SCHEDULE 13D/A 0001123292-25-000307 0001884407 XXXXXXXX LIVE 12 Common Stock 07/22/2025 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 48733104 0 48733104 48733104 N 13.1 CO 0001887853 Bitfury Holding B.V. OO P7 0 4821560 0 4821560 4821560 N 1.3 CO 0001887872 Bitfury Group Ltd OO X0 0 48733104 0 48733104 48733104 N 13.1 CO 0001887845 V3 Holding Ltd OO E9 0 93378292 0 93378292 93378292 N 25.2 CO 0001887811 Vavilovs Valerijs OO 2Q 0 93378292 0 93378292 93378292 N 25.2 IN Common Stock Cipher Mining Inc. 1 Vanderbilt Avenue, Floor 54 New York NY 10017 This Amendment No. 12 ("Amendment No. 12") 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 and Amendment No. 11 to Schedule 13D filed with the SEC by the Reporting Persons on July 10, 2025 (the "Original Schedule 13D," and as amended by Amendment No. 12, the "Schedule 13D"). Capitalized terms used but not defined in this Amendment No. 12 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: Termination of Observer Agreement On July 22, 2025, Bitfury Holding, Bitfury Top HoldCo and the Issuer mutually terminated the Observer Agreement described in Amendment No. 1 to Schedule 13D filed by the Reporting Persons on April 12, 2022. As a result of the termination of the Observer Agreement, Bitfury no longer has the right to (i) designate a representative to attend meetings of the board of directors of the Issuer and any committees thereof, in a non-voting observer capacity or (ii) receive certain information about the Issuer upon request. During the term of the Observer Agreement, Bitfury never exercised either the board observer right or the information rights. "Passive" Investor Certification The Reporting Persons hereby certify that the shares of Common Stock referred to herein that are beneficially owned by the Reporting Persons are not held for the purpose of or with the effect of changing or influencing the control of the Issuer and are not held in connection with or as a participant in any transaction having that purpose or effect. Item 5(a) of the Schedule 13D is hereby amended and restated to read as follows: The information in rows 11 and 13 of each of the cover pages of this Amendment No. 12 is incorporated by reference herein. Such information sets forth, as of July 22, 2025, the aggregate number of shares of Common Stock of the Issuer and percentage of Common Stock of the Issuer beneficially owned by each of the Reporting Persons, based on 371,213,387 shares of Common Stock outstanding as of May 5, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 6, 2025. Item 5(b) of the Schedule 13D is hereby amended and restated to read as follows: The information in rows 7 through 10 of each of the cover pages of this Amendment No. 12 is incorporated by reference herein. Bitfury Holding is the record holder of 4,821,560 shares of Common Stock. Bitfury Top HoldCo is the record holder of 43,911,544 shares of Common Stock and is the sole owner of Bitfury Holding. As a result, Bitfury Top HoldCo may be deemed to share beneficial ownership of the shares of Common Stock held by Bitfury Holding. V3 is the direct holder of 44,645,188 shares of Common Stock. Valerijs Vavilovs is the sole owner of V3, which is the majority owner of BGL. BGL is the sole owner of Bitfury Top HoldCo. As a result of the foregoing relationships, each of Mr. Vavilovs, V3 and BGL may be deemed to share beneficial ownership of the Common Stock beneficially owned by Bitfury Top Holdco, and Mr. Vavilovs is deemed to share beneficial ownership of the Common Stock beneficially owned by V3. Item 5(c) of the Schedule 13D is hereby amended and supplemented as follows: The Reporting Persons have engaged in the following open market sales during the past sixty days. On July 15, 2025, V3 sold 289,145 shares of Common Stock at prices ranging from $6.00 to $6.3801, for a volume-weighted average price per share of $6.06. On July 14, 2025, V3 sold 667,010 shares of Common Stock at prices ranging from $6.00 to $6.1952, for a volume-weighted average price per share of $6.11. On July 11, 2025, V3 sold 432,990 shares of Common Stock at prices ranging from $6.05 to $ 6.5081, for a volume-weighted average price per share of $6.13. On July 10, 2025, V3 sold 600,000 shares of Common Stock at prices ranging from $6.00 to $6.45, for a volume-weighted average price per share of $6.27. Item 7 of the Schedule 13D is hereby amended and supplemented as follows: Exhibit 1: Joint Filing Agreement, dated as of July 22, 2025 Bitfury Top HoldCo B.V. /s/ Stijn Ehren 07/22/2025 Bitfury Holding B.V. /s/ Stijn Ehren 07/22/2025 Bitfury Group Ltd /s/ Valerijs Vavilovs 07/22/2025 V3 Holding Ltd /s/ Valerijs Vavilovs 07/22/2025 Vavilovs Valerijs /s/ Valerijs Vavilovs 07/22/2025