Company: CIFRW
Filing Date: 2025-05-23
Form Type: 424B5
Source: 0001193125-25-125868
Chunk: 16

Company: Cipher Mining Inc.
Filing Date: 2025-05-23
Form: 424B5
Chunk 16
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 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 Notes; and                                                                               |

| • |     | placing us at a possible competitive disadvantage with competitors that are less leveraged than us or have better 
 access to capital.                                                                                                |

Our business may not generate sufficient funds, and we may otherwise be unable to maintain sufficient cash reserves, to pay amounts due under our indebtedness, and our cash needs may increase in the future. In addition, any future indebtedness that we may incur may contain financial and other restrictive covenants that limit our ability to operate our business, raise capital or make payments under our other indebtedness. If we fail to comply with these covenants or to make payments under our indebtedness when due, then we would be in default under that indebtedness, which could, in turn, result in that and our other indebtedness becoming immediately payable in full. The accounting method for the Notes could adversely affect our reported financial condition and results. The accounting method for reflecting the Notes on our balance sheet, accruing interest expense for the Notes and reflecting the underlying shares of our common stock in our reported diluted earnings per share may adversely affect our reported earnings and financial condition. S-8

In accordance with applicable accounting standards, we expect that the Notes we are offering
pursuant to the Concurrent Notes Offering will be reflected as a liability on our balance sheets, with the initial carrying amount equal to the principal amount of the Notes, net of issuance costs. The issuance costs will be treated as a debt
discount for accounting purposes, which will be amortized into interest expense over the term of the Notes. As a result of this amortization, the interest expense that we expect to recognize for the Notes for accounting purposes will be greater than
the cash interest payments we will pay on the Notes, which will result in lower reported income.

In addition, we expect that the shares
of common stock underlying the Notes will be reflected in our diluted earnings per share using the “if converted” method. Under that method, diluted earnings per share would generally be calculated assuming that all the Notes were
converted solely into shares of our common stock at the beginning of the reporting period, unless the result would be anti-dilutive. The