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Bitfarms Declines Riot Platform’s Acquisition Offer

Bitfarms, a leading Bitcoin mining company, recently made headlines by rejecting an unsolicited acquisition offer from Riot Platform. The offer, valued at $2.30 per common share and totaling $950 million, was deemed insufficient by Bitfarms due to its undervaluation of the company’s growth potential.

Despite facing leadership challenges following the abrupt termination of its former CEO and subsequent legal battles, Bitfarms remains resilient and has attracted interest from other potential buyers. This has prompted the company to explore strategic alternatives in order to maximize shareholder value.

Bitfarms has set ambitious goals for the future, aiming to achieve a hashrate of 21 EH/s and efficiency of 21 w/TH by 2024. To reach these targets, the company is focusing on expanding its operations and upgrading its mining fleet across various facilities.