Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 261

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 3
Chunk 261
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 September 30, 2025, including bitcoin production and sales of bitcoin (dollar amounts in thousands):

Quantity Amounts Opening balance994 $92,651 Bitcoin received from equity investees205 20,714 Bitcoin received from mining activities1,334 139,858 Bitcoin received from loan180 16,551 Bitcoin loan payments (2)(140)Proceeds from sales of bitcoin(1,563)(150,226)Realized gains on sale of bitcoin— 16,092 Unrealized losses on bitcoin(2)— (2,927)Realized loss on bitcoin transferred to collateral, net— (3,195)Bitcoin transferred from collateral, net345 $40,925 Ending balance1,493 $170,303 

Components of our Results of Operations

For a description of the components of our results of operations, refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our 2024 Form 10-K.

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Results of Operations

The following table sets forth our results of operations for the periods indicated (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Revenue - bitcoin mining$71,707 $24,102 $164,231 $109,047 Costs and operating (expenses) incomeCost of revenue(26,733)(15,063)(56,957)(44,164)Compensation and benefits(14,445)(14,738)(44,407)(44,058)General and administrative(8,167)(8,919)(26,196)(23,362)Depreciation and amortization(59,549)(28,636)(147,102)(66,131)Change in fair value of power purchase agreement(9,030)(48,520)(17,180)(19,181)Power sales2,335 1,444 4,702 3,726 Equity in (losses) income of equity investees(1,479)847 (8,472)1,008 Unrealized gains (losses) on fair value of bitcoin108 (22,156)(2,927)(2,778)Realized gains on sale of bitcoin7,535 20,245 16,092 25,114 Other operating gains (losses)101 - (2,732)- Total costs and operating expenses