Company: CIFRW
Filing Date: 2025-04-14
Form Type: CORRESP
Source: 0001193125-25-080239
Chunk: 3

Company: Cipher Mining Inc.
Filing Date: 2025-04-14
Form: CORRESP
Chunk 3
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 resulting effects shall be disclosed in the annual report for the year in which the adjustments are made and in interim reports issued during that year after the date of recording the adjustments. Therefore, the Company removed the disclosure for the annual period ended December 31, 2024. Note 7. Investment in Equity Investees, page F-23

| 4. | We note that you account for your 49% equity interests of the three Data Center LLCs under the equity method 
 of accounting. Please address the following comments:                                                        |

| • |     | Given that you operate these LLCs as indicated on page 1 and elsewhere, please provide us your analysis as to                                                                                                                                                                          
 why you do not consolidate these entities. As part of your response, specifically tell us whether each of the underlying LLCs are variable interest entities as well as whether they are similar to limited partnerships in the context of ASC 810-10-05-3 and explain why or why not. |

Response: The Company respectfully acknowledges the Staff’s comment. The Company did not consolidate the joint ventures in its consolidated financial statements for the fiscal years ended December 31, 2024 and 2023, because it has never had a controlling financial interest in any of the joint ventures. Pursuant to each limited liability company agreement (each, a “ JV Agreement”), the Company holds a 49% equity interest in each of the joint ventures, with the Company’s unaffiliated joint venture partner (the “ JV Partner”) holding the remaining 51%. Each joint venture entity’s board of managers (each, a “ Board”) has full, exclusive and complete discretion to manage and control the business and affairs of the entity. Each Board has three managers from the JV Partner and two from the Company, and each JV Agreement precludes the Company from unilaterally making material operational decisions. The JV Partner is responsible for providing employees who are dedicated to managing the daily operations of the data centers and maintaining the books and records of each joint venture entity, under supervision of both the JV Partner and the Company. The Company is responsible for maintaining the hashrate reporting system and the miner performance reporting system for the joint ventures and is involved in capital planning decisions. All operational activities are jointly supervised by the JV Partner and the Company. The Company does not have the power to control the joint venture entities through any contract, lease, other agreement or court decree. In future filings, the Company will make clearer the distinction between the joint venture entities and its wholly owned operations. The joint