In the latest fiscal period Q1'26, Cipher Mining (CIFR) reported total operating expenses of $46.74M. This figure is primarily driven by SG&A Expenses, while R&D Expenses remained at $0 for the period. From Q2'23 to Q1'26, the company's operating expenses exhibited a relatively stable trend before experiencing a significant surge starting in Q4'25. While expenses fluctuated between $19.11M and $26.03M for most of the tracked periods, the latest two quarters show a sharp upward trajectory, with costs nearly doubling compared to the Q1'24 low. Throughout the entire timeframe, SG&A Expenses have consistently been the sole component of operating expenditures, as R&D Expenses recorded no data across all fiscal quarters.