Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 106

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 106
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.S. federal income tax purposes, and we do not expect to become a USRPHC for the foreseeable future. However, in the event that we were to become a USRPHC, gain recognized by you on the sale, exchange, certain redemptions, conversion of a note, or other taxable disposition of a note or common stock will generally not be subject to U.S. federal income tax or withholding tax as a result of our status as a USRPHC as long as our common stock is and continues to be “regularly traded on an established securities market” within the meaning of the U.S. Treasury regulations (“regularly traded”), unless you exceed certain ownership thresholds with respect to the notes or our common stock (generally, (i) with respect to a disposition of the notes where the notes are also regularly traded, 5% of the total fair market value of the notes, or (ii) with respect to a disposition of the notes where the notes are not also regularly traded or with respect to a disposition of our common stock, 5% of the total fair market value of our common stock) during the shorter of the five-year period ending on the date of the disposition or your holding period for the notes or our common stock (as applicable). It is not clear how the “regularly traded” exception would apply to the notes and whether the notes would be considered “regularly traded” for these purposes. If we were to become a USRPHC and you own notes or common stock, as applicable, in excess of the S-68

ownership thresholds described above or, regardless of the percentage of notes or stock owned by you, both the notes and our common stock were not considered to be regularly traded, you would be
treated as disposing of a United States real property interest, required to file a U.S. federal income tax return and subject to U.S. federal income tax on a taxable disposition of the notes or our common stock (as described in the preceding
paragraph). In addition, a 15% withholding tax would apply to the gross proceeds from such disposition. A non-U.S. holder may credit any such withholding against its U.S. federal income tax liability. This discussion assumes we are not and will not
become a USRPHC for U.S. federal income tax purposes.

You should consult your tax advisor with respect to the application of the foregoing rules to your
ownership and disposition of the notes or our common stock.

Possible Effect of a Change in Conversion