Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 198

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 3
Chunk 198
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 deposits will be returned.

NOTE 10. SUPPLEMENTAL FINANCIAL INFORMATION

Prepaid expenses and other current assets were $7.4 million and $3.4 million as of June 30, 2025 and December 31, 2024, respectively, primarily consisting of the Bitmain Bitcoin Option as of June 30, 2025, and prepaid insurance as of December 31, 2024.The Company’s accrued expenses and other current liabilities consisted of the following (in thousands):June 30, 2025December 31, 2024Taxes (primarily sales tax)$16,200 $14,607 Professional fees4,883 4,449 Employee compensation4,257 8,246 Power costs3,862 — Other907 1,329 Construction costs71 2,675 Barber Lake site deposit payable— 8,297 Remaining payments for miners in service— 30,221 Total accrued expenses and other current liabilities$30,180 $69,824 

NOTE 11. RELATED PARTY TRANSACTIONS

Related party receivablesThe Company recorded related party receivables of approximately $0.2 million and $2.1 million, as of June 30, 2025 and December 31, 2024, respectively, representing amounts owed to the Company from its equity method investees.Board Observer Agreement

On April 8, 2022, the Company entered into an observer agreement (the “Board Observer Agreement”) with Bitfury Holding and Bitfury Top HoldCo (together with Bitfury Holding, the “Investors”), which provides that the Investors have the right to designate a representative to serve as an observer of the Board and any committees thereof (subject to exceptions and limitations specified in the Board Observer Agreement). The Board Observer Agreement was negotiated and approved by an independent committee of the Board. On July 22, 2025, the Company terminated the Board Observer Agreement with the Investors. 

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

NOTE 12. LEASES

Odessa Facility LeaseThe Company entered into a series of agreements with affiliates of Luminant, including the Lease Agreement dated June 29, 2021, with amendment and restatement on July 9, 2021 and August 23, 2023 (as amended and restated, the “Luminant