Riot Platforms Inc. proposes a $950 million acquisition of Bitfarms Ltd. after a private approach was rejected.

The offer is $2.30 per share in cash and stock, a 20% premium over Bitfarms' previous trading price.

Riot's stock is slightly down while Bitfarms' stock is rising, showing investor interest in the potential merger.

The merger reflects a consolidation trend in the cryptocurrency market aimed at cost-effective mining solutions.

If successful, the merger would create the largest global Bitcoin miner, enhancing Riot's Bitcoin production and market value to around $3 billion.

Consolidation among Bitcoin miners aims to cut energy costs, with Riot being the largest shareholder of Bitfarms.

The combined company would operate in North and South America, utilizing 2.2 gigawatts of power.

Bernstein Research anticipates further consolidation in the U.S. Bitcoin mining space and predicts Bitcoin prices will reach $90,000 this year and $150,000 next year.