Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 177

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 2
Chunk 177
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2030 with an interest rate of 1.75% (the “2030 Convertible Notes”). The 2030 Convertible Notes are senior, unsecured obligations with interest due semiannually on May 15 and November 15 each year beginning on November 15, 2025.  For more information on our 2030 Convertible Notes, see Note 14. Debt.

Management believes that our existing financial resources, combined with projected cash and bitcoin inflows from our data centers, our intent and ability to sell bitcoin received or earned, and our intent and ability to sell common stock through at-the-market offerings will be sufficient to enable us to meet our operating and capital requirements for at least 12 months from the date the condensed consolidated financial statements included in this Quarterly Report are issued and the foreseeable future.

Cash Flows 

The following table summarizes our sources and uses of cash for the periods indicated (in thousands):

Six Months Ended June 30,20252024Net cash used in operating activities$(103,455)$(51,988)Net cash used in investing activities(110,470)(62,313)Net cash provided by financing activities271,044 150,753 Net increase (decrease) in cash and cash equivalents$57,119 $36,452 

Operating Activities

Net cash used in operating activities increased by $51.5 million to $103.5 million for the six months ended June 30, 2025 from $52.0 million for the six months ended June 30, 2024. We incurred a net loss of $84.8 million for the six months ended June 30, 2025, compared to net income of $24.6 million for the six months ended June 30, 2024, representing a decrease of $109.4 million. Cash flows used in operating activities was impacted by a $96.7 million increase in non-cash items, primarily driven a $37.5 million increase in the fair value of derivative asset, an $18.7 million increase in gains on the fair value of bitcoin, and a $50.0 million increase in depreciation. Additionally, changes in assets and liabilities resulted in an increase in cash used of $38.8 million between the six months ended June 30, 2025 and 2024.

Investing Activities

Cash used in investing activities increased by $48.2 million to $110.5 million of net cash used in investing activities for the six months