Riot Platforms has increased its stake in Bitfarms Ltd by acquiring an additional 1 million common shares, valued at approximately $2.28 million. This acquisition raises Riot's total holdings in Bitfarms to 85.3 million shares, accounting for 18.9% of the company. The move intensifies the influence Riot has over Bitfarms, which has been marked by ongoing tensions between the cryptocurrency mining companies. Previously, Riot made a $950 million unsolicited acquisition offer, which Bitfarms rejected, calling it undervalued. In response to Riot's efforts, Bitfarms implemented a 'poison pill' strategy to deter any hostile takeover attempts. Additionally, Riot has been actively seeking to replace some Bitfarms board members. Despite the boardroom disputes, Bitfarms recently accepted the resignation of its CEO, a figure targeted for replacement by Riot. Alongside these dynamics with Bitfarms, Riot is expanding its operations through other acquisitions, including the purchase of Block Mining for $92.5 million, diversifying its energy sources beyond Texas.

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