Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 60

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 our 2024 Form 10-K. Our financial position and results of operations depend to a significant extent on those factors.

35

Summary of Bitcoin Inventory

The following table presents information about our Bitcoin inventory for the six months ended June 30, 2025, including bitcoin production and sales of bitcoin (dollar amounts in thousands):

Quantity Amounts Opening balance994 $92,651 Bitcoin received from equity investees145 13,857 Bitcoin received from mining activities696 67,270 Bitcoin received from loan180 16,551 Bitcoin loan payments (2)(140)Proceeds from sales of bitcoin(1,312)(121,352)Realized gains on sale of bitcoin— 8,557 Unrealized (losses) gains on bitcoin— (3,035)Realized loss on bitcoin transferred to collateral, net— (3,195)Bitcoin transferred from collateral, net345 $40,925 Ending balance1,046 $112,089 

Components of our Results of Operations

For a description of the components of our results of operations, refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our 2024 Form 10-K.

36

Results of Operations

The following table sets forth our results of operations for the periods indicated (in thousands):

Three Months Ended June 30,Six Months Ended June 30,2025202420252024Revenue - bitcoin mining$43,565 $36,808 $92,524 $84,945 Costs and operating (expenses) incomeCost of revenue(15,330)(14,281)(30,224)(29,101)Compensation and benefits(15,659)(16,285)(29,962)(29,321)General and administrative(9,078)(8,365)(18,029)(14,442)Depreciation and amortization(44,086)(20,251)(87,553)(37,495)Change in fair value of derivative asset(15,480)21,980 (8,150)29,339 Power sales1,376 1,109 2,367 2,282 Equity in (losses) income of equity investees(1,701)(577)(6,993)161 Unrealized gains (losses) on fair value of bitcoin17,143 (21,178)(3,035)19,378