Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 203

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 203
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 for either bitcoin mining or high-performance computing (“HPC”).

Our current intention is to continue expanding our business by developing and operating industrial-scale data centers for bitcoin mining and HPC, expanding capacity at our current data centers, continuing to execute our treasury management strategy and entering into other strategic arrangements, such as joint ventures, data center hosting and leasing agreements, or software licensing arrangements. We aim to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to HPC companies. 

As of April 30, 2025, the hashrate capacity of the Odessa Facility was 11.3 EH/s. Our joint ventures, in which we have a 49% equity interest, have a hashrate capacity of 4.4 EH/s.  

Factors Affecting Our Results of Operations

There have been no material changes to the “Factors Affecting Our Results of Operations” in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our 2024 Form 10-K. Our financial position and results of operations depend to a significant extent on those factors.

Summary of Bitcoin Inventory

The following table presents information about our Bitcoin inventory for the three months ended March 31, 2025, including bitcoin production and sales of bitcoin (dollar amounts in thousands):

Quantity Amounts Opening balance994 $92,651 Bitcoin received from equity investees78 7,394 Bitcoin received from mining activities388 36,496 Bitcoin received from loan180 16,551 Bitcoin loan payments (2)(76)Proceeds from sales of bitcoin(960)(90,005)Realized gains on sale of bitcoin— 12,196 Unrealized losses on bitcoin— (20,178)Bitcoin transferred to collateral, net(48)(3,005)Ending balance630 $52,024 

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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.

Results of Operations

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

Three Months Ended March 31,20252024Revenue - bitcoin mining$48,959 $48,137 Costs and operating (expenses) incomeCost of revenue(14,894)(14,820)Compensation and benefits(14,303