Company: CIFRW
Filing Date: 2025-04-14
Form Type: CORRESP
Source: 0001193125-25-080239
Chunk: 2

Company: Cipher Mining Inc.
Filing Date: 2025-04-14
Form: CORRESP
Chunk 2
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| • |     | You disclose that you measure the noncash consideration at fair value at contract inception. Revise your                                                                                                                                                  
 disclosure in future filings to indicate the specific time that you measure the noncash consideration recognized at the Bitcoin spot price, i.e., whether it is at the beginning of the 24-hour period used to                                            
 determine contract payments (midnight UTC time). In addition, assuming that continuous renewal throughout the day results in multiple accounting contracts, revise your disclosure in future filings to indicate that the time that noncash consideration 
 is recognized is on the date of contract inception, consistent with the guidance in ASC 606-10-32-21.                                                                                                                                                     |

Response: The Company respectfully acknowledges the Staff’s comment and in future filings will update its disclosures to indicate that the noncash consideration is recognized at 0:00:00 UTC daily on the date of contract inception. Note 4. Derivative Assets, page F-21

Response: The Company respectfully acknowledges the Staff’s comment. Cost of revenue and power sales for the year ended December 31, 2023 included out-of-periodadjustments of approximately $2.0 million and $1.6 million, respectively, that increased both cost of revenue and power sales on the condensed consolidated statements of operations for the year ended December 31, 2023, and resulted in net increases to operating loss and loss before taxes of approximately $0.4 million during the same period. These out-of-periodadjustments related to power costs and power sales for the year ended December 31, 2022, which are invoiced on a net basis by the Company’s power provider. Management evaluated the impact of this error on the Company’s previously issued audited consolidated financial statements for the year ended December 31, 2022, as well as on its audited consolidated financial statements for the year ended December 31, 2023, assessing the error both quantitatively and qualitatively, and concluded that the error was not material to the financial statements for either period. These out-of-periodadjustments were disclosed in Note 1. Organizationof the notes to the condensed consolidated financial statements included in each of the Company’s Quarterly Reports on Form 10-Qfor the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2024.

April 14, 2025 Page 4 According to ASC 250-10-50-8,when prior period adjustments are recorded, the