Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 165

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 2
Chunk 165
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 Change in fair value— Balance as of June 30, 2025$— Balance as of December 31, 2023$250 Change in fair value(250)Balance as of June 30, 2024$— 

NOTE 19. SEGMENT REPORTING

30

CIPHER MINING INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited)

The Company has one operating segment, Bitcoin Mining, which through operations produce bitcoin to generate revenue. The Chief Operating Decision Maker (“CODM”) for the Company consists of the CEO and CFO. The CODM reviews the performance of its segment primarily based on operating income when deciding on allocating resources between reinvesting in Bitcoin Mining or exploring alternative deployment of resources. Asset information is not regularly provided to the CODM for resource allocation as a large portion of assets are property and equipment that cannot be repurposed for other revenue streams.The Company’s revenues, significant expenses, operating income, and net income by segment for the six months ended June 30, 2025 and 2024 is summarized in the following table (in thousands):

31

CIPHER MINING INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited)

Three Months Ended June 30, 2025Bitcoin MiningConsolidatedRevenue - bitcoin mining$43,565 $43,565 Costs and operating (expenses) incomeCost of revenue(15,330)Depreciation and amortization(44,086)Change in fair value of derivative asset(15,480)Unrealized gains on fair value of bitcoin17,143 Realized gains on sale of bitcoin(3,639)Equity in losses of equity method investees(1,701)Other segment items(1)(978)Segment operating loss(20,506)(20,506)Adjustments(2)(24,737)Operating loss(45,243)Interest income296 Interest expense(1,137)Other non-operating items(3)1,220 Loss before taxes$(44,864)Three Months Ended June 30, 2024Bitcoin MiningConsolidatedRevenue - bitcoin mining$36,808 $36,808 Costs and operating (expenses) incomeCost of revenue(14,281)Depreciation and amortization(20,251)Change in fair value of derivative asset21,980 Unrealized gains on fair value of bitcoin(21,178)Realized gains on