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Title: Riot Platforms Makes Offer to Buy Bitfarms, Bitcoin Miners Look to Consolidate
Riot Platforms has announced its intention to acquire rival Bitcoin miner Bitfarms, with a 9% stake in the company. Bitfarms has rejected a $950 million offer from Riot, causing a slight drop in RIOT stock and a rise in BITF stock. The consolidation of Bitcoin miners is driven by the need to cut energy costs, as Bitcoin mining consumes a significant amount of electricity. Riot's proposal for the combined company includes operations in North and South America, with a total power usage of 2.2 gigawatts. Bernstein Research expects the U.S. BTC mining space to consolidate into five major players, with BTC prices projected to reach $90,000 this year and $150,000 next year. The move towards consolidation reflects the miners' efforts to reduce costs and increase profits.
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