Bitfarms Bolsters Defenses Against Hostile Takeover with Stronghold Digital Mining Acquisition

• Bitfarms has acquired Stronghold Digital Mining in a $175 million deal to resist a hostile takeover by Riot.
• The acquisition will boost Bitfarms' valuation and operations, making it a more challenging acquisition target for Riot.
• Bitfarms will add 307 MW of power capacity to its mining operations, strengthening its market position.
• The deal could invite scrutiny from regulators and investors, making any acquisition of Bitfarms more difficult.
• Malaysian authorities crushed 985 Bitcoin mining rigs worth $452,500 as part of a crackdown on power theft.
• The rigs were seized during enforcement operations, and the destruction aims to deter electricity theft associated with mining activities.
  

Summary :
Bitfarms, a Bitcoin mining firm, has acquired Stronghold Digital Mining in a $175 million deal. The acquisition is seen as a strategic move to resist a hostile takeover by rival Riot Platforms. By acquiring Stronghold, Bitfarms aims to increase its value and strengthen its negotiating position. Riot has been trying to acquire Bitfarms since last April and currently holds a 19% stake in the company. The acquisition of Stronghold will boost Bitfarms' operational capacity and make it a more challenging acquisition target for Riot. Additionally, the deal could invite scrutiny from regulators and investors, further complicating any potential acquisition of Bitfarms.

Sources :

- Decrypt
- Bitcoinmagazine
- TheBlock
- CoinTelegraph
- Coindesk
- Blockworks
- TheBlock
- Decrypt
- Decrypt
- Bitcoinmagazine


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