Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 113

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 1A
Chunk 113
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 The Company accretes these basis differences over the life of the miners and records the accretion amount for each reporting period within Equity in losses of equity investees on its statements of operations. As of September 30, 2025, the Company had remaining basis differences totaling approximately $6.3 million that have not yet been accreted.Activity in the Company’s investments in equity investees during the nine months ended September 30, 2025, and 2024, consisted of the following (in thousands):For the Nine Months Ended September 30,20252024Opening balance$53,908 $35,258 Capital contributions17,568 29,194 Accretion of basis differences related to miner contributions3,927 4,442 Bitcoin received from equity investees(20,714)(10,487)Equity in net losses of equity investees(12,400)(3,434)Ending Balance$42,289 $54,973 

NOTE 8. INTANGIBLE ASSETS

The Company’s intangible assets consisted of the following (in thousands):September 30, 2025Gross Carrying AmountAccumulated Amortization Net Carrying AmountStrategic contract$7,000 $(642)$6,358 Capitalized software3,797 (730)3,067 Total$10,797 $(1,372)$9,425 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 

19

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

The Company recorded amortization expense related to intangible assets of $0.2 million and $0.6 million for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $0.5 million for the three and nine months ended September 30, 2024, respectively. The Company expects to record amortization expense as follows over the next five subsequent years:(in thousands)Remaining Year Ended December 31, 2025$307 Year Ended December 31, 2026880 Year Ended December 31, 2027880 Year Ended December 31