Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Paha87 on August 19, 2018, 08:15:57 PM
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The canadian company Squire Mining has raised nearly $ 20 million to Finance the design, development and testing of "next generation"ASICs. Squire also wants to create its own mining enterprises.
$20 million to develop a new asik
Squire Mining Ltd., an investment firm in Canada specializing in global resource research and technology projects, closed a round of private funding of$ 25.5 million ($19.5 million). According to the company, these funds will be invested in the company's entrance to the crypto sphere.
According to the press release, Squire intends to use the funds to Finance the development, testing and mass production of "next generation" ASICs for bitcoin mining. Part of the funding will be reserved for further research and development of second-generation chips, as well as to cover the costs of marketing, promotion and distribution of new ASICs.
The company says it hopes to complete the production and Assembly of its first chip and ASIC based on it at the end of the fourth quarter of 2018. Architectural design and systems engineering expert Peter Kim, who was added to the project in March, reports that asik will be using 10Nm chips.
The joint venture, in which the company owns 2/3 of the project and Kim owns the remaining third, will be based in South Korea. The expert will be responsible for the development and commercialization of highly specialized equipment. After the completion of the development of chips and the release of ASICs, the company will also take care of the sale of bitcoins and will begin to work on the creation of its own mining facilities.
Asik production is becoming more and more competitive industry
Squire Mining, which is currently filing final documents for listing on the canadian stock exchange, notes that chip and system architecture development is a Central pillar of the growing crypto industry. It is expected that the company's entry into the mining sector, in which currently about 80% of the market is controlled by the Chinese giant Bitmain, will increase competition in the field.
Bitmain, based in Beijing, which also owns some of the biggest mining companies, reported income of more than $ 3 billion in 2017. The market leader is now trying to diversify its product line by launching two new Wi-Fi routers capable of mining dash and Siacoin cryptocurrencies.
Bitmain announced routers a few days after Canaan Creative, the second largest manufacturer of cryptocurrency mining equipment in the world, said it plans to sell TVs that will be able to mine cryptocurrency.
Other players, including companies like Samsung, are also trying to take market share. In the spring of this year, the South Korean electronics giant reported an increase in profits due to the production of chips for ASICs. In July, the Japanese Internet giant GMO launched an updated version of Asimov, equipped with a 7-nm chips. New devices have a higher hash rate and are capable of mining both bitcoin (BTC) and Bitcoin Cash (BCH).
Link to information resource - https://altstake.io/news/squire-sozdaet-asiki-sleduyuschego-pokoleniya