Bitcoin
Bitcoin Mining Bitfarm Shares Rise as Riot Takeover Turns Hostile
Bitfarms shares soared 17% on Thursday after the Toronto-based Bitcoin miner revealed plans to expand its presence in Pennsylvania as it tries to fend off a hostile takeover.
The company he said had entered into an agreement to develop its first large-scale mining site in the US, which will ultimately increase its total energy capacity to 648 megawatts (MW) by 2025. The new site – where construction is expected to begin immediately – could add 120 MW, Bitfarms said.
Bitfarms said it plans to rent the facility in Sharron, Pennsylvania, where computers will constantly perform complex calculations in verifying Bitcoin transactions. Poised to consume large amounts of energy, Bitfarms praised the site for its “competitive electricity supply.”
Sitting on the so-called Pennsylvania-New Jersey-Maryland interconnection, Bitfarm president and interim CEO Nicolas Bonta said access to the largest U.S. wholesale electricity market “improves [Bitfarm’s] geographic diversification.”
Bitfarms said access to the 11,200-square-foot U.S. warehouse was paid for by issuing 1.5 million common shares. Listed on the Nasdaq stock exchange, Bitfarm’s share price (NASDAQ:BITF) has risen about 140% in the past year to about $2.81 at the time of writing.
Meanwhile, the company tries to combat Riot Platforms, which announced earlier this month that it accumulated 12% of Bitfarm’s outstanding shares.
Accusing Bitfarm’s board of directors of “poor corporate governance,” Riot said it intended to call a meeting of Bitfarm shareholders to appoint more independent and qualified directors.
The change was received harshly by Bitfarms, which subsequently he said that Riot’s proposal “significantly undervalues Bitfarms and does not serve the best interests of shareholders.” The conclusion was reached by a special committee of independent directors, Bitfarms emphasized.
“Attacking Bitfarms’ governance is not only hypocritical, but is a thinly veiled ploy to achieve Riot’s selfish agenda and attempt to acquire Bitfarms at a discount,” he continued. “Riot did not act in good faith.”
Riot accused Bitfarms of poor governance again as ridiculed a so-called poison pill, in which Riot would allegedly be prevented from owning 15% of Bitfarm’s common shares without making a “formal takeover offer” to buy all of them in the Toronto-based Bitcoin mining company.
Poison pills are a common defense tactic in the business world, where a company takes steps to make its shares less attractive to purchase and discourage potential acquirers.
“Rather than engage with us privately and in good faith, Bitfarms responded by implementing an off-market poison pill,” Riot CEO Jason Les said in a statement. “We will continue to press to resolve the serious corporate governance issues at Bitfarms.”
Edited by Ryan Ozawa.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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