Riot Platforms Inc., a prominent crypto mining firm, intends to acquire Bitfarms Ltd., a significant player in the Bitcoin mining industry. Riot has already secured a 9.25% stake in Bitfarms and plans to make a public takeover offer, despite the board's recent rejection. The proposed acquisition, valued at approximately $950 million, would create the world's largest Bitcoin miner with a combined power capacity of 1 gigawatt and a mining capacity of 19.6 exahashes per second. The deal is expected to provide strategic and financial benefits, including enhanced growth potential and better access to equity markets.

The acquisition comes at a crucial time for the Bitcoin mining industry, which is undergoing rapid consolidation following the halving. This event has posed revenue challenges for miners, prompting larger companies to seek mergers and acquisitions to strengthen their competitive edge. Riot, with minimal debt, over $700 million in cash, and 8,872 Bitcoin, is well-positioned for this acquisition, which is expected to support Bitfarms' growth and provide better access to equity markets.