Squire Mining is Creating 10NM Bitcoin ASIC Mining Chips, Rigs & Data System
Squire Mining Will Develop and Sell Data Mining Infrastructure and System Technology
The company Squire Mining Ltd. announced that it has closed a non-brokered private placement equity financing of $19 million dollars in order to fund developing manufacturing and selling data mining infrastructure and system technology.
This shows that the cryptocurrency and blockchain technology field continue to attract investors from all over the world. Indeed, the company believes that the crypto market could reach $1 trillion dollars at the end of 2018, and over $10 trillion dollars by 2030.
This is why the Canadian company announced on August 10, 2018, that it is entering the crypto world. As Squire Ltd. explained, the funds gathered will be used to design, develop, and test the initial generation of ASIC chips and other mining solutions for mining Bitcoin (BTC).
Of course, the competition in the market is very hard, which means that the products should be very powerful and at attractive prices.
It is important to mention that the financing will also cover the development of a second next-generation ASIC chip and mining rig. Other administrative expenses will be paid with these funds.
By the end of the current year, the company should have ready a pilot production tests of the first ASIC chip and rig for mining Bitcoin.
In addition to this, Squire Mining Ltd. signed an agreement with Peter Kim to create the company that will develop ASIC chips. This partnership has been signed back on march 14, 2018.
The agreement reads as follows:
“The joint venture company, undertake the design, development and commercialization of next-generation 10nm ASIC chips in which the Company will hold an initial 66 ⅔ % interest, and Kim will hold a 33 ⅓% interest.”
Furthermore, the agreement shows that the joint venture company will be selling bitcoin and crypto mining systems aside from developing their own mining facilities.
As mentioned before, the crypto mining market is now dominated by Bitmain, which is the most important mining company that owns over 80% of the total market. But other companies are entering the market such as Samsung. This is very important because prices should be reduced, and the power of the devices should increase.
The mining industry is very profitable, and even when there is a bear market, mining companies are still earning important sums of money. This is the case of Bitmain, that declared profits in 2017 of more than $3 billion dollars. In the future, the company will be investing in other fields such as artificial intelligence.
Squire Mining Ltd. will also be filing final listing documents with the CSE and reinstatement of the company’s shares for trading expected for early next week.