Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 186

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 186
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)Ending Balance$48,499 $52,621 

NOTE 8. INTANGIBLE ASSETS

The Company’s intangible assets consisted of the following (in thousands):March 31, 2025Gross Carrying AmountAccumulated Amortization Net Carrying AmountStrategic contract$7,000 $(467)$6,533 Capitalized software3,005 (495)2,510 Total$10,005 $(962)$9,043 

16

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

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 for the three months ended March 31, 2025, and $0.1 million for the three months ended March 31, 2024. The Company expects to record amortization expense as follows over the next five subsequent years:(in thousands)Remaining Year Ended December 31, 2025$584 Year Ended December 31, 2026779 Year Ended December 31, 2027779 Year Ended December 31, 2028688 Year Ended December 31, 2029$477 

NOTE 9. SECURITY DEPOSITS

The Company’s security deposits consisted of the following (in thousands):March 31, 2025December 31, 2024Oncor Facility Extension security deposit related to Black Pearl Facility$6,269 $6,269 Oncor Facility Extension security deposit related to Barber Lake Facility8,297 8,297 Oncor Facility Extension security deposit related to Stingray Facility4,244 4,244 Other deposits966 972 Total security deposits$19,776 $19,782 As part of various transactions to acquire wholly-owned sites, the Company has paid deposits to Oncor Electric Delivery Company LLC (“Oncor”) to construct infrastructure to provide the ability to energize each data center. These deposits are eligible to be returned to the Company if the data centers energize an agreed upon capacity within an agreed upon timeframe. As of March 31, 2025