Bitdeer Technologies Belongings Company, a Singapore-based Bitcoin (BTC) mining corporation, has announced that it has entered into a definitive merger agreement with Blue Safari Group Acquisition Corp. to combine the businesse of Blue Safari and the miner.

According to the announcement, the two firms are expected to merge and exist renamed Bitdeer Technologies Group, retaining the NASDAQ stock marketplace listing.

Bitdeer is a Singapore-based visitor that focuses on the cryptocurrency mining manufacture. The Bitcoin mining company currently has five proprietary mining data centers in the United States and Norway.

According to the annunciation, the transaction positions Bitdeer as a potential disruptor in the cryptocurrency mining sector. Every bit chairman and creator of Bitdeer, Jihan Wu will go on to lead the combined organization following the conclusion of the transaction. While commenting on the transaction, Wu expressed his excitement almost the 2 organizations coming together. He further added:

"As a leader in crypto mining, we will proceed to solidify our leading position in the crypto mining space. Today marks a meaning milestone for Bitdeer, and we strive to create value for our broader grouping of stakeholders in the future, including our clients, employees and shareholders."

The announcement claims that following the transaction, Bitdeer will have an unsaid corporate value of around $4 billion. The proposed merger has been canonical past the boards of directors of both companies, and it is anticipated to be completed in the start quarter of 2022, subject to regulatory clearances, shareholder approval for the transaction and other customary closing atmospheric condition being met.

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The transaction is yet another instance of a large corporation inbound the Bitcoin mining space since Greenidge announced its understanding to merge with customer and technical support solutions provider Support.com on Sept. xiii.