Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 16

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 16
---
 subsidiary (and, accordingly, holders of our indebtedness, including the notes), will be subject to the prior claims of that subsidiary’s creditors, including trade creditors and preferred equity holders. We
may never receive any amounts from that subsidiary to satisfy amounts due under the notes.

We conduct substantially all of our operations through our subsidiaries and will rely significantly on our subsidiaries to make payments under the notes.

We conduct substantially all of our operations
through our subsidiaries. Accordingly, our ability to pay amounts due on the notes will significantly depend on the cash flows of our subsidiaries and their ability to make distributions to us. None of our subsidiaries has guaranteed or otherwise
become obligated with respect to the notes. Furthermore, none of our subsidiaries is under any obligation to make payments to us, and any payments to us would depend on the earnings or financial condition of our subsidiaries and various business
considerations. Statutory, contractual or other restrictions may also limit our subsidiaries’ ability to pay dividends or make distributions, loans or advances to us. For these reasons, we may not have access to any assets or cash flows of our
subsidiaries to make payments on the notes.

S-7

Our indebtedness and liabilities could limit the cash flow available for our operations, expose us to risks that could adversely affect our business, financial condition and results of operations and impair our ability to satisfy our obligations under the notes. As of March 31, 2025, we had $35.5 million principal amount of consolidated indebtedness for borrowed money. We will incur $150.0 million (or, if the underwriters fully exercise their option to purchase additional notes, $172.5 million) principal amount of additional indebtedness as a result of this offering. We may also incur additional indebtedness to meet future financing needs. Our indebtedness could have significant negative consequences for our security holders and our business, results of operations and financial condition by, among other things:

| • |     | increasing our vulnerability to adverse economic and industry conditions; |

| • |     | limiting our ability to obtain additional financing; |

| • |     | requiring the dedication of a substantial portion of our cash flow from operations to service our indebtedness, 
 which will reduce the amount of cash available for other purposes;                                              |

| • |     | limiting our flexibility to plan for, or react to, changes in our business; |

| • |     | diluting the interests of our existing stockholders as a result of issuing shares of our common stock upon 
 conversion of the