Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 222

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 3
Chunk 222
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 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 30, 2025 was $92.5 million, compared to $84.9 million for the six months ended June 30, 2024, and was generated from bitcoin mining operations at the Odessa and Black Pearl Facilities. The increase year over year was primarily driven by an increase in the average bitcoin price in the current year, partially offset by a decrease in the amount of bitcoin mined as a result of the bitcoin halving in April 2024.

Cost of revenue

Cost of revenue for the six months ended June 30, 2025 was $30.2 million, compared with $29.1 million for the six months ended June 30, 2024, and consisted primarily of power costs at the Odessa Facility. The increase is primarily due to power draw at the Black Pearl and Barber Lake Facilities .

Compensation and benefits

Compensation and benefits for the six months ended June 30, 2025 was $30.0 million, compared to $29.3 million for the six months ended June 30, 2024. The increase was primarily due to an increase in headcount year-over-year.

General and administrative

General and administrative expenses for the six months ended June 30, 2025 was $18.0 million, an increase of $3.6 million compared to $14.4 million for the six months ended June 30, 2024. The increase was primarily driven by an increase in legal fees related to strategic initiatives.

Depreciation and amortization

Depreciation and amortization for the six months ended June 30, 2025 was $87.6 million, an increase of $50.1 million compared to Depreciation and amortization of $37.5 million for the six months ended June 30, 2024. The increase was primarily due to increased miners, and mining equipment at the