Cipher Digital Inc. Segments Disclosure
| Year Ended December 31, 2025 | ||||||||||||||
| Bitcoin Mining | Consolidated | |||||||||||||
| Revenue - bitcoin mining | $ | 223,942 | $ | 223,942 | ||||||||||
| Costs and operating (expenses) income | ||||||||||||||
| Cost of revenue | (81,216) | |||||||||||||
| Depreciation and amortization | (198,973) | |||||||||||||
| Change in fair value of power purchase agreement | (28,860) | |||||||||||||
| Unrealized loss on fair value of bitcoin | (41,603) | |||||||||||||
| Realized gains on sale of bitcoin | 7,126 | |||||||||||||
| Equity in losses of equity method investees | (20,822) | |||||||||||||
Other segment items(1) | (165,646) | |||||||||||||
Segment operating loss | (306,052) | (306,052) | ||||||||||||
Adjustments(2) | (115,511) | |||||||||||||
| Operating loss | (421,563) | |||||||||||||
| Interest income | 19,479 | |||||||||||||
| Interest expense | (36,559) | |||||||||||||
Other non-operating items(3) | (386,914) | |||||||||||||
| Loss before taxes | $ | (825,557) | ||||||||||||
| Year Ended December 31, 2024 | ||||||||||||||
| Bitcoin Mining | Consolidated | |||||||||||||
| Revenue - bitcoin mining | $ | 151,270 | $ | 151,270 | ||||||||||
| Costs and operating (expenses) income | ||||||||||||||
| Cost of revenue | (62,364) | |||||||||||||
| Depreciation and amortization | (102,448) | |||||||||||||
| Change in fair value of power purchase agreement | (7,921) | |||||||||||||
| Unrealized gain on fair value of bitcoin | 11,313 | |||||||||||||
| Realized gains on sale of bitcoin | 51,548 | |||||||||||||
| Equity in losses of equity method investees | (384) | |||||||||||||
Other segment items(1) | 8,738 | |||||||||||||
| Segment operating income | 49,752 | 49,752 | ||||||||||||
Adjustments(2) | (93,451) | |||||||||||||
| Operating loss | (43,699) | |||||||||||||
| Interest income | 3,384 | |||||||||||||
| Interest expense | (1,708) | |||||||||||||
Other non-operating items(3) | (2,294) | |||||||||||||
| Loss before taxes | $ | (44,317) | ||||||||||||
| Year Ended December 31, 2023 | ||||||||||||||
| Bitcoin Mining | Consolidated | |||||||||||||
| Revenue - bitcoin mining | $ | 126,842 | $ | 126,842 | ||||||||||
| Costs and operating (expenses) income | ||||||||||||||
| Cost of revenue | (50,309) | |||||||||||||
| Depreciation and amortization | (59,093) | |||||||||||||
| Change in fair value of power purchase agreement | 26,836 | |||||||||||||
| Unrealized gain on fair value of bitcoin | 3,299 | |||||||||||||
| Realized gains on sale of bitcoin | 7,739 | |||||||||||||
| Equity in losses of equity method investees | (2,530) | |||||||||||||
Other segment items(1) | 12,296 | |||||||||||||
Segment operating income | 65,080 | 65,080 | ||||||||||||
Adjustments(2) | (85,195) | |||||||||||||
| Operating loss | (20,115) | |||||||||||||
| Interest income | 164 | |||||||||||||
| Interest expense | (1,999) | |||||||||||||
Other non-operating items(3) | (260) | |||||||||||||
Loss before taxes | $ | (22,210) | ||||||||||||
| (1) Other segment items included in Bitcoin Mining include Power sales, and Other losses, including impairment on miners. | ||||||||||||||
| (2) Other operating items included in adjustments include Compensation and benefits, and General and administrative. | ||||||||||||||
| (3) Other non-operating items include Change in fair value of warrant liability, and Other expense. | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.