Cipher Mining Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Cipher Mining Inc. has filed its 2023 10-K report detailing its financial performance and business operations.</b>

AI Summary

Cipher Mining Inc. (CIFR) filed a Annual Report (10-K) with the SEC on March 5, 2024. Cipher Mining Inc. filed its 2023 Annual Report on Form 10-K on March 5, 2024. The filing covers the fiscal year ending December 31, 2023. The company's former name was Good Works Acquisition Corp., with a name change on August 3, 2020. Cipher Mining Inc. is classified under FINANCE SERVICES [6199]. The business and mailing address is 1 Vanderbilt Avenue, Floor 54, Suite C, New York, NY 10017.

Why It Matters

For investors and stakeholders tracking Cipher Mining Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Cipher Mining's financial health, operational activities, and strategic positioning for the fiscal year 2023, crucial for investors to assess performance and future outlook. The detailed financial statements and risk factors within the report are essential for understanding the company's exposure to market volatility, regulatory changes, and operational challenges in the cryptocurrency mining sector.

Risk Assessment

Risk Level: medium — Cipher Mining Inc. shows moderate risk based on this filing. The company operates in the volatile cryptocurrency mining industry, which is subject to significant price fluctuations and regulatory uncertainty, as indicated by the nature of its business and the assets it holds.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Cipher Mining's operational efficiency and exposure to cryptocurrency market volatility.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-03-05 — Filing Date (Date of submission)
• 0000950170-24-025442 — Accession Number (SEC filing identifier)
• 001-39625 — SEC File Number (Company's SEC file number)
• 6199 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Cipher Mining Inc. (company) — Filer
• Good Works Acquisition Corp. (company) — Former company name
• 1 Vanderbilt Avenue (location) — Business and mailing address
• New York (location) — Business and mailing address city
• NY (location) — Business and mailing address state
• 10017 (location) — Business and mailing address zip
• 914-370-8006 (phone) — Business phone number
• 20231231 (date) — Fiscal year end

FAQ

Industry Context

Cipher Mining Inc. operates in the cryptocurrency mining industry, a sector characterized by high energy consumption, technological advancements, and significant price volatility of digital assets.

Regulatory Implications

As a publicly traded company, Cipher Mining Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing Cipher Mining.
3. Compare Cipher Mining's performance metrics with industry peers and historical data.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-05: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for Cipher Mining Inc. as a standalone entity, following its transition from Good Works Acquisition Corp.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share CIFR The Nasdaq Stock Mar
• $11.50 — of Common Stock at an exercise price of $11.50 per whole share CIFRW The Nasdaq St

Filing Documents

• cifr-20231231.htm (10-K) — 2991KB
• cifr-ex10_33.htm (EX-10.33) — 542KB
• cifr-ex10_34.htm (EX-10.34) — 246KB
• cifr-ex10_35.htm (EX-10.35) — 27KB
• cifr-ex10_36.htm (EX-10.36) — 412KB
• cifr-ex21_1.htm (EX-21.1) — 13KB
• cifr-ex23_1.htm (EX-23.1) — 4KB
• cifr-ex31_1.htm (EX-31.1) — 15KB
• cifr-ex31_2.htm (EX-31.2) — 15KB
• cifr-ex32_1.htm (EX-32.1) — 8KB
• cifr-ex32_2.htm (EX-32.2) — 8KB
• cifr-ex97_1.htm (EX-97.1) — 52KB
• 0000950170-24-025442.txt (&nbsp;) — 14586KB
• cifr-20231231.xsd (EX-101.SCH) — 2210KB
• cifr-20231231_htm.xml (XML) — 2102KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 60 Item 1C. Cybersecurity 60 Item 2.

Properties

Properties 61 Item 3.

Legal Proceedings

Legal Proceedings 61 Item 4. Mine Safety Disclosures 62 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 63 Item 6. [Reserved] 63 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 64 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 81 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 81 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 81 Item 9A.

Controls and Procedures

Controls and Procedures 81 Item 9B. Other Information 83 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 83 PART III Item 10. Directors, Executive Officers and Corporate Governance 84 Item 11.

Executive Compensation

Executive Compensation 87 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 87 Item 13. Certain Relationships and Related Transactions, and Director Independence 87 Item 14. Principal Accountant Fees and Services 87 PART IV Item 15. Exhibit and Financial Statement Schedules 88 Item 16. Form 10-K Summary 91 i C AUTIONARY NOTE REGARDING FORWARDLOOKING STATEMENTS This annual report on Form 10K (the "Annual Report") contains forwardlooking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements contained in this Annual Report, other than statements of historical fact, including, without limitation, statements regarding our future results of operations and financial position, business strategy, timing and likelihood of success, potential expansion of or additional bitcoin mining data centers, and management plans and objectives are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "seeks," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions, although not all forward-looking statements use these words or expressions. The forwardlooking statements in this Annual Report are only predictions and are largely based on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and results of operations. Forwardlooking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, p

Business

Item 1. Business. Unless the context otherwise requires, references in this Annual Report to the "Company," "Cipher," "Cipher Mining," "we," "us" or "our" refers to Cipher Mining Inc. and its consolidated subsidiaries, unless otherwise indicated. Business Overview We are an emerging technology company that develops and operates industrial scale bitcoin mining data centers. Cipher Mining Inc., through itself and its consolidated subsidiaries, including Cipher Mining Technologies Inc. ("CMTI"), currently operates four bitcoin mining data centers in Texas. We are also developing an additional data center in Winkler County, TX ("Black Pearl" or the "Black Pearl Facility") for up to 300 MW, and we expect to energize 150 MW in 2025. Bitcoin mining is our principal revenue generating business activity. Our current intention is to continue to expand our bitcoin mining business by developing additional data centers, expanding capacity at our current data centers, developing our treasury management platform and entering into other arrangements, such as joint ventures, data center hosting agreements, or software licensing arrangements. Our key mission is to expand and strengthen the Bitcoin network's critical infrastructure. As of February 29, 2024, we operated approximately 80,000 miners, with an aggregate hashrate capacity of approximately 8.4 exahash per second ("EH/s"), deploying approximately 267 megawatts ("MW") of electricity, of which we owned approximately 70,000 miners, with an aggregate hashrate capacity of approximately 7.4 EH/s, deploying approximately 236 MW of electricity. For further details on our joint ventures, see " —Business Agreements—Joint Ventures ." Revenue Structure Our revenue is primarily derived from mining bitcoin. Specifically, we purchase electrical power and use it to run miners that produce computing power. We contribute the computing power we produce to one or more mining pools verifying transactions on the Bitcoin blockchain in

View Full Filing

View this 10-K filing on SEC EDGAR