Bitmain Amendment Early Payment for Miner Delivery
Company: Cipher Mining
What the later record shows
Delivered; the record does not say when
The Q2 2025 10-Q says all miners under the agreement were delivered with nothing left to pay. It does not say whether delivery finished by June 23, 2025, or when the payment was made.
“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 ↗
“The Company has paid nonrefundable deposits for miners of $ 165.9 million for this order as of June 30, 2025.”
2025-08-06 · Cipher Mining 10-Q filed 2025-08-07 View cached copy (2026-08-31)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
Company will pay Bitmain $108,192,217.75 within 14 days of May 16, 2025 for accelerated delivery of all remaining miners by June 23, 2025, representing a 10% reduction from the 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 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") due under the Original Agreement, within 14 days following the execution of the 2025 Amendment (the "Revised Payment Date"). The 2025 Amendment provides that all miners remaining to be delivered under the Original Agreement will be delivered by June 23, 2025”
How we checked this
Checked on October 11, 2026. The cited source supports every part of this claim.
The 'Amendment to Bitmain Agreement' section states the date, the amounts, the 14-day payment window, the 10% reduction, and the June 23, 2025 delivery deadline in exchange for early payment. It also notes that about $27 million of the payment covers machines already delivered in 2024.
Confirmed in the source:
- The company entered into the 2025 Amendment with Bitmain on May 16, 2025
- The company will pay Bitmain a lump sum of $108,192,217.75
- The payment is due within 14 days following execution of the 2025 Amendment
- All miners remaining under the original agreement will be delivered by June 23, 2025, in exchange for the early payment
- The $108,192,217.75 is a 10% reduction from the original $120,213,575.28
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1819989/000119312525124285/d920705d424b5.htm) in full (435,499 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 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") due under the Original Agreement, within 14 days following the execution of the 2025 Amendment (the "Revised Payment Date"). The 2025 Amendment provides that all miners remaining to be delivered under the Original Agreement will be delivered by June 23, 2025”
confirms Cipher Mining 10-Q filed 2025-08-07
Quote: “all of which have been delivered with no remaining amount to be paid”