Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 277

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 5
Chunk 277
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 sales fluctuate each period based on power and bitcoin prices which are both volatile.

Equity in losses of equity investees

Equity in losses of equity investees totaled $1.7 million for the three months ended June 30, 2025 compared to losses of $0.6 million for the three months ended June 30, 2024. Equity in losses of equity investees consists of our 49% share in the earnings (losses) generated by our three partially-owned mining sites, and the accretion of the basis differences in our investments in the equity investees that resulted from contributions of miners during the year ended December 31, 2022. We are accreting these basis differences over the five-year useful life of the miners.

Unrealized (losses) gains on fair value of bitcoin

Unrealized gains on fair value of bitcoin totaled $17.1 million for the three months ended June 30, 2025, compared to losses of $21.2 million for the three months ended June 30, 2024. Unrealized (losses) gains on fair value of bitcoin is driven by the cost of bitcoin mined compared to the price of bitcoin at the end of the period.

Realized (losses) gains on sale of bitcoin

Realized losses on sale of bitcoin totaled $3.6 million for the three months ended June 30, 2025 compared to gains of $4.9 million for the three months ended June 30, 2024. Realized gains and losses on sale of bitcoin is a result of selling bitcoin at prices different from the cost basis.

Other income (expense)

Other income totaled $0.4 million for the three months ended June 30, 2025, compared to Other expense of $1.4 million for three months ended June 30, 2024. The decrease is primarily related to interest expense incurred from the Coinbase Loan Facility and the 2030 Convertible Note issuance in the current year.

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Benefit for income taxes

For the three months ended June 30, 2025, we recorded a benefit for income taxes of $0.9 million primarily driven by net losses in the current period. For the three months ended June 30, 2024, we recorded a benefit for income taxes of $0.5 million.

Comparative Results for the Six Months Ended June 30, 2025 and 2024

Revenue

Revenue for the six months ended June