Bitmain purchase agreement amendment with 10% cost reduction
Company: Cipher Mining
The claim, verbatim
On May 16, 2025, Cipher subsidiaries entered into an amendment and novation of the Bitmain Future Sales and Purchase Agreement, receiving a 10% cost reduction in exchange for early payment of the remaining balance, plus additional value from BTC-linked call options.
Source (primary)
cipher-mining 8-K exhibit (d876438dex991.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-10-14)Live source ↗
Quote: “The Company also received a 10% reduction in cost in exchange for the Company's early payment of the remaining balance outstanding under the Original Agreement.”
How we checked this
Checked on October 16, 2026. The cited source supports every part of this claim.
The press release describes the May 16, 2025 amendment and novation with Bitmain, the 10% cost reduction for early payment, and the BTC-linked call options.
Confirmed in the source:
- On May 16, 2025, Cipher subsidiaries Cipher Mining Infrastructure LLC and Cipher Black Pearl LLC entered into an Amendment Agreement and Deed of Novation to the Future Sales and Purchase Agreement
- The counterparty is Bitmain Technologies Delaware Limited
- Cipher received a 10% reduction in cost in exchange for early payment of the remaining balance outstanding under the original agreement
- The amendment provides Cipher with additional incremental value from BTC-linked call options
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1819989/000119312525123159/d876438dex991.htm) in full (11,267 characters, retrieved October 14, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms cipher-mining 8-K exhibit (d876438dex991.htm)
Quote: “The Company also received a 10% reduction in cost in exchange for the Company's early payment of the remaining balance outstanding under the Original Agreement.”