Bitcoin miner Riot Platforms ( RIOT ) dropped its proposal to buy peer Bitfarms ( BITF ) and is looking to overhaul the board before engaging in further takeover attempts.

"Over the course of more than a year of attempting to engage constructively with the Bitfarms Board regarding a potential combination of Bitfarms ( BITF ) and Riot, it has become evident to Riot that good faith negotiations simply will not be possible until there is real change in the Bitfarms ( BITF ) boardroom," Riot said in a press release on Monday.

The miner is nominating John Delaney, Amy Freedman and Ralph Goehring to replace the current Bitfarms ( BITF ) board members.

Riot, which became Bitfarms' ( BITF ) largest shareholder and owns 14.9% of the company, called for a special meeting to remove Bitfarms' ( BITF ) Chairman and interim CEO Nicolas Bonta, director Andrés Finkielsztain and anyone who might fill the vacancy created by the resignation of co-founder Emiliano Grodzki. Riot will also look to remove any additional director appointed by the current board of Bitfarms ( BITF ) after today.

The hostile takeover bid became public last month after Riot offered to buy Bitfarms ( BITF ) for $2.30 per share, an approach that was swiftly rejected. Riot continued to buy its rival's shares to exert pressure on the board to engage with the miner. Subsequently, BItfarms ( BITF ) implemented a shareholder rights plan or "poison pill" to deter Riot from buying the company.

Riot said it will continue pursuing a takeover because a combination would create the world's largest publicly listed bitcoin miner that is "well positioned for long-term growth."

Bitfarms ( BITF ) shares fell more than 6% on Monday, although the stock is trading above its $2.30 per share buyout offer, implying the traders still see BITF as a potential takeover target. Riot shares were slightly down as bitcoin fell 3% in the last 24 hours.