Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 131

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part II, Item 2
Chunk 131
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 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.

33

Cash Flows 

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

Three Months Ended March 31,20252024Net cash used in operating activities$(47,238)$(26,636)Net cash used in investing activities(17,298)(30,957)Net cash provided by financing activities82,124 60,163 Net increase (decrease) in cash and cash equivalents$17,588 $2,570 

Operating Activities

Net cash used in operating activities increased by $20.6 million to $47.2 million for the three months ended March 31, 2025 from $26.6 million for the three months ended March 31, 2024. We incurred a net loss of $39.0 million for the three months ended March 31, 2025, compared to net income of $39.9 million for the three months ended March 31, 2024, representing a decrease of $78.9 million. Cash flows used in operating activities was impacted by a $78.9 million decrease in Net income, and $75.9 million increase in non-cash items, primarily driven a $48.5 million increase in gains on the fair value of bitcoin, and a $26.2 million increase in Depreciation. Additionally, changes in assets and liabilities resulted in an increase in cash used of $17.6 million between the three months ended March 31, 2025 and 2024.

Investing Activities

Cash used in investing activities decreased by $13.7 million to $17.3 million of net cash used in investing activities for the three months ended March 31, 2025 compared to $31.0 million of net cash used in investing activities for the three months ended March 31, 2024. This change primarily related to $90.0 million of proceeds from sale of Bitcoin,  an $11.0 million decrease in contributions to equity investees related to capital expenditures and operations at the Alborz, Bear and Chief facilities, partially offset by a $70.6 million increase in deposits related to new miner purchases, and a $16.7 million increase in purchases of Property and equipment related to building out the Black Pearl facility.

Financing Activities

Cash flows provided by