Amendment to Bitmain mining equipment supply agreement
Company: Cipher Mining
What the later record shows
Delivered; the record does not say when
The Q2 2025 10-Q confirms the reduction to $108.2M paid in one lump sum and says the Bitmain order was all delivered with nothing left to pay. The July 2025 update cites delivered S21 XP rigs. No passage gives the delivery completion date relative to June 23, 2025.
“accelerate payment due under these agreements from progress payments through November 2025 to one payment due within 14 days of the execution of the new amendment”
2025-08-06 · Cipher Mining 10-Q filed 2025-08-07 View cached copy (2026-08-31)Live source ↗
“all of which have been delivered with no remaining amount to be paid”
2025-08-06 · Cipher Mining 10-Q filed 2025-08-07 View cached copy (2026-08-31)Live source ↗
“as of July 2025 with Black Pearl Phase I 150 MW deployment of delivered Bitmain S21 XP rigs from recent purchase order”
2025-08-06 · cipher-mining 8-K exhibit (ciphermining_businessupd.htm) View cached copy (2026-10-08)Live source ↗
Checked October 10, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Amendment Agreement with Bitmain providing delivery of all remaining miners by June 23, 2025, with revised payment of $108,192,217.75 (10% reduction from original $120,213,575.28)
Source (primary)
Cipher Mining 424B5 filed 2025-05-22 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “The 2025 Amendment provides that all miners remaining to be delivered under the Original Agreement will be delivered by June 23, 2025, in exchange for the Company's early payment of the remaining payments outstanding under the Original Agreement. The Company will fulfill such payment obligation by transferring to Bitmain a lump-sum payment of $108,192,217.75 (the "Revised Payment Amount"), a 10% reduction from the $120,213,575.28 (the "Original Payment Amount")”
How we checked this
Checked on October 11, 2026. The cited source supports every part of this claim.
The filing's Recent Developments section describes the May 16, 2025 Bitmain amendment, the June 23, 2025 delivery deadline, and the $108,192,217.75 payment. It identifies that payment as a 10% reduction from $120,213,575.28.
Confirmed in the source:
- Cipher entered into an amendment agreement with Bitmain (the 2025 Amendment, dated May 16, 2025)
- All miners remaining to be delivered under the original agreement will be delivered by June 23, 2025
- Cipher will make a lump-sum revised payment of $108,192,217.75
- The revised payment is a 10% reduction from the original payment amount of $120,213,575.28
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1819989/000119312525124290/d876435d424b5.htm) in full (211,062 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Cipher Mining 424B5 filed 2025-05-22
Quote: “The 2025 Amendment provides that all miners remaining to be delivered under the Original Agreement will be delivered by June 23, 2025, in exchange for the Company's early payment of the remaining payments outstanding under the Original Agreement. The Company will fulfill such payment obligation by transferring to Bitmain a lump-sum payment of $108,192,217.75 (the "Revised Payment Amount"), a 10% reduction from the $120,213,575.28 (the "Original Payment Amount")”
confirms Cipher Mining 10-Q filed 2025-08-07
Quote: “accelerate payment due under these agreements from progress payments through November 2025 to one payment due within 14 days of the execution of the new amendment”
confirms cipher-mining 8-K exhibit (ciphermining_businessupd.htm)
Quote: “as of July 2025 with Black Pearl Phase I 150 MW deployment of delivered Bitmain S21 XP rigs from recent purchase order”