Early payment to Bitmain for mining equipment
Company: Cipher Mining
What the later record shows
Delivered; the record does not say when
The Q2 2025 10-Q says no amount remains to be paid to Bitmain under the agreement. The date of the lump-sum payment is not stated.
“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 make lump-sum payment of $108,192,217.75 to Bitmain within 14 days of May 16, 2025, representing 10% reduction from original purchase price
Source (primary)
Cipher Mining 424B5 filed 2025-05-20 (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”
How we checked this
Checked on October 11, 2026. The cited source supports part of this claim, but not all of it.
The amount, the 14-day timing and the 10% reduction are all in the filing. However, the reduction is measured against the remaining payments outstanding, not the full original purchase price.
Confirmed in the source:
- Cipher will make a lump-sum payment of $108,192,217.75 to Bitmain
- The payment is due within 14 days after the 2025 Amendment was executed, and the amendment was entered into on May 16, 2025
- The payment is a 10% reduction from the $120,213,575.28 that was due under the original agreement
We could not confirm this from the cited source:
- The filing does not say the 10% reduction applies to the original total purchase price; it applies to the $120,213,575.28 in remaining payments outstanding under the original agreement
That does not mean it is false — only that this source does not establish it, as of the date above. If we find a source that settles it, we will re-check and update this page.
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1819989/000119312525123242/d876435d424b5.htm) in full (211,140 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Cipher Mining 424B5 filed 2025-05-20
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”
confirms Cipher Mining 10-Q filed 2025-08-07
Quote: “all of which have been delivered with no remaining amount to be paid”