Proposal Made to Build the World's Largest Bitcoin Miner

One of the largest Bitcoin miners is trying to become the world's largest by purchasing its rival for hundreds of millions of dollars.

Bitcoin mining company Riot Platforms purchased 9.25% of rival Bitfarms' shares, becoming its majority shareholder.

The company submitted an offer to purchase the remaining shares of Bitfarms at $2.30 per share. This price is 24% higher than the one-month average price of Bitfarms shares.

Riot Platforms announced that if the two companies merge, the largest publicly traded Bitcoin miner in the world will be established. If they merge, the companies will reach an energy capacity of 1 GW and a mining capacity of 19.6 EH/s.

Riot announced that this offer was rejected by Bitfarms' board of directors last week, questioning how committed the board members were to Bitfarms' interests. The company will seek shareholders' approval to get the offer accepted.