Company: CIFRW
Filing Date: 2025-05-23
Form Type: 424B5
Source: 0001193125-25-125868
Chunk: 7

Company: Cipher Mining Inc.
Filing Date: 2025-05-23
Form: 424B5
Chunk 7
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 our Quarterly Report on Form 10-Qfor the auarter ended March 31, 2025 and our consolidated financial statements and the accompanying notes incorporated by reference herein.

Unless otherwise stated or the context otherwise indicates, all references in this prospectus to the “Company,” “Cipher,” “Cipher Mining,” “we,” “us” and “our” refer to Cipher Mining Inc. and its consolidated subsidiaries, unless otherwise indicated.

Our Company

We develop and operate industrial-scale data centers. Our active portfolio and development pipeline is expected to consist of more than 3.0 GW
of capacity across 11 sites. We currently operate one wholly-owned 207 MW bitcoin mining data center, have equity investments in three partially-owned 40 MW bitcoin mining data centers, and have a pipeline of approximately 2.8 GW across seven
additional sites in Texas, including one 300 MW data center at which we plan to energize 150 MW of bitcoin mining in June 2025. As we develop the sites in our pipeline and source future sites, locations and partnerships, we evaluate their
suitability for either bitcoin mining or highperformance computing (“HPC”).

Our current intention is to continue expanding our
business by developing and operating industrial-scale data centers for bitcoin mining and HPC, expanding capacity at our current data centers, developing our treasury management platform and entering into other strategic arrangements, such as joint
ventures, data center hosting and leasing agreements, or software licensing arrangements. We aim to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to HPC companies.

As of April 30, 2025, the hashrate capacity of the Odessa Facility was 11.3 EH/s. Our joint ventures, in which we have a 49% equity
interest, have a hashrate capacity of 4.4 EH/s.

Recent Developments

Amendment to Bitmain Contract

On May 16,
2025, the Company, through its wholly-owned subsidiaries Cipher Mining Infrastructure LLC (“CMI”), a Delaware limited liability company, and Cipher Black Pearl LLC (“CBP”), a Delaware limited liability company, entered into an
Amendment Agreement and Deed of Novation to the Future Sales and Purchase Agreement (the “2025 Amendment”) with Bitmain Technologies Delaware Limited (“Bitmain”), which amends that certain Future Sales and Purchase Agreement,
dated December 16, 2023, as amended by that certain Supplemental Agreement, dated June 5,