📣Big news in the Bitcoin mining world! Riot Platforms Inc., a top crypto mining company, is setting its sights on Bitfarms Ltd., another major player in the industry. 💰Riot has already snapped up a 9.25% stake in Bitfarms and is planning a public takeover offer, despite being turned down by the company’s board.

Riot is proposing a purchase price of $2.30 per share, valuing Bitfarms at a whopping $950 million. 🚀This merger would create the world's largest Bitcoin miner, with a combined power capacity of 1 gigawatt (GW) and a mining capacity of 19.6 exahashes per second (EH/s). By year-end, these figures are expected to rocket to 1.5 GW and 52 EH/s.

🌎The new entity would operate 15 facilities across the US, Canada, Paraguay, and Argentina. Riot's strong financial standing, with over $700 million in cash, minimal debt, and 8,872 Bitcoin, is a key factor in the proposed acquisition.

The Bitcoin mining industry is undergoing rapid consolidation following the halving, an event that halves the rewards for mining Bitcoin. 🏭While larger miners like Riot have thrived post-halving with substantial cash reserves, smaller miners are struggling due to limited negotiating power and capital access.

Riot operates North America’s largest Bitcoin mining facility in Texas, with a 700 MW capacity and plans for a new 1 GW site. Bitfarms, on the other hand, has been expanding its operations globally, particularly in South America, where electricity costs are lower. 🌍Stay tuned for more updates on this exciting development in the Bitcoin mining industry! 🚀🚀🚀