Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 84

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 84
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Realized gains on sale of bitcoin totaled $7.5 million for the three months ended September 30, 2025 compared to $20.2 million for the three months ended September 30, 2024. Realized gains and losses on sale of bitcoin is a result of selling bitcoin at prices different from the cost basis.

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Other income

Other income totaled $34.0 million for the three months ended September 30, 2025, compared to Other income of $0.8 million for three months ended September 30, 2024. The balance in the current quarter is primarily related to the gain on the mark to market of our Warrant liability.

Benefit for income taxes

For the three months ended September 30, 2025, we recorded a benefit for income taxes of $0.3 million primarily driven by net losses in the current period. For the three months ended September 30, 2024, we recorded a benefit for income taxes of $3.8 million.

Comparative Results for the Nine Months Ended September 30, 2025 and 2024

Revenue

Revenue for the nine months ended September 30, 2025 was $164.2 million, compared to $109.0 million for the nine months ended September 30, 2024, and was generated from bitcoin mining operations at the Odessa and Black Pearl Facilities. The increase year over year was primarily driven by an increase in the average bitcoin price in the current year,  partially offset by a decrease in the amount of bitcoin mined as a result of the bitcoin halving in April 2024.

Cost of revenue

Cost of revenue for the nine months ended September 30, 2025 was $57.0 million, compared with $44.2 million for the nine months ended September 30, 2024, and consisted primarily of power costs at our data centers. The increase is primarily due to increased power costs at the Black Pearl Facility which commenced mining operations in July 2025.

Compensation and benefits

Compensation and benefits for the nine months ended September 30, 2025 was $44.4 million, consistent with $44.1 million for the nine months ended September 30, 2024.

General and administrative

General and administrative expenses for the nine months ended September 30, 2025 was $26.2 million, an increase of $2.8 million compared to $23.4 million for the nine months ended September