Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 275

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 5
Chunk 275
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ity in (losses) income of equity investees(1,701)(577)(6,993)161 Unrealized gains (losses) on fair value of bitcoin17,143 (21,178)(3,035)19,378 Realized (losses) gains on sale of bitcoin(3,639)4,869 8,557 4,869 Other operating losses(2,354)- (2,833)- Total costs and operating expenses(88,808)(52,979)(175,855)(54,330)Operating (loss) income(45,243)(16,171)(83,331)30,615 Other income (expense)Interest income296 1,053 486 1,839 Interest expense(1,137)(372)(1,914)(772)Change in fair value of warrant liability- - - 250 Other income (expense)1,220 727 1,064 (1,231)Total other income (expense)379 1,408 (364)86 (Loss) income before taxes(44,864)(14,763)(83,695)30,701 Current income tax expense(1,145)(335)(1,924)(721)Deferred income tax benefit (expense)228 (193)863 (5,371)Total income tax expense(917)(528)(1,061)(6,092)Net (loss) income$(45,781)$(15,291)$(84,756)$24,609 

Comparative Results for the Three Months Ended June 30, 2025 and 2024

Revenue

Revenue for the three months ended June 30, 2025 was $43.6 million compared to $36.8 million for the three months ended June 30, 2024 and was generated from bitcoin mining operations at the Odessa and Black Pearl Facilities. The increase year over year was primarily driven by higher bitcoin prices in the current quarter compared to the prior year quarter, partially offset by less bitcoin mined as a result of the halving in April of 2024, which reduced the bitcoin received for mining a block from 6.25 bitcoin to 3.125 bitcoin.

Cost of revenue

Cost of revenue for the three months ended June 30, 2025 was $15.3 million, compared with $14.3 million for the three months ended June 30,