Bitcoin Miner Rejects $950 Million Offer

Bitcoin mining company Bitfarms rejected the offer made by its rival Riot Platforms.

Riot, which currently owns 9.25% of Bitfarms, made an offer to buy all the remaining outstanding shares of the company at $2.30 each. Bitfarms was valued at $950 million for this.

Bitfarms management decided that this offer “undervalues” the company. Bitfarms also stated that it did not comply with Riot's request for privacy on the matter.

By acquiring Bitfarms, Riot aims to become the largest Bitcoin miner in the world.

Bitfarms fired Geoffrey Morphy as CEO after he filed a $27 million lawsuit against the company. The company's search for a new CEO continues.