Company: CIFRW
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001819989-25-000005
Chunk: 64

Company: Cipher Mining Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 16
Chunk 64
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 of related to electrical infrastructure of $19.0 million with an estimated useful life of 20 years, and land of $49.0 million, deemed to have an indefinite life. The valuation of the site was not complete prior to the issuance of the third quarter 10-Q, resulting in a $24 million increase to land, a $7.0 million decrease to infrastructure assets, and a $17 million decrease to intangible assets.

NOTE 6. DEPOSITS ON EQUIPMENT

In the fourth quarter of 2023, the Company entered into an agreement with Bitmain to purchase 7.1 EH/s of miners to be delivered in the first half of 2025 (the “Future Sales and Purchase Agreement”). The Company has a deposit of $1.1 million remaining on this order. In addition to amending the agreement on June 5, 2024 (such amendment, the “Supplemental Agreement” to upgrade the miners and accelerate the delivery from the first half of 2025 to the fourth quarter of 2024. The Future Sales and Purchase Agreement also has an option to purchase an additional 8.7 EH/s in 2024. The Company paid $12.2 million upon signing the agreement in the fourth quarter of 2023 as a deposit, which can be used towards purchases under this option. On July 10, 2024, the Company entered into an agreement to further amend the Future Sales and Purchase agreement (the “Amendment Agreement”). The Amendment Agreement upgraded the miners to be 

F-22

CIPHER MINING INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

purchased under the option, and extended the option expiration from December 31, 2024 to June 30, 2025. The Company paid an additional $6.5 million as a deposit in connection with this amendment.In the second quarter of 2024, the Company entered into an agreement with Canaan to purchase 1.25 EH/s of miners to be delivered in the fourth quarter of 2024, all of which have been delivered with no remaining amount to be paid. Additionally, the contract included an option to purchase 160 MW of miners which the Company can exercise on or before June 30, 2025. The Company paid a deposit of $5.3 million associated with the option.

In the fourth quarter of 2024, the Company made a deposit with American Electric Power Company, Inc. (“