A prominent Bitcoin and cryptocurrency mining company is pursuing its own version of going public with a blank check merger.
A press release today shows BitDeer joining with Blue Safari for an SPAC acquisition where the mining company gets a valuation of $4 billion.
The global company headquartered in Singapore has holdings as far away as the U.S. and Norway, in active operation of cryptocurrency mining and support for miners around the world.
What does BitDeer do? The company provides miner procurement services and transport logistics. It also helps with mining data center design and mining machine management, for example, through the company’s Minerplus cloud services division.
“During a digital assets bull run, there is always the potential for major fluctuations and corrections,” said Minerplus/Bitdeer Group head Bob Liang in a recent press statement. “It is crucial for new and existing practitioners to seize opportunities at the right moment as the sector charges ahead without rest. Well-funded conventional investors are directing their investments into digital asset mining. As new capital rushes into the sector to compete for hashrate, it is essential for the mining industry to make upgrades in ancillary services.”
The company’s MiningOS product is currently in beta.
“The mining sector is an essential part of the crypto economy,” reads a CryptoLinks review of BitDeer. “It plays a pivotal role by ensuring that crypto networks remain true to the core foundations of decentralization, especially when it comes to consensus-based transaction validation. That said, the mining economy, as a result of increasing technical requirements, has shifted from a one-person venture-dominated market to an institutionalized landscape.”
Amid new challenges to the Bitcoin mining community, BitDeer’s public listing may have an impact. Rather than go through an ICO or SAFT type of process, or something like that, the company chose the SPAC merger, as others have done before, for an easy way to get listed and traded in a quickly emerging industry.
Look for more on key mining support companies as cryptocurrency transaction volumes grow in our markets.