XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.22.1

Deposits on Equipment | 3 Months Ended
--- | ---
Mar. 31, 2022
Disclosure Deposits On Equipment [Abstract] |
Deposits on Equipment | NOTE 6. DEPOSITS ON EQUIPMENT As of March 31, 2022, the Company had outstanding executed purchase agreements for the purchase of (1) 26,000 Antminer S19j Pro (100 TH/s) miners from Bitmain Technologies Limited (“Bitmain”) and (2) 60,000 MicroBT M30S, M30S+ and M30S++ miners from SuperAcme Technology (Hong Kong) Limited (“SuperAcme”). All of the miners to be acquired under the purchase agreements with Bitmain and SuperAcme are scheduled to be delivered through December 2022. The Company also has an agreement for the purchase of between 28,000 to 56,000 mining rigs from Bitfury Top HoldCo, made under, and as a part of, the Master Services and Supply Agreement between the Company and Bitfury Top HoldCo dated August 26, 2021. The agreement is a non-binding commitment unless and until confirmed by a mutually executed order confirmation. Based on the Company’s latest market assessments, management does not anticipate entering into any such order confirmations. Additionally, the Company also entered into two agreements with Bitfury USA Inc., a subsidiary of Bitfury Top HoldCo, made under, and as a part of, the Master Services and Supply Agreement, to purchase a total of 200 units of BlockBox air-cooled containers (each a “BBAC”), the modular data centers that house mining machines. The delivery of those containers commenced in the first quarter of 2022 and is anticipated to be completed in 2022, as expected. See Note 9 for more information on the Master Services and Supply Agreement. The purchase agreement commitments, deposits paid and expected delivery timing (remaining balances are payable in advance of shipping) are summarized below as of March 31, 2022 (amounts in thousands):
Vendor |  | Agreement Date |  | Original Maximum Purchase Commitment* |  |  | Open Purchase Commitment |  |  | Deposits Paid |  |  | Expected Shipping for Open Purchase Commitments
Bitmain Technologies Limited** |  | August 20, 2021 and August 30, 2021 |  | $ | 171,135 |  |  | $ | 164,590 |  |  | $ | 107,879 |  |  | April 2022 - September 2022
SuperAcme Technology (Hong Kong)**/**** |  | September 2, 2021 |  |  | 222,401 |  |  |  | 222,401 |  |  |  | 59,307 |  |  | July 2022 - December 2022
Bitfury Top HoldCo B.V. |  | October 11, 2021 |  | *** |  |  | *** |  |  |  | 10,000 |  |  | ***
Bitfury USA Inc. and other vendors (primarily for BBACs) |  | Various |  |  |  |  |  | 47,775 |  |  |  | 29,978 |  |  |
Total |  |  |  |  |  |  | $ | 434,765 |  |  | $ | 207,164 |  |  |
__________ * Maximum purchase commitment does not consider discounts that the Company may qualify for with the respective vendors, which could reduce the total cost of the miner. ** Pursuant to the Company's agreements with Bitmain and SuperAcme, the Company is responsible for all logistics costs related to transportation, packaging for transportation and insurance related to the delivery of the miners. *** As of March 31, 2022, there were no mutually executed order confirmations and as such, the Company had no binding commitments to acquire miners from Bitfury Top HoldCo. See Note 16 for additional information regarding the return of shares of the Company’s Common Stock held by Bitfury Top HoldCo as consideration for the $10.0 million deposit paid, which occurred after March 31, 2022. **** See Note 16 regarding execution of an amended agreement with SuperAcme. During the three months ended March 31, 2022, the Company received 970 Antminer model S19j Pro-A miners related to its purchase agreement with Bitmain, which were contributed to the Alborz facility as part of the Company’s investment in the joint venture. See additional information in Note 8.

X
- Definition Deposits On Equipment. + References No definition available. + Details
Name: | cifr_DepositsOnEquipmentTextBlock
Namespace Prefix: | cifr_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure Deposits On Equipment. + References No definition available. + Details
Name: | cifr_DisclosureDepositsOnEquipmentAbstract
Namespace Prefix: | cifr_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration