Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 365

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 365
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 September 30, 2025, the Company had remaining basis differences totaling approximately $6.3 million that have not yet been accreted.Activity in the Company’s investments in equity investees during the nine months ended September 30, 2025, and 2024, consisted of the following (in thousands):For the Nine Months Ended September 30,20252024Opening balance$53,908 $35,258 Capital contributions17,568 29,194 Accretion of basis differences related to miner contributions3,927 4,442 Bitcoin received from equity investees(20,714)(10,487)Equity in net losses of equity investees(12,400)(3,434)Ending Balance$42,289 $54,973 

NOTE 8. INTANGIBLE ASSETS

The Company’s intangible assets consisted of the following (in thousands):September 30, 2025Gross Carrying AmountAccumulated Amortization Net Carrying AmountStrategic contract$7,000 $(642)$6,358 Capitalized software3,797 (730)3,067 Total$10,797 $(1,372)$9,425 December 31, 2024Gross Carrying AmountAccumulated AmortizationNet Carrying AmountStrategic contract$7,000 $(379)$6,621 Capitalized software2,653 (393)2,260 Total$9,653 $(772)$8,881 

19

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

The Company recorded amortization expense related to intangible assets of $0.2 million and $0.6 million for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $0.5 million for the three and nine months ended September 30, 2024, respectively. The Company expects to record amortization expense as follows over the next five subsequent years:(in thousands)Remaining Year Ended December 31, 2025$307 Year Ended December 31, 2026880 Year Ended December 31, 2027880 Year Ended December 31, 2028789 Year Ended December 31, 2029$578 

NOTE 9. SECURITY DEPOSITS

The Company’s security deposits consisted of the following (in thousands):