Riot Platforms Takes 9.25% Stake in Bitfarms, Proposes $2.30 Per Share Cash and Stock Takeover to Create 51 EH/s Miner

May 28, 2024, 12:29 PM

Riot Platforms has taken a 9.25% stake in Bitfarms and plans to make a public takeover offer for the smaller Bitcoin miner. The proposed acquisition price is $2.30 per share in cash and stock, which represents a 24% premium to Bitfarms' current share price. If successful, the merger would create the world's largest publicly-listed Bitcoin miner with a mining capacity of 51 EH/s and a fleet of approximately 169,000 mining machines. This move positions Riot Platforms as a dominant player in the Bitcoin mining industry, second only to Core Scientific. Assuming both companies hit this year's EH/s targets, this summer is expected to be significant for the Bitcoin mining space.