Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 197

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 3
Chunk 197
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The Company’s intangible assets consisted of the following (in thousands):June 30, 2025Gross Carrying AmountAccumulated Amortization Net Carrying AmountStrategic contract$7,000 $(554)$6,446 Capitalized software3,389 (606)2,783 Total$10,389 $(1,160)$9,229 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 and $0.4 million for the three and six months ended June 30, 2025, respectively, and $0.2 million and $0.3 million for the three and six months ended June 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$413 Year Ended December 31, 2026827 Year Ended December 31, 2027827 Year Ended December 31, 2028735 Year Ended December 31, 2029$525 

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

NOTE 9. SECURITY DEPOSITS

The Company’s security deposits consisted of the following (in thousands):June 30, 2025December 31, 2024Oncor Facility Extension security deposit related to Black Pearl Facility6,269 6,269 Oncor Facility Extension security deposit related to Barber Lake Facility— 8,297 Oncor Facility Extension security deposit related to Stingray Facility4,244 4,244 Other deposits3,281 972 Total security deposits$13,794 $19,782 As part of various transactions to acquire wholly-owned sites, the Company has deposits with 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 June 30, 2025 the Company believes these