Core Viewpoint - Riot Platforms withdrew its $2.30 per share offer to acquire Bitfarms, which was valued at approximately $950 million, but remains committed to pursuing a transaction contingent on changes to Bitfarms' board [1][2][3]. Group 1: Acquisition Dynamics - Bitfarms rejected Riot Platforms' acquisition proposal, prompting Riot to seek board changes as a prerequisite for further negotiations [2][3]. - Riot Platforms nominated three candidates for Bitfarms' board, indicating a strategy to gain influence within Bitfarms' governance structure [3]. - Riot holds a nearly 15% stake in Bitfarms, which it is leveraging to push for boardroom changes essential for advancing acquisition plans [3]. Group 2: Financial Performance - Bitfarms reported $50 million in revenue for Q1, reflecting a year-over-year increase of about 9.0%, with a gross mining margin of 59% [4]. - The Canadian tax authorities confirmed a $24 million VAT refund for Bitfarms, enhancing its financial flexibility for future growth initiatives [5].

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Group 1: Penny Stocks Overview - Penny stocks present significant investment opportunities due to their lower market caps and higher volatility, attracting investors willing to take on more risk [1][2] - Certain penny stocks are gaining attention for their innovative business models and potential for substantial growth, particularly in niche markets or due to regulatory changes [2] Group 2: Bitfarms (BITF) - Bitfarms operates in North and South America, strategically located in regions with favorable energy costs and regulatory environments, including Canada, the U.S., Argentina, and Paraguay [4][5] - The company focuses on Bitcoin mining using low-cost renewable energy, achieving electricity costs as low as $0.03 per kWh in Argentina, which enhances profit margins [6] - Bitfarms reported a year-over-year revenue growth of 67%, with Q1 2024 revenues reaching $50 million, and a sequential increase of 50% in adjusted EBITDA [7] Group 3: Denison Mines (DNN) - Denison Mines is a key player in the uranium mining sector, particularly in the Athabasca Basin of Saskatchewan, Canada, known for high-grade uranium deposits [10][11] - The company's flagship Wheeler River Uranium Project is the largest undeveloped uranium asset in the region, positioning Denison for substantial growth as nuclear power market conditions improve [11] - Denison holds a 22.5% interest in the McClean Lake Joint Venture, which processes ore from several mines, including the Cigar Lake mine, and has strategically acquired 2.5 million pounds of U3O8 at lower costs than current market prices [12][13] Group 4: TeraWulf (WULF) - TeraWulf is emerging in cryptocurrency mining, focusing on zero-carbon energy sources and developing AI data centers [15][16] - The company operates two major facilities in the U.S., utilizing hydroelectric and nuclear energy, achieving power costs as low as $0.02 per kWh, which significantly reduces operational costs [16] - TeraWulf's dual focus on cryptocurrency mining and AI data centers positions it uniquely in the tech industry, potentially attracting diverse investments [17]

Meanwhile, speculators pushed BITF stock price to $3.03 per share overnight, the market capitalization rising to $1.25 billion. RIOT stock was due to open at $11.05, a market cap of $3.2 billion. Shares of both Bitcoin miners have been hammered so far in 2024. Riot is down by almost 29%. Bitfarms' price had been nearly cut in half before Riot began its takeover effort. It is now down just 1% on the year. However, Bitfarms also adopted what's called a "poison pill" that would have it issue new shares once Ri ...

Penny stocks offer savvy investors a whole host of opportunities. Though there will always be purely speculative plays, some promising companies can become high-quality stocks in the future. Gold Royalty (GROY) Source: Alexander Limbach / Shutterstock Gold Royalty (NYSEMKT:GROY) is a precious metals play that is relatively attractive to its peers due to its unique business model. The company isn't directly involved in mining activities, unlike traditional gold miners. Instead, it provides the capital needed ...

-First U.S. large scale site supports 8 EH/s in 2025 with deployment of 600 PH/s in 2024- -Strategically located in PJM Interconnection market, providing access to low-cost, flexible power- -Increases 2025 power capacity to 648 MW, up 170% from current 240 MW- -Company establishes 2025 guidance of over 35 EH/s- Situated strategically within the Pennsylvania-New Jersey-Maryland Interconnection (PJM), the largest wholesale electricity market in the U.S., and located in a deregulated state, this site offers ac ...

TORONTO, Ontario and BROSSARD, Québec, June 13, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (Nasdaq/TSX: BITF), a global vertically integrated Bitcoin mining company, today announced an agreement to develop up to 120 MW of power capacity and lease a site in Sharon, Pennsylvania. Construction at the site will commence immediately following the closing, with development and build-out costs anticipated to be similar to recent deployments in Canada and Paraguay. This represents a significant growth opportunity for B ...

-Continues to Welcome Riot's Participation in Ongoing Strategic Alternatives Review Process- The Special Committee has welcomed Riot's interest in the Company and participation in the ongoing Strategic Alternatives Review Process, including by agreeing to the standstill term proposed by Riot. Riot declined to participate in the process and instead has continued to acquire common shares of the Company in the open market in an attempt to undermine the integrity of the process and harm the interests of the Com ...

If Riot is passionate about corporate governance as it so purports, Riot should focus on its own Board. Indeed, the Riot Board's corporate governance received a higher risk rating in governance from Institutional Shareholder Services and a 0.4 out of 10 in board accountability from Glass Lewis & Co. Attacking Bitfarms' governance is not only hypocritical, but it is a thinly veiled ploy to achieve Riot's own self-serving agenda and attempt to acquire Bitfarms at a discounted price. Bitfarms currently has 12 ...

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023. About Bitfarms Ltd. A deferral of acceptance of the Rights Plan by the TSX does not affect the adoption or operation of the Rights Plan, which will remain operative and effective for a minimum of six months from the date of adoption on June 10, 2024, unless earlier terminated. Founded in 2017, Bitfarms is a glo ...