Riot Platforms Pursues Takeover of Rival Bitcoin Miner Bitfarms (2024)

FAQs

Is Riot taking over Bitfarms? ›

Riot has been trying to take over Bitfarms for several months, and the smaller rival has made several efforts to fend off the unsolicited offer, including a “poison pill” shareholder rights plan.

BTC holding rise

The remaining 111 BTC were added to its Treasury, boosting its total holdings to 1,016 BTC, valued at approximately $67.2 million as of July 31. Bitfarms' CFO Jeff Lucas noted that the company's continued growth supports its goal of achieving a mining capacity of 21 EH/s and 21 w/TH by year-end.

Bitcoin mining is the process by which Bitcoin transactions are validated digitally on the Bitcoin network and added to the blockchain ledger. It is done by solving complex cryptographic hash puzzles to verify blocks of transactions that are updated on the decentralized blockchain ledger.

How Long Does It Take to Mine 1 Bitcoin? The reward for mining one block is 3.125 bitcoins. It takes the network about 10 minutes to mine one block, so it takes about 10 minutes to mine 3.125 bitcoins.

Bitfarms Stock Forecast

The 6 analysts with 12-month price forecasts for Bitfarms stock have an average target of 4.17, with a low estimate of 3.00 and a high estimate of 5.00. The average target predicts an increase of 104.41% from the current stock price of 2.04.

Bitfarms has a consensus rating of Strong Buy which is based on 4 buy ratings, 0 hold ratings and 0 sell ratings. The average price target for Bitfarms is C$6.25. This is based on 4 Wall Streets Analysts 12-month price targets, issued in the past 3 months.

Based on analyst ratings, Bitfarms's 12-month average price target is $4.51. What is BITF's upside potential, based on the analysts' average price target? Bitfarms has 138.62% upside potential, based on the analysts' average price target.

Bitfarms (BITF) Ownership Overview

The ownership structure of Bitfarms (BITF) stock is a mix of institutional, retail and individual investors. Approximately 11.99% of the company's stock is owned by Institutional Investors, 28.33% is owned by Insiders and 59.68% is owned by Public Companies and Individual Investors.

Bitfarms net worth as of September 09, 2024 is $0.81B.

How much a company is worth is typically represented by its market capitalization, or the current stock price multiplied by the number of shares outstanding.

As of 2024, cryptocurrency mining is legal in the United States, but being governed by a mix of federal and state regulations, it faces potential changes in taxation.

How much does it cost to mine 1 Bitcoin? ›

Mining a Bitcoin depends on your energy rate per Kwh, it costs $11,000K to mine a Bitcoin at 10 cents per Kwh and $5,170K to mine a Bitcoin at 4.7 cents per Kwh. Learn how and if mining right for you in July 2024! #1 What is Bitcoin, and why does it need to be mined? #2 How long does it take?

How many Bitcoins are left to be mined? As of July 5, 2024, there are 19.72 million Bitcoins in circulation out of a total supply of 21 million. This means there are only 1.28 million Bitcoins left to be mined. All 21 million Bitcoins are expected to be mined by the year 2140.

Yes. Libertex provides free Bitcoin mining to its users via a virtual miner. There are no hidden charges or fees to start earning with our virtual Bitcoin miner. Miners may increase their mining speeds and, consequently, mining profit by upgrading their status in our customer loyalty programme.

So in short - yes, you can mine 1 Bitcoin per day. If you were the only miner on the network, you could mine 144 per day. The point is that you are competing with other miners, and it would require an insane amount of mining hardware to even reach a single Bitcoin per day.

The acquisition takes the total count of Bitfarms shares owned by Riot to about 85.3 million. Bitfarms said earlier in the day its co-founder and chair Nicolas Bonta, one of the three board members top shareholder Riot sought to replace, would leave the company immediately.

Based on analyst ratings, Riot Platforms's 12-month average price target is $16.95. Riot Platforms has 148.90% upside potential, based on the analysts' average price target. Riot Platforms has a consensus rating of Strong Buy which is based on 10 buy ratings, 0 hold ratings and 0 sell ratings.

Tencent, based in China, invested in Riot Games in 2011 and became its outright owner four years later. Riot is headquartered in Los Angeles.

Bitfarms has a consensus rating of Strong Buy which is based on 3 buy ratings, 0 hold ratings and 0 sell ratings. What is Bitfarms's price target? The average price target for Bitfarms is $4.51. This is based on 3 Wall Streets Analysts 12-month price targets, issued in the past 3 months.