Another company plans to enter the ASIC miner market this year. Canadian company Squire Mining has raised almost $20 million to design, develop and test a new ASIC chip and Bitcoin mining rig. Squire also plans to create its own mining facilities.
Squire Mining Ltd., a Canadian investment company specializing in technology projects, raised C$25,500,000 ($19.5 million) during a private funding round. This money will be used to expand the business - the company aims to enter the cryptocurrency market.
According to the press release, Suquire intends to use these funds for the design, development, testing and mass production of ASIC chips and “new generation” miners. The company will reserve a portion of the amount to cover costs for further research and development, as well as marketing and promotion.
According to company representatives, they hope to complete the production and assembly of the first test Bitcoin ASIC chip by the end of the fourth quarter of 2018. According to the agreement with developer and designer Peter Kim, the chip size will be 10 nanometers.
The joint venture, 2/3 owned by the company and 1/3 owned by Kim, will be located in South Korea. After the development of the chip is completed, the company will sell mining devices and create its own mining facilities.
Crypto mining is a profitable business. In 2017, the Beijing company Bitmain, the largest in the mining market, reported profits of more than $3 billion. The mining giant is currently trying to diversify its product line - it recently began releasing two new Wi-Fi routers that can mine x11 blake2b-type cryptocurrencies, such as dash and siacoin. Bitmain announced the launch of these routers a day after the second-largest mining company Canaan Creative announced the imminent start of sales of TVs that can mine cryptocurrency twice as fast as a standard ASIC miner.
Other companies, such as Samsung, are also trying to enter this market. This spring, the South Korean company reported an increase in overall profits due to the production of mining chips. In July, Japanese ISP GMO began releasing a new version of its mining device with a 7nm ASIC chip that can mine both BTC and BCH.
According to https://news.bitcoin.com
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