a crypto reserve in the US.

On March 7, the Trump administration will hold its first White House Crypto Summit. Confirmed attendees include the founder of Strategy, Michael Saylor, CEO of Coinbase Brian Armstrong, and Ripple’s CEO Brad Garlinghouse, among others.