Company: CIFRW
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001819989-25-000005
Chunk: 81

Company: Cipher Mining Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 16
Chunk 81
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 rate of roughly 1.06 bitcoin per day for a total repayment of approximately 100.38 bitcoin. The Company records the outstanding balance at fair value in Short-term borrowings based on the current bitcoin price, with changes in fair value recorded in Other income. As of December 31, 2024, the Company owed approximately 80.30 bitcoin valued at $7.3 million related to this agreement.

NOTE 20. SEGMENT REPORTING

The Company has one operating segment, Bitcoin Mining, which through operations produce bitcoin to generate revenue. The Chief Operating Decision Maker (“CODM”) for the Company consists of the CEO and chief financial officer (“CFO”). The CODM reviews the performance of its segment primarily based on operating income when deciding on allocating resources between reinvesting in Bitcoin Mining or exploring alternative deployment of resources. Asset information is not regularly provided to the CODM for resource allocation as a large portion of assets are property and equipment that cannot be repurposed for other revenue streams.The Company’s revenues, significant expenses, operating income, and net income by segment for the years ended December 31, 2024 and 2023 is summarized in the following table (in thousands):

F-33

CIPHER MINING INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Year Ended December 31, 2024Bitcoin MiningConsolidatedRevenue - bitcoin mining$151,270 $151,270 Costs and operating (expenses) incomeCost of revenue(62,364)Depreciation and amortization(102,448)Change in fair value of derivative asset(7,921)Unrealized gains on fair value of bitcoin11,313 Realized gains on sale of bitcoin51,548 Equity in losses of equity method investees(384)Other segment items(1)8,738 Segment operating income49,752 49,752 Adjustments(2)(93,451)Operating loss(43,699)Interest income3,384 Interest expense(1,708)Other non-operating items(3)(2,294)Loss before taxes$(44,317)Year Ended December 31, 2023Bitcoin MiningConsolidatedRevenue - bitcoin mining$126,842 $126,842 Costs and operating (expenses) incomeCost of revenue(50,309)Depreciation and amortization(59,093)Change in fair value of derivative asset26,836 Unrealized gains on fair value of bitcoin