Squire turned its attention to crypto mining a few months back, with recent developments showing that it’s taking the Bitcoin mining industry very seriously. It has called in some heavy hitters to deliver technology and hardware in order to become a top dog in the Bitcoin mining space.
Earlier in the year, Squire announced it was turning its attention to crypto mining – being the first company heavily invested in mineral mining to cross over into the digital realm. It originally listed a mysterious Peter Kim as the designer of its ASIC mining chips, however a statement from Samsung has cleared the air. Samsung has acknowledged that it will be providing 10nm ASIC mining chips for Squire’s crypto mining operations.
Big Players Joining Forces
Squire has enlisted the help of Gaonchips to help its developers pioneer its use of ASIC chips and wafer process technology. Once Gaonchips has completed the designs and produced enough stockpile of hardware, Samsung will then join the party and begin developing ultra-powerful 10nm ASIC mining chips.
Squire has said that once it’s happy with the technology, it will then ramp up the production process and begin mining BTC, BCH, and other cryptos using the SHA-256 mining protocol.
More Competition for Bitmain
Bitmain is currently the largest manufacturer of crypto mining equipment in the world, so this new development could provide competition. Bitmain has recently filed a draft application for an IPO with the Hong Kong Stock Exchange, and there are rumors flying around that it could be an exit strategy. It has some fierce competition appearing at the moment in the form of Bitewei and its new crypto mining rig, as well as Bitfury Clarke appearing on the scene. Clarke is slightly less powerful, but its power efficiency is almost unmatched in the crypto mining hardware industry – making it the most desirable rig on the market. The combination of Bitewei, Bitfury, and Squire could prove too much for Bitmain – potentially knocking it off its throne.
The crypto mining industry is beginning to become overcrowded, as there are so many new players entering the market it’s almost hard to keep up. Bitmain might start to lose even more control over the total network hash rate if Squire’s new rigs are powerful enough. If Squire can find itself a cheap and reliable source of power, it could have what it takes to help take down the Chinese mining giant once and for all.