Bitcoin Miner Bitfarms Is Said in Talks to Acquire Stronghold

Bitcoin mining company Bitfarms Ltd. is in talks to acquire Stronghold Digital Mining Inc. for about $164 million while fending off a takeover attempt by Riot Platforms Inc., according to people familiar with the matter.

Stronghold shareholders will receive about 2.5 Bitfarms shares for each share held, according to the people, who asked for anonymity because the plans haven’t been made public. The transaction includes assumed debt. A spokesperson for Toronto-based Bitfarms didn’t respond to a request for comment. Stronghold declined to comment.

Miners mint the cryptocurrency through a process where they compete to solve computational puzzles to unlock rewards ...