Company: CIFRW
Filing Date: 2025-04-14
Form Type: CORRESP
Source: 0001193125-25-080239
Chunk: 4

Company: Cipher Mining Inc.
Filing Date: 2025-04-14
Form: CORRESP
Chunk 4
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 ventures are not limited partnerships as defined by ASC 810-10-05-3,because the entities are jointly operated by both partners and do not have a non-managing memberthat is functionally equivalent to a limited partner. As part of the Company’s assessment of consolidation, the Company evaluated whether any of the joint ventures meet the definition of a variable interest entity (a “ VIE”), and concluded that none meet this definition. Pursuant to ASC 810-10-15-17(d),a legal entity which meets the definition of a “business” does not need to be evaluated by a reporting entity to determine if the legal entity is a VIE unless any of the four conditions described below exist. The Company concluded that each joint venture meets the definition of a “business” because each has inputs (electricity), a process (bitcoin mining), and outputs (bitcoin). The Company’s evaluation of the four conditions relevant for ASC 810-10-15-17(d),any of which could qualify a legal entity as a VIE, was as follows:

April 14, 2025 Page 5

| • |     | Condition 1: The reporting entity, its related parties, or both participated significantly in the                                                                                                                                 
 design or redesign of the legal entity. However, this condition does not apply if the legal entity is an operating joint venture under joint control of the reporting entity and one or more independent parties or a franchisee. |

| • |     | The Company participated in the design of the joint venture projects as the Company is one of the sponsors for                                                                                                                                         
 each joint venture. The Company along with its joint venture partner share joint control of Alborz LLC, Bear LLC, and Chief Mountain LLC. Each entity meets the definition of a joint venture, as an entity owned and operated by a small group of     
 businesses (the joint venturers) as a separate and specific business or project for the mutual benefit of the members of the group. The purpose of each venture is to build a data center that will obtain power and equipment to operate as a bitcoin 
 mining facility. Combined expertise and contributions from each member are used in the mining of bitcoin. Bitcoin earned is shared by both members based on ownership. As such, Condition 1 does not apply.                                            |

| • |     | Condition 2: The legal entity is designed so that substantially all of its activities either 
 involve or are conducted on behalf of the reporting entity and its related parties.          |

| • |     | The joint ventures are set