Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 210

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 2
Chunk 210
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, respectively. Power sales fluctuate each period based on power and bitcoin prices which are both volatile.

Equity in (losses) income of equity investees

Equity in losses of equity investees totaled $1.5 million for the three months ended September 30, 2025 compared to income of $0.8 million for the three months ended September 30, 2024. Equity in losses of equity investees consists of our 49% share in the earnings (losses) generated by our three partially-owned mining sites, and the accretion of the basis differences in our investments in the equity investees that resulted from contributions of miners during the year ended December 31, 2022. We are accreting these basis differences over the five-year useful life of the miners.

Unrealized (losses) gains on fair value of bitcoin

Unrealized gains on fair value of bitcoin totaled $0.1 million for the three months ended September 30, 2025, compared to losses of $22.2 million for the three months ended September 30, 2024. Unrealized (losses) gains on fair value of bitcoin is driven by the cost of bitcoin mined compared to the price of bitcoin at the end of the period. The current quarter’s ending bitcoin price was consistent with the average price over the period.

Realized (losses) gains on sale of bitcoin

Realized gains on sale of bitcoin totaled $7.5 million for the three months ended September 30, 2025 compared to $20.2 million for the three months ended September 30, 2024. Realized gains and losses on sale of bitcoin is a result of selling bitcoin at prices different from the cost basis.

40

Other income

Other income totaled $34.0 million for the three months ended September 30, 2025, compared to Other income of $0.8 million for three months ended September 30, 2024. The balance in the current quarter is primarily related to the gain on the mark to market of our Warrant liability.

Benefit for income taxes

For the three months ended September 30, 2025, we recorded a benefit for income taxes of $0.3 million primarily driven by net losses in the current period. For the three months ended September 30, 2024, we recorded a benefit for income taxes of $3.8 million.

Comparative Results for the Nine Months Ended September 30, 202