Squire Raises $25.5 Million For Bitcoin ASIC Chips And Crypto Mining Rigs Production
Square Mining Ltd. recently announced their plans to the public to develop the next generation of ASIC mining rigs and chips. Their plan involves the distribution of the rigs by an associate from CoinGeek.com, according to an agreement with the company that there will be no other distributors.
Based on an announcement that came out on August 22nd, the company announced that they’d finally accrued the $25.5 million in funding that they needed for the development and sale of the tech. It would be primarily for the use of Bitcoin Cash, though it is possible to mind altcoins for individuals that use this SegWit technology.
Squire Mining seems to be keeping on schedule, and they plan to keep up with their intention to test the systems out by the end of the year. After they test out their application, the chips and rigs will be turned over to CoinGeek.com for sale. They have collaborated with Future Farm Developments Ltd to form Arasystems Technology Corp., which will help them create and assemble the chip-powered rigs.
In the partnership between Squire Mining and CoinGeek.com, CoinGeek.com will also control the marketing of these ASIC devices. In the starting sales, the main focus will be for Bitcoin BCH miners, since the coin benefits from the fact that it has the scalability and security needed to perform microtransactions.
Simon Moore, the executive chairman of Squire, issued the following statement:
“We are very excited to be partnering with a market leader such as CoinGeek.com and its associates. This partnership will allow us to quickly gain a strong foothold in a fast-moving, global marketplace.”
Right now, it seems that Bitcoin BCH is the only cryptocurrency in the world that truly aligns with the intention behind the original whitepaper of Bitcoin creator Satoshi Nakamoto. To introduce the CoinGeek team to a larger public, miners at the enterprise skill level should attend the CoinGeek Week Conference. This conference is located in London, and it will occur in the last week of November.
To purchase tickets for this event, visit coingeekweek.com/. Individuals that hold a bComm Association membership will receive a discount, though every purchase must happen in BCH.