Riot has financial capacity to consolidate bitcoin mining space, says report
According to a report by broker Bernstein, Riot has the financial capability to consolidate the bitcoin mining industry. The report predicts that the US bitcoin mining space will eventually consolidate to around five major players, and suggests that larger miners should increase their mergers and acquisitions (MA) activity to remain strategically relevant. Riot, which has no debt and over $1.3 billion in cash and bitcoin, is attempting to acquire rival bitcoin miner Bitfarms and has offered to buy all outstanding shares in the company for $2.30. Bernstein recommends that larger miners ramp up their MA plans to maintain their long-term strategic relevance.
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