SCHEDULE 13D/A 0001123292-25-000612 0001884407 XXXXXXXX LIVE 20 Common Stock 11/14/2025 false 0001819989 17253J106 Cipher Mining Inc.

1 Vanderbilt Avenue, Floor 54 New York NY 10017

Stijn Ehren 31 6 29 94 48 88 Strawinskylaan 3051 Amsterdam P7 1077ZX 0001884407 Bitfury Top HoldCo B.V. OO P7 0 30443382 0 30443382 30443382 N 7.7 CO 0001887853 Bitfury Holding B.V. OO P7 0 4821560 0 4821560 4821560 N 1.2 CO 0001887872 Bitfury Group Ltd OO X0 0 30443382 0 30443382 30443382 N 7.7 CO 0001887845 V3 Holding Ltd OO E9 0 61316694 0 61316694 61316694 N 15.5 CO 0001887811 Vavilovs Valerijs OO 1R 0 61316694 0 61316694 61316694 N 15.5 IN Common Stock Cipher Mining Inc. 1 Vanderbilt Avenue, Floor 54 New York NY 10017 This Amendment No. 20 ("Amendment No. 20") to Schedule 13D relates to shares of common stock, par value $0.001 per share (the "Common Stock"), of Cipher Mining Inc., a Delaware corporation (the "Issuer"), and amends and supplements the initial statement on Schedule 13D originally filed with the Securities and Exchange Commission (the "SEC") by the Reporting Persons on September 23, 2021, as amended by Amendment No. 1 to Schedule 13D filed with the SEC by the Reporting Persons on April 12, 2022, Amendment No. 2 to Schedule 13D filed with the SEC by the Reporting Persons on November 9, 2023, Amendment No. 3 to Schedule 13D filed with the SEC by the Reporting Persons on January 24, 2024, Amendment No. 4 to Schedule 13D filed with the SEC by the Reporting Persons on February 26, 2024, Amendment No. 5 to Schedule 13D filed with the SEC by the Reporting Persons on May 16, 2024, Amendment No. 6 to Schedule 13D filed with the SEC by the Reporting Persons on June 13, 2024, Amendment No. 7 to Schedule 13D filed with the SEC by the Reporting Persons on June 28, 2024, Amendment No. 8 to Schedule 13D filed with the SEC by the Reporting Persons on September 4, 2024, Amendment No. 9 to Schedule 13D filed with the SEC by the Reporting Persons on September 10, 2024, Amendment No. 10 to Schedule 13D filed with the SEC by the Reporting Persons on November 12, 2024, Amendment No. 11 to Schedule 13D filed with the SEC by the Reporting Persons on July 10, 2025, Amendment No. 12 to Schedule 13D filed with the SEC by the Reporting Persons on July 22, 2025, Amendment No. 13 to Schedule 13D filed with the SEC by the Reporting Persons on August 11, 2025, Amendment No. 14 to Schedule 13D filed with the SEC by the Reporting Persons on September 8, 2025, Amendment No. 15 to Schedule 13D filed with the SEC by the Reporting Persons on September 17, 2025, Amendment No. 16 to Schedule 13D filed with the SEC by the Reporting Persons on September 25, 2025, Amendment No. 17 to Schedule 13D filed with the SEC by the Reporting Persons on October 2, 2025, Amendment No. 18 to Schedule 13D filed with the SEC by the Reporting Persons on October 16, 2025 and Amendment No. 19 to Schedule 13D filed with the SEC by the Reporting Persons on November 5, 2025 (the "Original Schedule 13D," and as amended by Amendment No. 20, the "Schedule 13D"). Capitalized terms used but not defined in this Amendment No. 20 shall have the same meanings ascribed to them in the Original Schedule 13D. Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following: This Amendment No. 20 is being filed for purposes of disclosing the Bitfury Top HoldCo Forward Contract described in this Amendment No. 20. The information contained in Item 5(c) of this Amendment No. 20 with respect thereto is incorporated by reference herein. Item 5(c) of the Schedule 13D is hereby amended and supplemented by adding the following: On November 14, 2025, Bitfury Top HoldCo entered into a variable prepaid forward sale contract (the "Bitfury Top HoldCo Forward Contract") with an unaffiliated third-party dealer (the "Dealer") covering a maximum of 5,520,000 shares of Common Stock. The Bitfury Top HoldCo Forward Contract obligates Bitfury Top HoldCo to deliver to the Dealer up to 1,840,000 shares of Common Stock in each of three tranches within one business day after each of the three maturity dates of the Bitfury Top HoldCo Forward Contract (October 2, 2026, October 30, 2026 and December 7, 2026), for an aggregate amount of up to 5,520,000 shares. In exchange for assuming this obligation, Bitfury Top HoldCo received a cash payment of $94.6 million in connection with the entry into the Bitfury Top HoldCo Forward Contract. The reporting person pledged 5,520,000 shares of Common Stock (the "Pledged Shares") to secure its obligations under the Bitfury Top HoldCo Forward Contract. The number of shares of Common Stock to be delivered to the Dealer on each of the three maturity dates is to be determined as follows: (a) if the closing price of Common Stock during the trading day immediately preceding the maturity date (the "Settlement Price") is less than or equal to $21.4439 (the "Floor Price"), the reporting person will deliver to the Dealer 1,840,000 shares; (b) if the Settlement Price is between the Floor Price and $37.5268 (the "Cap Price"), the reporting person will deliver to the Dealer a number of shares of Common Stock having a value (based on the then market price) equal to $39.5 million; and (c) if the Settlement Price is greater than the Cap Price, the reporting person will deliver to the Dealer a number of shares of Common Stock equal to 1,840,000 shares minus a number of shares of Common Stock having a value (based on the then market price) equal to $29.6 million. Bitfury Top HoldCo will retain economic and voting rights in the Pledged Shares during the term of the pledge (so long as no event of default or similar event occurs under the Bitfury Top HoldCo Forward Contract or the related pledge agreement). Item 6 of the Schedule 13D is hereby amended and supplemented by adding the following: The information set forth in Item 5(c) is incorporated herein by reference. Item 7 of the Schedule 13D is hereby amended and supplemented as follows: Exhibit 1: Joint Filing Agreement, dated as of November 18, 2025 Bitfury Top HoldCo B.V. /s/ Stijn Ehren 11/18/2025 Bitfury Holding B.V. /s/ Stijn Ehren 11/18/2025 Bitfury Group Ltd /s/ Valerijs Vavilovs 11/18/2025 V3 Holding Ltd /s/ Valerijs Vavilovs 11/18/2025 Vavilovs Valerijs /s/ Valerijs Vavilovs 11/18/2025