Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 29

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 29
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 and our estimated offering expenses. We expect to use the net proceeds to complete Phase 1 of its Black Pearl data center
(“Phase 1”), including by: (i) purchasing at a discount the remaining balance of mining rigs required for Phase 1; (ii) paying expected tariffs and shipping costs for the mining rigs to be used for Phase 1; and (iii) paying other
infrastructure-related capital expenditures in connection with Phase 1, and for general corporate purposes.

S-16

Capitalization The following table presents our cash and cash equivalents and our capitalization as of March 31, 2025:

| • |     | on an actual basis; and |

| • |     | as adjusted to give effect to the issuance and sale of $150,000,000 aggregate principal amount of the notes we                                                                                                                      
 are offering (but not the use of proceeds therefrom) assuming no exercise of the underwriters’ option to purchase additional notes, after deducting the underwriting discounts and commissions and our estimated offering expenses. |

This table should be read in conjunction with the other information included or incorporated by reference in this prospectus supplement, including our consolidated financial statements and related notes.

|                                                                                                   |     | As of March 31, 2025        |          |   |     |             |          |   |
|:--------------------------------------------------------------------------------------------------|:----|:----------------------------|---------:|:--|:----|:------------|---------:|:--|
|                                                                                                   |     | Actual                      |          |   |     | As adjusted |          |   |
|                                                                                                   |     | -In thousands, except share 
 and per share data          |          |   |     |             |          |   |
| Cash and cash equivalents                                                                         |     | $                           |   23,173 |   |     | $           |  167,248 |   |
| Debt:                                                                                             |     |                             |          |   |     |             |          |   |
| Coinbase Overnight Credit                                                                         
 Facility(1)                                                                                       |     |                             |   25,000 |   |     |             |   25,000 |   |
| Coinbase Term Loan Facility(1)                                                                    |     |                             |        — |   |     |             |        — |   |
| Luxor Purchase and Sale Agreement                                                                 |     |                             |   10,459 |   |     |             |   10,459 |   |
| Principal amount