Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 95

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 95
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 will include the amount of any cash and the
fair market value of any other property received for the note. To the extent that any portion of the amount realized on a sale, exchange, redemption, retirement or other taxable disposition of a note is attributable to accrued and unpaid interest on
the note, this amount generally will not be included in the “amount realized” but will instead be treated in the same manner as described above in “—Interest on the Notes.” Your adjusted tax basis in a note will generally be
equal to the amount you paid for the note as increased by the amount of any deemed distribution included in income as described below under “—Constructive Distributions.”

Any gain or loss will be long-term capital gain or loss if you have held the note for more than one year at the time of the sale, exchange, redemption,
retirement or other taxable disposition of the note. Otherwise, such gain or loss will be short-term capital gain or loss. Long-term capital gains of individuals, estates, and trusts currently are eligible for reduced rates of U.S. federal income
tax. The deductibility of capital losses may be subject to limitation.

Conversion of the Notes

Upon conversion of the notes, we may deliver solely shares of our common stock, cash, or a combination of cash and shares of our common stock at our election,
as described above under “Description of Notes—Conversion Rights—Settlement Upon Conversion.”

Conversion into Common Stock

Generally, you will not recognize gain or loss on the conversion of the notes solely into shares of common stock, other than with respect to any cash
received in lieu of fractional shares, which will be treated as described below in “—Fractional Shares,” and other than with respect to 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.

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.

The holding period for the shares of common stock received by
you upon conversion of the notes generally will include the period during which you held the notes prior to the conversion, except that the holding period of any common stock received by you with respect to accrued and unpaid interest will commence