Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 96

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 96
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on the day after the date of receipt.

Conversion into Cash

If we deliver solely cash upon a conversion, your gain or loss will be determined in the same manner as if you disposed of the notes in a taxable disposition
(as described above under “—Sale, Exchange, Redemption, Retirement or Other Taxable Disposition of the Notes”).

Conversion into Common Stock and Cash

As described below, if, upon a conversion, we deliver a combination of cash and common stock to you in exchange for the notes, the tax
consequences of such a conversion are unclear and subject to different characterizations, and you should consult your tax advisor regarding the tax consequences of such a conversion.

S-62

If we deliver a combination of cash and common stock to you upon conversion of a note (excluding an exchange with a designated financial institution in lieu of
conversion, as discussed in “—Conversion of the Notes—Exchange in Lieu of Conversion” below), we intend to take the position that the notes are securities for U.S. federal income tax purposes and that, as a result, the conversion
will be treated as a recapitalization for U.S. federal income tax purposes. Assuming that this treatment is correct, you will recognize capital gain, but not loss, equal to the lesser of (i) the excess of (x) the sum of the fair market
value of the common stock (including any fractional share deemed received) and the amount of cash received (other than amounts of cash paid in lieu of any fractional share, which will be treated as described in “—Fractional Shares”
below), but excluding in each case cash or common stock attributable to accrued and unpaid interest (which will be taxable as ordinary interest income to the extent you have not previously included the accrued interest in income), over (y) your
adjusted tax basis in the notes, and (ii) the amount of cash received by you (excluding cash paid in lieu of fractional shares and cash attributable to accrued and unpaid interest).

Assuming that this treatment is correct, the tax basis in the shares of common stock received (including any fractional share deemed received) by you upon
conversion of the notes (other than common stock received by you that is attributable to accrued and unpaid interest, the tax basis of which will equal the fair market value of such common stock received) will be equal to your aggregate adjusted tax
basis in the notes converted, reduced by the amount of any cash received (other than cash received in lieu of a fractional share or cash attributable to accrued