Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 59

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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PC”).

Our current intention is to continue expanding our business by developing and operating industrial-scale data centers for bitcoin mining and HPC, expanding capacity at our current data centers, continuing to execute our treasury management strategy and entering into other strategic arrangements, such as joint ventures, data center hosting and leasing agreements, or software licensing arrangements. We aim to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to HPC companies. 

As of July 31, 2025, the hashrate capacity of the Odessa Facility was approximately 11.3 EH/s and the hashrate capacity of the Black Pearl Facility was approximately 6.9 EH/s. Our joint ventures, in which we have a 49% equity interest, have a combined hashrate capacity of approximately 4.4 EH/s.  

Recent Developments

On May 16, 2025, we amended our Future Sales and Purchase Agreement with Bitmain to reduce the total amount due to Bitmain, accelerate payments thereunder, and provide us with call options to purchase bitcoin. Refer to Note 6 - Deposits on equipment in the notes to our condensed consolidated financial statements included in this Quarterly Report, for further information. By prepaying those obligations that would come due between May and November, we reduced the cost of miners purchased for Phase I of the Black Pearl data center, and offset a portion of expected tariffs.

On May 22, 2025, we issued an aggregate principal amount of $172.5 million of 1.75% Convertible Senior Notes due 2030 (the “2030 Notes”). Refer to Note 14 - Debt in the notes to our Consolidated Financial Statements included in this Quarterly Report, for further information. With the net proceeds of the 2030 Notes, we completed Phase 1 of the Black Pearl Facility.

In June 2025, we energized and commenced bitcoin mining operations at Phase I of the Black Pearl facility. As of July 31, 2025, the facility is delivering approximately 6.9 EH/s of self-mining capacity.

On July 22, 2025, we terminated the Board Observer Agreement with Bitfury Top HoldCo B.V. and Bitfury Holding B.V.

Factors Affecting Our Results of Operations

There have been no material changes to the “Factors Affecting Our Results of Operations” in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of