Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 46

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 46
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 the indenture or the notes, including pursuant to the provisions described in the seventh bullet point of the third paragraph under the caption “—Modification and Amendment” below. However, we may nonetheless choose to execute such an amendment at our option. If we change the default settlement method or irrevocably fix the settlement method pursuant to the provisions described above, then we will, substantially concurrently, either post the default settlement method or fixed settlement method, as applicable, on our website or disclose the same in a current report on Form 8-K(or any successor form) that is filed with, or furnished to, the SEC. Consideration Due Upon Conversion Subject to the other provisions described in this section, the consideration due upon conversion of each $1,000 principal amount of a note will be as follows:

| • |     | if physical settlement applies, a number of shares of our common stock equal to the conversion rate in effect on 
 the conversion date for such conversion;                                                                         |

| • |     | if cash settlement applies, cash in an amount equal to the sum of the “daily conversion values” (as                         
 defined below under the caption “—Definitions”) for each VWAP trading day in the observation period for such conversion; or |

| • |     | if combination settlement applies, (i) a number of shares of our common stock equal to the sum of the                                                                                                             
 “daily share amounts” (as defined below under the caption “—Definitions”) for each VWAP trading day in the observation period for such conversion; and (ii) an amount of cash equal to the sum of the “daily cash 
 amounts” (as defined below under the caption “—Definitions”) for each VWAP trading day in such observation period.                                                                                                |

However, in lieu of delivering any fractional share of our common stock otherwise due upon conversion, we will pay cash based on (i) the daily VWAP on the applicable conversion date (or, if such conversion date is not a VWAP trading day, the immediately preceding VWAP trading day), in the case of physical settlement; or (ii) the daily VWAP on the last VWAP trading day of the applicable observation period, in the case of combination settlement. S-29

If a noteholder converts more than one note on a conversion date, then the consideration due upon such conversion will (in the case of any global note, to the extent permitted by, and practicable under, the depositary procedures) be computed based on the total principal amount of notes converted on