RIOT, seen as the largest Bitcoin miner in the US alongside Marathon, is looking to acquire Canadian mining firm Bitfarms. RIOT said it has made an offer of $2.3 per share to Bitfarms’ board of directors. This bid brings the proposed amount for the entire company to $950 million.

It was stated that the offer was rejected by Bitfarms in the first place. However, RIOT also officially shared the information that it received a 9.25 percent stake from Bitfarms in its statement.

In RIOT’s statement, it was noted that the merger of Bitfarms and RIOT “makes sense” in many respects, and as a result of this union, the largest mining power on a global scale will be reached.

Stating that one of the details that the merger will contribute the most is that there will be many facilities in different regions, RIOT said, “When the merger takes place, there will be a wide spread from the USA to Canada, from Paraguay to Argentina.”