Company: CIFRW
Filing Date: 2025-05-23
Form Type: 424B5
Source: 0001193125-25-125868
Chunk: 17

Company: Cipher Mining Inc.
Filing Date: 2025-05-23
Form: 424B5
Chunk 17
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 application of the if-converted
method may reduce our reported diluted earnings per share, and accounting standards may change in the future in a manner that may adversely affect our diluted earnings per share.

Furthermore, if any of the conditions to the convertibility of the Notes is satisfied, then we may be required under applicable accounting
standards to reclassify the liability carrying value of the Notes as a current, rather than a long-term, liability. This reclassification could be required even if no investors of Notes in the Concurrent Notes
Offering convert their Notes and could materially reduce our reported working capital.

We have not reached a final determination
regarding the accounting treatment for the Notes, and the description above is preliminary. Accordingly, we may account for the Notes in a manner that is significantly different than described above.

S-9

USE OF PROCEEDS

We will not receive any of the proceeds from the short sale of the shares of our common stock by the Underwriter in this offering. No new
shares of common stock will be issued in this offering.

S-10

THE CONCURRENT NOTES OFFERING

Concurrently with this offering, we are offering 1.75% convertible senior notes due 2030, which we refer to as the Notes, in an aggregate
principal amount of $150.0 million. We have granted the underwriters of the Notes in the Concurrent Notes Offering an option to purchase, which is exercisable within 30 days, after the date of the prospectus supplement for the Concurrent Notes
Offering, to purchase up to an additional $22.5 million principal amount of Notes, solely to cover over-allotments.

We estimate that
the net proceeds to us from the Concurrent Notes Offering, if it is consummated, will be approximately $144.1 million (or approximately $166.0 million if the underwriters of Notes in the Concurrent Notes Offering fully exercise their option to
purchase additional Notes), after deducting the underwriters’ discounts and commissions and our estimated offering expenses. We expect to use the net proceeds of the Concurrent Notes Offering to complete Phase 1, including: (i) purchasing
at a discount the remaining balance of mining rigs required for Phase 1; (ii) paying expected tariffs and shipping costs for the mining rigs to be used for Phase 1; and (iii) paying other infrastructure-related capital expenditures in
connection with Phase 1, and for general corporate purposes. If the underwriters of Notes in the Concurrent Notes Offering exercise their option to purchase additional