Singapore-stationed crypto mining firm Bitdeer Technologies Holding Co. is merging with a company known as Blue Safari Group Acquisition Corp. The former enterprise is controlled by Jihan Wu – a Chinese billionaire who is responsible for bringing Bitmain to life – and will begin trading on the Nasdaq once the $4 billion acquisition is complete.
Bitdeer Has Some Big Plans
As one of the most influential people in the digital currency space, Wu worked as the head equipment maker and miner at Bitmain Technologies Ltd. His departure with the firm came when Bitmain broke up not too long ago. He is now looking to expand his horizons and is fusing his company with Blue Safari, a special purpose acquisition company that ultimately raised more than $60 million through the initial public offering (IPO) it held last summer.
Following news of the merger, shares in the firm rose to more than ten dollars. At press time, Bitdeer operates roughly five separate mining centers in both the United States and Norway. It also provides a wide array of cloud-hosting services to other miners throughout the globe and develops its own mining software.
Last June, Bitdeer announced the presale launch of its new mobile crypto mining farm, which operates under the name Antbox. The product claims to assist customers in setting up their own unique mining businesses in roughly half the time it would take to set up a traditional operation. It also claims to be far less expensive.
In a statement, Wu explained:
As a leader in crypto mining, we will continue to solidify our leading position in the crypto mining space. Today marks a significant milestone for Bitdeer, and we strive to create value for our broader group of stakeholders in the future, including our clients, employees and shareholders.
Wu served as the chairman and chief executive of Bitmain until early this year. Wu had been dealing with a power struggle that had ultimately gone on for many years between himself and Micree Zhan, who co-founded the firm in 2013.
Bitmain… No More?
There was a time when Bitmain was the biggest and most powerful developer and deliverer of crypto mining equipment in the world. There were many concerns that the firm could potentially engage in a 51 percent attack on the industry in that it boasted such a high level of control, smaller firms were being given virtually no chance at competing.
The company was stationed in China, which at one point, was home to many of the world’s largest crypto-based enterprises. However, things took a nasty turn earlier this year when Beijing announced protocols designed to make the country more carbon neutral. As a result, all bitcoin mining companies were unceremoniously kicked off of China’s turf, and bitcoin and crypto transactions became illegal overnight.
