Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 226

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 3
Chunk 226
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 us to meet our operating and capital requirements for at least 12 months from the date the condensed consolidated financial statements included in this Quarterly Report are issued and the foreseeable future.

Cash Flows 

The following table summarizes our sources and uses of cash for the periods indicated (in thousands):

Six Months Ended June 30,20252024Net cash used in operating activities$(103,455)$(51,988)Net cash used in investing activities(110,470)(62,313)Net cash provided by financing activities271,044 150,753 Net increase (decrease) in cash and cash equivalents$57,119 $36,452 

Operating Activities

Net cash used in operating activities increased by $51.5 million to $103.5 million for the six months ended June 30, 2025 from $52.0 million for the six months ended June 30, 2024. We incurred a net loss of $84.8 million for the six months ended June 30, 2025, compared to net income of $24.6 million for the six months ended June 30, 2024, representing a decrease of $109.4 million. Cash flows used in operating activities was impacted by a $96.7 million increase in non-cash items, primarily driven a $37.5 million increase in the fair value of derivative asset, an $18.7 million increase in gains on the fair value of bitcoin, and a $50.0 million increase in depreciation. Additionally, changes in assets and liabilities resulted in an increase in cash used of $38.8 million between the six months ended June 30, 2025 and 2024.

Investing Activities

Cash used in investing activities increased by $48.2 million to $110.5 million of net cash used in investing activities for the six months ended June 30, 2025 compared to $62.3 million of net cash used in investing activities for the six months ended June 30, 2024. This change primarily related to a $126.6 million increase in deposits related to new miner purchases, and a $40.1 million increase in purchases of Property and equipment related to building out the Black Pearl facility, partially offset by an increase of $111.0 million of proceeds from sale of Bitcoin, and a $7.6 million decrease in contributions to equity investees related to our joint ventures.

Financing Activities

Cash flows provided by financing activities increased by $120.