Bitcoin mining firm Bitfarms rejected a nearly $1 billion acquisition proposal from Riot Platforms, another bitcoin mining company.

Riot wanted to buy out all of Bitfarms' outstanding shares at $2.30 a piece — a 24% premium on the one-month weighted average per share, according to a Riot Platforms release. The deal would have cost $950 million in total equity value.

Riot sought the deal as a way to create one of the largest publicly listed Bitcoin mining firms with broad geographic operations, Riot Executive Chairman Benjamin Yi said in the release. However, Bitfarms' board of directors did not take the deal.

"We were disappointed to learn that the Bitfarms Board rejected our compelling proposal without engaging in substantive dialogue with us," Yi added. "While we have long respected …