Company: CIFRW
Filing Date: 2025-04-14
Form Type: CORRESP
Source: 0001193125-25-080239
Chunk: 5

Company: Cipher Mining Inc.
Filing Date: 2025-04-14
Form: CORRESP
Chunk 5
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 up to benefit the Company and its joint venture partner 49% and 51%, respectively. The                                                                                                                          
 Company believes, and as part of its analysis reviewed interpretive guidance from a global accounting firm to support the view that, the phrase “substantially all” may reasonably be interpreted to mean that at least 90% or more of the 
 economics of the entity relate or accrue to the benefit of a particular party. As such, Condition 2 does not apply.                                                                                                                        |

| • |     | Condition 3: The reporting entity and its related parties provide more than half of the total of                                                                                   
 the equity, subordinated debt, and other forms of subordinated financial support to the legal entity based on an analysis of the fair values of the interests in the legal entity. |

| • |     | The joint ventures are supported jointly by the Company and its joint venture partner, which is a third party.                                                          
 The current equity and any future contributions are split 49% and 51%, by the Company and its joint venture partner, respectively. As such, Condition 3 does not apply. |

| • |     | Condition 4: The activities of the legal entity are primarily related to securitizations or other 
 forms of asset-backed financings or single-lessee leasing arrangements.                           |

| • |     | The activities of the joint ventures relate to bitcoin mining, not securitization, other asset-backed financing 
 or single-lessee leasing arrangements or activities. As such, Condition 4 does not apply.                       |

As a result of the foregoing analysis, the Company concluded that none of the three data center joint ventures are VIEs.

| • |     | Regardless of whether consolidation or equity method accounting is appropriate, provide us your analysis                                             
 supporting your determination to not impair the miners contributed to the LLCs before they were contributed as part of your investments in the LLCs. |

Response: The Company respectfully acknowledges the Staff’s comment. According to each JV Agreement, the Company received an equity interest in each joint venture entity equal to the cost incurred by the Company of the initially contributed equipment. The equipment contributed to each joint venture entity was contributed prior to being placed in to service. It was procured by the Company on behalf of the joint ventures and shipped directly to each entity’s site. Between the date the Company contracted delivery of the equipment and

April 14, 2025 Page 6 the date of delivery, the fair market value of the equipment declined