Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 77

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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 investees(8,472)Other segment items(1)1,970 Segment operating income(50,345)(50,345)Adjustments(2)(70,603)Operating loss(120,948)Interest income943 Interest expense(3,200)Other non-operating items(3)35,924 Loss before taxes$(87,281)Nine Months Ended September 30, 2024Bitcoin MiningConsolidatedRevenue - bitcoin mining$109,047 $109,047 Costs and operating (expenses) incomeCost of revenue(44,164)Depreciation and amortization(66,131)Change in fair value of power purchase agreement(19,181)Unrealized gains on fair value of bitcoin(2,778)Realized gains on sale of bitcoin25,114 Equity in losses of equity method investees1,008 Other segment items(1)3,726 Segment operating income6,641 6,641 Adjustments(2)(67,420)Operating loss(60,779)Interest income3,027 Interest expense(1,118)Other non-operating items(3)(985)Income before taxes$(59,855)(1) Other segment items included in Bitcoin Mining include Power sales, and Other gains.(2) Other operating items included in adjustments include Compensation and benefits, and General and administrative.(3) Other non-operating items include Change in fair value of warrant liability, and Other expense.

NOTE 20. INCOME TAXES

The determination of income tax expense in the unaudited condensed consolidated statements of operations is based upon the estimated effective tax rate for the year, adjusted for the impact of any discrete items which are accounted for in the 

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

period in which they occur. The Company recorded an income tax expense of approximately 8.4% of loss before taxes for the three months ended September 30, 2025 and 4.2% of loss before taxes for the three months ended September 30, 2024, and 0.9% of loss before taxes for the nine months ended September 30, 2025 and 3.8% of income before taxes for the nine months ended September 30, 2024.

NOTE 21. SUBSEQUENT EVENTS

The Company has evaluated subsequent events for adjustment to or disclosure in its condensed consolidated financial statements through the