Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124290
Chunk: 8

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 8
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 “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 overhang by prepaying these obligations.

Concurrent Notes Offering

Concurrently with this offering, we are offering in a separate transaction 1.75% convertible senior notes due 2030 (the “Notes”), in
an aggregate principal amount of $150.0 million, plus up to an additional $22.5 million aggregate principal amount of Notes (the “Concurrent Notes Offering”) that the underwriters of the Concurrent Notes Offering have the option
to purchase from us. The Concurrent Notes Offering is being made pursuant to a separate prospectus supplement and accompanying base prospectus (and not pursuant to this prospectus supplement). The completion of this offering is contingent upon the
completion of the Concurrent Notes Offering, and the completion of the Concurrent Notes Offering is contingent upon the completion of this offering. This prospectus supplement does not constitute an offer to sell, or the solicitation of an offer to
buy, any of the Notes, or the shares of common stock, if any, issuable upon conversion of the Notes, we are offering in the Concurrent Notes Offering. See the section entitled “The Concurrent Notes Offering” for additional information.

S-2

THE OFFERING

| Issuer | Cipher Mining Inc., a Delaware corporation.