Bitmain Redux: Bitdeer and BitFuFu Are About to Test US Stock Market's Mining Appetite

Bitmain-Backed BitFuFu Abandons Mining Rigs In Kazakhstan Due to Power RationingCloud mining has proven a popular model with retail and institutional investors, so much so that Bitdeer said that its hosting plans were sold out for several weeks starting Jan. 31. “We may not have any hosting plans any time soon,” and “plans are just on high demand,” said a customer service representative on Bitdeer’s official English channel on Jan. 31.

One of the ways the platforms can make money, is from the difference between the higher retail prices that they charge their clients and the lower bulk prices at which they buy electricity and equipment. However, given the nature of the business of cloud mining, it's possible the miners could be spared some regulatory scrutiny. “As hash rate hosting marketplaces with a distributed portfolio of mining data centers, they can democratize access via cloud mining and, to a certain extent, be less directly subject to regulatory risks of specific jurisdictions,” China Tonghai Securities’ Pau said.

Bitdeer will merge with Blue Safari Corporation at an implied market cap of $4.08 billion, according to a. The new company will be renamed to Bitdeer and Wu will continue to serve as chairman of Bitdeer’s board, according to SEC filings.

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