Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 124

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part II, Item 2
Chunk 124
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 income, and net income by segment for the three months ended March 31, 2025 and 2024 is summarized in the following table (in thousands):

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

Three Months Ended March 31, 2025Bitcoin MiningConsolidatedRevenue - bitcoin mining$48,959 $48,959 Costs and operating (expenses) incomeCost of revenue(14,894)Depreciation and amortization(43,467)Change in fair value of derivative asset7,330 Unrealized gains on fair value of bitcoin(20,178)Realized gains on sale of bitcoin12,196 Equity in losses of equity method investees(5,292)Other segment items(1)512 Segment operating income(14,834)(14,834)Adjustments(2)(23,254)Operating loss(38,088)Interest income190 Interest expense(777)Other non-operating items(3)(156)Loss before taxes$(38,831)Three Months Ended March 31, 2024Bitcoin MiningConsolidatedRevenue - bitcoin mining$48,137 $48,137 Costs and operating (expenses) incomeCost of revenue(14,820)Depreciation and amortization(17,244)Change in fair value of derivative asset7,359 Unrealized gains on fair value of bitcoin40,556 Realized gains on sale of bitcoin— Equity in losses of equity method investees738 Other segment items(1)1,173 Segment operating income65,899 65,899 Adjustments(2)(19,113)Operating loss46,786 Interest income786 Interest expense(400)Other non-operating items(3)(1,708)Loss before taxes$45,464 (1) Other segment items included in Bitcoin Mining include Power sales, and Other gains.(2) Other operating items included in adjustments include Compensation and benefits, and General and administrative.(3) Other non-operating items include Change in fair value of warrant liability, and Other expense.

NOTE 20. INCOME TAXES

The determination of income tax expense in the unaudited condensed consolidated statements of operations is based upon the estimated effective tax rate for the year, adjusted for the impact of any discrete items which are accounted for in the 

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CIPHER MINING INC.NOTES TO CONSOLIDATED FINANC