Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 38

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 March 31, 2025, the Company owed approximately 128.2 bitcoin valued at $10.5 million related to these agreements. As of December 31, 2024 the Company owed approximately 80.3 bitcoin valued at $7.3 million related to this agreement.

NOTE 19. 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 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 three months ended March 31, 2025 and 2024 is summarized in the following table (in thousands):

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

Three Months Ended March 31, 2025Bitcoin MiningConsolidatedRevenue - bitcoin mining$48,959 $48,959 Costs and operating (expenses) incomeCost of revenue(14,894)Depreciation and amortization(43,467)Change in fair value of derivative asset7,330 Unrealized gains on fair value of bitcoin(20,178)Realized gains on sale of bitcoin12,196 Equity in losses of equity method investees(5,292)Other segment items(1)512 Segment operating income(14,834)(14,834)Adjustments(2)(23,254)Operating loss(38,088)Interest income190 Interest expense(777)Other non-operating items(3)(156)Loss before taxes$(38,831)Three Months Ended March 31, 2024Bitcoin MiningConsolidatedRevenue - bitcoin mining$48,137 $48,137 Costs and operating (expenses) incomeCost of revenue(14,820)Depreciation and amortization(17,244)Change in fair value of derivative asset7,359 Unrealized gains on fair value of bitcoin40,556 Realized gains on sale of bitcoin— Equity in losses of equity method investees738 Other segment items(1)1