Riot, a Bit coin mining company, increased its stake in Bitfarms by approximately 10.2 million shares in July, advancing its acquisition plan.

Odaily Odaily News: A document on Wednesday showed that Bitcoin mining company Riot continued to try to acquire competitor Bitfarms. The company purchased about 10.2 million shares of Bitfarms in July. In May of this year, Riot tried to acquire Bitfarms for about $950 million. The CEO of Riot Platforms criticized Bitfarms' plan to prevent the acquisition. In June of this year, Bitfarms took the first "poison pill" measure to prevent possible acquisitions, and later upgraded this approach in July. Google Finance data showed that Riot's Nasdaq stock price closed down 1.74% on Wednesday, while Bitfarms' stock price closed up 4.03%. So far this year, Riot's stock price has fallen 33.87%. (The Block) Earlier today, Riot Platforms reported that the company had a net loss of $84.4 million in the second quarter, compared with a net loss of $27.4 million in the same period last year. Despite the financial setback, the company still achieved revenue of $70 million in the second quarter, slightly lower than $76.7 million in the same period last year. The results reflect the challenging environment following the Bitcoin network’s recent “halving” event. Riot Platforms also reported a 52% drop in Bitcoin production, from 1,775 to 844 in the second quarter of 2023. However, despite the drop in production, Riot Platforms still achieved strong gross margins and revenue was flat with last year.