The war between two Bitcoin mining companies, RIOT Platforms and Bitfarms, continues. As it is known, RIOT has been wanting to buy Bitfarms for a long time, but Bitfarms management responds ‘No’, claiming that the offers made are too cheap.

Share rate increased to 18.9%

RIOT, on the other hand, claimed that Bitfarms’ board of directors was acting arbitrarily and that the company was operating far below its capacity, stating that changes should be made in the board as the largest shareholder. As a result of this war, RIOT seems to have made another important gain. According to the statement made by RIOT, another $2.3 million was purchased from Bitfarms shares and the total share rate was increased to 18.9%.

Nicolas Bonta steps down from board

In all this struggle, Bitfarms founder and chairman of the board Nicolas Bonta also had to leave the seat. The RIOT company wants Nicolas Bonta as well as two more board members to leave the post. The date for a vote on this issue was set for October 29. However, Bonta himself left the seat months before this vote.

At the beginning of the year, RIOT made an offer of $950 million for Bitfarms, but the Canadian company rejected the offer as low.

‘Poison pill’ is coming

On the other hand, Bitfarms has long been considering the introduction of a ‘poison pill’ plan for RIOT’s acquisition plan. Thanks to this plan, if a shareholder undesirably holds more than 20% of the shares, Bitfarms will issue additional shares and distribute them to shareholders at a cheap price. This situation will of course reduce the value of the company’s shares and harm the company like a ‘poison pill’ entering a body.