Company: CIFRW
Filing Date: 2025-04-14
Form Type: CORRESP
Source: 0001193125-25-080239
Chunk: 1

Company: Cipher Mining Inc.
Filing Date: 2025-04-14
Form: CORRESP
Chunk 1
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 material and reasonably available, how much the estimate and/or assumption has changed over the relevant period and sensitivity of the reported amounts to the underlying assumptions and estimates used, to the extent applicable. Notes to Consolidated Financial Statements Note 2. Summary of Significant Accounting Policies Revenue recognition, page F-16

| 2. | Please respond to the following with respect to your revenue recognition policy under ASC 606 and in future 
 filings make any applicable revisions to your disclosures:                                                  |

| • |     | You disclose that the contract is terminable at any time by either party with no substantive termination                                                                                                                                           
 penalty and the contract term is 24 hours. Tell us your consideration of whether the duration of the contract for accounting purposes is less than 24 hours because the contract continuously renews throughout the day. If you agree, revise your 
 accounting policy to state this. If you disagree, tell us why considering that each decision to not terminate appears to create a new contract for accounting purposes. Refer to Question 7 of the FASB Revenue Recognition Implementation Q&As.   |

Response: The Company respectfully acknowledges the Staff’s comment. The Company has reviewed Question 7 of the FASB Revenue Recognition Implementation Q&As and concluded that the mining pool contracts align with Example 1 of such Question, where the contract can be terminated by each party at any time without compensating the other party for the termination, other than paying amounts due as a result of goods and services transferred up to the termination date. In future filings, the Company will revise its disclosures to reflect that the duration of the contract for accounting purposes is less than 24 hours because the contract continuously renews throughout the day.

April 14, 2025 Page 3

| • |     | You disclose that you recognize revenue over the contract term as hashrate is provided. ASC 606-10-25-23 indicates that recognition occurs upon the transfer of control of the service. Tell us your consideration of whether you 
 recognize revenue on the same day that control of the contracted service transfers to the mining pool operator, which is the same day as contract inception and revise your disclosure accordingly.                               |

Response: The Company respectfully acknowledges the Staff’s comment. The Company recognizes revenue on the same day that control of the contracted service of providing hashrate transfers to the mining pool operator, which is the same as the contract inception. In future filings, the Company will revise its disclosures to clarify that the transfer of control is deemed to occur as hashrate is provided