Company: CIFRW
Filing Date: 2025-04-14
Form Type: CORRESP
Source: 0001193125-25-080239
Chunk: 7

Company: Cipher Mining Inc.
Filing Date: 2025-04-14
Form: CORRESP
Chunk 7
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 to the effective date of ASU 2023-05,which requires joint ventures to establish a new basis of accounting upon joint venture formation. The Company allocated the basis difference to the equipment of each joint venture. Since the basis difference is attributable to mining equipment, the approach is to accrete the basis difference over the useful life of the mining equipment and adjust the equity loss or gain. The Company believes, and as part of its analysis has reviewed interpretive guidance from a global accounting firm supporting the view that, the joint venture can elect to record the investor’s contributions at fair value only when all of the following conditions are met:

April 14, 2025 Page 7

| • |     | “Noncash assets are contributed by an investor into a newly formed venture and, after the transaction, the 
 investor does not control the venture.                                                                     |

| • |     | The other investor contributes cash in an amount equal to the fair value of the noncash assets (fair value must                                                                                   
 be objectively determinable) contributed by the first venturer, and such cash remains in the joint venture or is used by the joint venture in transactions with parties other than the venturers. |

| • |     | The investors have joint control over the joint venture. |

| • |     | The investors are unaffiliated. |

| • |     | Neither investor in the joint venture has preference in the allocation of equity or profits or losses (i.e., the 
 profit split conforms to the ownership arrangement).”                                                            |

The Company determined that the joint ventures were not able to elect to record the Company’s contribution at fair value because, in accordance with the JV Agreements, the JV Partner’s cash contribution was calculated based on the cost basis of the equipment contributed by the Company (i.e., the condition in the second bullet above was not satisfied). * * *

April 14, 2025 Page 8 We hope the foregoing answers are responsive to your comments. Please do not hesitate to contact me by telephone at (917) 453-8550or e-mailat edward.farrell@ciphermining.com with any questions or comments regarding this correspondence.

| Very truly yours,  |     |                         |
| CIPHER MINING INC. |     |                         |
| By:                |     | /s/ Edward Farrell      |
|                    |     | Edward Farrell          |
|                    |     | Chief Financial Officer |

| cc: | -via email |

Tyler Page, Chief Executive Officer, Cipher Mining