Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 322

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 322
---
Change in fair value of derivative asset(8,150)Unrealized gains on fair value of bitcoin(3,035)Realized gains on sale of bitcoin8,557 Equity in losses of equity method investees(6,993)Other segment items(1)(466)Segment operating income(35,340)(35,340)Adjustments(2)(47,991)Operating loss(83,331)Interest income486 Interest expense(1,914)Other non-operating items(3)1,064 Loss before taxes$(83,695)Six Months Ended June 30, 2024Bitcoin MiningConsolidatedRevenue - bitcoin mining$84,945 $84,945 Costs and operating (expenses) incomeCost of revenue(29,101)Depreciation and amortization(37,495)Change in fair value of derivative asset29,339 Unrealized gains on fair value of bitcoin19,378 Realized gains on sale of bitcoin4,869 Equity in losses of equity method investees161 Other segment items(1)2,282 Segment operating income74,378 74,378 Adjustments(2)(43,763)Operating loss30,615 Interest income1,839 Interest expense(772)Other non-operating items(3)(981)Income before taxes$30,701 (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 

33

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

period in which they occur. The Company recorded an income tax expense of approximately 2.0% of loss before taxes for the three months ended June 30, 2025 and 3.6% of loss before taxes for the three months ended June 30, 2024, and 1.3% of loss before taxes for the six months ended June 30, 2025 and 19.8% of income before taxes for the six months ended June