Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 10

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 10
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5, the Company, through its wholly-owned subsidiaries Cipher Mining Infrastructure LLC (“CMI”), a Delaware limited liability company,
and Cipher Black Pearl LLC (“CBP”), a Delaware limited liability company, entered into an Amendment Agreement and Deed of Novation to the Future Sales and Purchase Agreement (the “2025 Amendment”) with Bitmain Technologies
Delaware Limited (“Bitmain”), which amends that certain Future Sales and Purchase Agreement, dated December 16, 2023, as amended by that certain Supplemental Agreement, dated June 5, 2024, that certain Amendment Agreement, dated
July 10, 2024 and that certain Notice of Exercise dated February 5, 2025 (together, the “Original Agreement”).

The 2025 Amendment
provides that all miners remaining to be delivered under the Original Agreement will be delivered by June 23, 2025, in exchange for the Company’s early payment of the remaining payments outstanding under the Original Agreement. The Company
will fulfill such payment obligation by transferring to Bitmain a lump-sum payment of $108,192,217.75 (the “Revised Payment Amount”), a 10% reduction from the $120,213,575.28 (the “Original
Payment Amount”) due under the Original Agreement, within 14 days following the execution of the 2025 Amendment (the “Revised Payment Date”). Approximately $27 million of the Revised Payment Amount will satisfy remaining payment
obligations in respect of machines delivered in 2024. The 2025 Amendment also provides the Company an option to purchase from Bitmain an amount of bitcoin in equivalent value as the Revised Payment Amount on the Revised Payment Date at the price of
the Original Payment Amount (to be exercised in two tranches by August 30, 2025 and November 30, 2025).

Additionally, the 2025 Amendment
novated the Original Agreement by transferring all rights and obligations of CMI under the Original Agreement to CBP.

By prepaying obligations that
normally would come due between now and November, the Company has the opportunity to significantly reduce the remaining amounts it owes to rig manufacturers and offset a portion of expected tariffs, including a 10% reduction in the agreed price to
be paid to the rig manufacturer. The Company aims to energize Phase 1 of its Black Pearl data center in June 2025 and the mining rigs are expected to arrive in July 2025. The Company intends to significantly reduce further capex over