Squire and Ennoconn Partner to Produce AraCore ASIC Mining Chip Hardware
Squire Partners With Ennoconn To Produce Next-gen Mining Hardware
Squire Mining has announced that the Ennoconn Corporation will be their primary supplier of mining hardware to mine BTC, BCH and other digital currencies. Ennoconn is a company that deals with the manufacturing of motherboards and other computing hardware. Its headquarters are in Taipei, Taiwan. Ennoconn is also listed on the Taiwan Stock Exchange. The Foxconn Technology Group is the majority shareholder of Ennoconn.
Earlier in August, Squire Mining announced that its subsidiary, AraSystems Technology Corp., had reached a provisional agreement with an unnamed technology assembly company. As it turned out, the company is Ennoconn and will assist in the assembly of Squire’s next-gen mining hardware.
On October 3, Squire completed the development and testing of its FPGA working prototype microchip. The preliminary results of the terahash-to-energy consumption ratio done on the prototype demonstrated that the final ASIC chip has the potential to reduce operational expenses by 40%. This would save enterprise mining facilities a whopping $60 million every year. Moreover, the ASIC miner is expected to improve the speed of mining, meaning that miners will get more profits within shorter periods.
The success of the pilot testing phase encouraged Squire Mining to sign a deal with Ennoconn for the mass production of next-gen mining hardware for AraSystems Technology. The design of the ASIC chip will be done by engineers from Squire Mining, Ennoconn, GaonChips, and Samsung Electronics. After the completion of the design, development and testing stages, Ennoconn will be responsible for the assembly of the rigs.
The prototype of the next-gen ASIC mining rig is expected to be presented at the CoinGeek Conference in London. The meeting will take place from November 28. So far, leading enterprise mining facilities around the world have expressed interest in this product. The sales are expected to start after the launch of the prototype.
Simon Moore, the CEO of Squire, express his happiness for working with prominent companies such as Ennoconn. Simon reiterated on the importance of partnering with firms that have the reputation of delivering first-rate hardware. He added that Squire is confident that Ennoconn can produce an exceptional mining rig for the crypto space.