Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 148

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 2
Chunk 148
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 2025, and 2024, consisted of the following (in thousands):For the Six Months Ended June 30,20252024Opening balance$53,908 $35,258 Cost of contributed mining equipment and other capital contributions12,842 20,437 Accretion of basis differences related to miner contributions3,199 3,342 Bitcoin received from equity investees(13,857)(5,907)Equity in net losses of equity investees(10,191)(3,181)Ending Balance$45,901 $49,949 

NOTE 8. INTANGIBLE ASSETS

The Company’s intangible assets consisted of the following (in thousands):June 30, 2025Gross Carrying AmountAccumulated Amortization Net Carrying AmountStrategic contract$7,000 $(554)$6,446 Capitalized software3,389 (606)2,783 Total$10,389 $(1,160)$9,229 December 31, 2024Gross Carrying AmountAccumulated AmortizationNet Carrying AmountStrategic contract$7,000 $(379)$6,621 Capitalized software2,653 (393)2,260 Total$9,653 $(772)$8,881 The Company recorded amortization expense related to intangible assets of $0.2 million and $0.4 million for the three and six months ended June 30, 2025, respectively, and $0.2 million and $0.3 million for the three and six months ended June 30, 2024, respectively. The Company expects to record amortization expense as follows over the next five subsequent years:(in thousands)Remaining Year Ended December 31, 2025$413 Year Ended December 31, 2026827 Year Ended December 31, 2027827 Year Ended December 31, 2028735 Year Ended December 31, 2029$525 

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

NOTE 9. SECURITY DEPOSITS

The Company’s security deposits consisted of the following (in thousands):June 30, 2025December 31, 2024Oncor Facility Extension security deposit related to Black Pearl Facility6,269 6,269 Oncor Facility Extension security deposit related