Vancouver (British Columbia), 12. Oktober 2018. Squire Mining Ltd. (CSE: SQR, FRA: 9SQ, OTCQB: SQRMF) („Squire“ oder das „Unternehmen“) freut sich, Ennoconn Corporation („Ennoconn“) als seinen Hardwarehersteller für Mining-Systeme der nächsten Generation für das Schürfen von Bitcoin Cash, Bitcoin und anderen damit in Zusammenhang stehenden Kryptowährungen zu präsentieren. Ennoconn ist ein führender Entwickler von industriellen Hauptplatinen und ein ganzheitlicher Lösungsanbieter von Hardwaresystemen mit Hauptsitz in Taipei (Taiwan), der an der taiwanesischen Börse notiert (TPE: 6414). Im Jahr 2007 avancierte die Foxconn Technology Group, das weltweit größte Electronic Manufacturing Service-Unternehmen, zum Mehrheitsaktionär von Ennoconn, wodurch eine starke strategische Allianz in den Bereichen eingebettete Systeme und Elektronikherstellung entstand.
Am 21. August 2018 meldete Squire, dass AraSystems Technology Corp. („AraSystems“), eine Tochtergesellschaft von Squire, ein vorläufiges unverbindliches Abkommen mit einem großen, globalen Technologiemontageunternehmen unterzeichnet hat. Dieses Unternehmen, bei dem es sich um Ennoconn handelt, wie nun bekannt ist, wird die Konzipierung und den Zusammenbau unseres Mining-Rig der nächsten Generation unterstützen, sobald ein funktionierender Prototyp unseres ersten ASIC-Chips fertiggestellt wurde.
Am 3. Oktober 2018 meldete Squire den erfolgreichen Abschluss und die erfolgreiche Erprobung eines funktionierenden Prototypen seines FPGA-Mikrochips, wobei die ersten Ergebnisse des Verhältnisses zwischen Terahash und Energieverbrauch darauf hinwiesen, dass der endgültige ASIC-Chip und das endgültige Mining-System das Potenzial aufweisen, die Betriebskosten von Mining-Unternehmen um bis zu 40 Prozent zu senken.
• Diese Kostensenkung wurde von einem führenden Mining-Konzern auf 60 Millionen Dollar pro Jahr an Einsparungen alleine in ihren Betrieben geschätzt.
• Der endgültige ASIC-Chip und das endgültige Mining-System werden die Schürfleistung der Blockchain voraussichtlich vervierfachen. Dieser Prozess ermöglicht es Schürfern, bezahlt zu werden und dabei ihre Kapitalrendite und ihren Gewinn zu steigern. Solche Berechnungen basieren auf Vergleichen mit den meisten aktuellen Mining-Maschinen, die von Unternehmen aus allen Teilen der Welt eingesetzt werden.
Angesichts dieses Erfolgs hat das Unternehmen eine verbindliche Absichtserklärung (Memorandum of Understanding) mit Ennoconn unterzeichnet und die Arbeiten hinsichtlich des Beginns der Phase-1-Planung und -Entwicklung des Mining-Systems der nächsten Generation von AraSystems in Zusammenarbeit mit seinen Partnern in Taipei (Taiwan) und Seoul (Südkorea) finanziert. Die endgültige Dokumentation wird der folgenden Lieferung der endgültigen Spezifikationen und Datenblätter an Ennoconn zu einem späteren Zeitpunkt in diesem Monat beigefügt werden.
Die Techniker von Squire arbeiten zurzeit gemeinsam mit Ennoconn an der Konzipierung und Entwicklung des Mining-Rig von AraSystems, das mit dem ersten ASIC-Chip ausgestattet werden wird, der zurzeit von AraCore Technology Corp. („AraCore“), einer Tochtergesellschaft des Unternehmens, gemeinsam mit GaonChips und Samsung Electronics entwickelt wird (siehe Pressemitteilungen vom 25. September und 3. Oktober 2018). Ennoconn wird hingegen für die Massenfertigung des Mining-Rig verantwortlich sein, sobald alle Entwicklungs- und Testarbeiten abgeschlossen sind.
Ein Prototyp des Mining-Rig sowie die vollständigen Spezifikationen des ASIC-Chips von AraCore werden voraussichtlich bei der CoinGeek Conference präsentiert werden, die von 28. bis 30. November 2018 in London stattfinden wird. Der Vorabverkauf wird voraussichtlich zu dieser Zeit beginnen. Einige der größten Mining-Unternehmen dieser Branche, die zurzeit Hunderttausende von Mining-Maschinen in ihren Einrichtungen in allen Teilen der Welt betreiben, haben bereits großes Interesse bekundet.
„Wir freuen uns, eine Partnerschaft mit den fachkundigen Technikern von Ennoconn, einem der weltweit führenden Elektronikherstellungsunternehmen, eingegangen zu sein“, sagte Simon Moore, Executive Chairman und CEO von Squire. „Angesichts der Einführung unseres Mining-Rig der nächsten Generation mit zahlreichen Innovationen ist es unabdingbar, dass unsere Herstellungspartner über das Know-how, die Erfahrung und die Fähigkeit verfügen, nicht nur eine einzigartige Hardware, sondern auch die höchste Qualität zu liefern. Wir sind davon überzeugt, dass Ennoconn dazu beitragen wird, die Herstellung eines außergewöhnlichen Mining-Rig für den Markt sicherzustellen“, sagte er. Herr Moore sagte außerdem: „Angesichts der ersten Interessensbekundungen in der Branche besteht enormes Potenzial für starke Verkäufe und daraus resultierende Umsätze für Squire im kommenden Jahr, wodurch Squire und seine Partner nennenswerte Anbieter von Hardware für das Schürfen von Kryptowährungen und Innovation der nächsten Generation auf globaler Ebene sein würden.“
Die Canadian Securities Exchange übernimmt keinerlei Verantwortung für die Angemessenheit oder Genauigkeit dieser Pressemeldung.
Über AraSystems Technology Corp.
AraSystems ist ein Joint-Venture-Unternehmen, das von Squire und Future Farm Developments Ltd. („Future Farm“), einem Technologieunternehmen mit Sitz in Hong Kong, gegründet wurde, um die Entwicklung, Herstellung und Montage der Mining-Rigs der nächsten Generation des Unternehmens abzuwickeln. Squire besitzt eine 75-Prozent-Beteiligung an AraSystems, während Future Farms die restlichen 25 Prozent besitzt.
Über AraCore Technology Corp.
AraCore ist ein Joint-Venture-Unternehmen, das von Squire und Peter Kim gegründet wurde, um ASIC-Chips der nächsten Generation für das Schürfen von Bitcoin Cash, Bitcoin und anderen damit in Zusammenhang stehenden Kryptowährungen zu entwickeln. Squire besitzt eine 75-Prozent-Beteiligung an AraCore, während Peter Kim die restlichen 25 Prozent besitzt.
Über Squire Mining Ltd.
Squire ist ein Unternehmen mit Sitz in Kanada, das durch seine Tochtergesellschaften im Bereich der Entwicklung von Datensammlungsinfrastrukturen und Systemtechnologien zur Unterstützung globaler Blockchain-Anwendungen im Mining-Bereich tätig ist, einschließlich ASIC- (anwendungsspezifische integrierte Schaltung)-Chips und Mining-Rigs der nächsten Generation für das Schürfen von Bitcoin Cash, Bitcoin und anderen damit in Zusammenhang stehenden Kryptowährungen.
Weitere Informationen erhalten Sie über:
Executive Chairman und Chief Executive Officer
Telefon: +1 604 929-0900
VORSORGLICHER HINWEIS BEZÜGLICH ZUKUNFTSGERICHTETER INFORMATIONEN: Diese Pressemitteilung enthält „zukunftsgerichtete Informationen“ gemäß den anwendbaren kanadischen Wertpapiergesetzen. Zukunftsgerichtete Informationen und Aussagen beinhalten, sind jedoch nicht beschränkt auf Aussagen hinsichtlich des prognostizierten Terahash-Energieverbrauchsverhältnisses der ersten ASIC-Chips und Mining-Systeme des Unternehmens für Bitcoin Cash, Bitcoin und andere damit verbundene Kryptowährungen, der entsprechenden Zeitpläne für die Entwicklung und Fertigstellung dieser, die Auswirkungen solcher Chips und Systeme auf die Rentabilität der Mining-Betriebe der Endnutzer und ihres möglichen Absatz- und Umsatzpotenzials. Zukunftsgerichtete Informationen basieren zwangsläufig auf einer Reihe von Schätzungen und Annahmen, die zwar vernünftig sind, aber dennoch bekannten und unbekannten Risiken, Ungewissheiten und anderen Faktoren unterliegen, die dazu führen könnten, dass sich die tatsächlichen Ergebnisse und zukünftigen Ereignisse erheblich von jenen unterscheiden, die in solchen zukunftsgerichteten Informationen explizit oder implizit zum Ausdruck gebracht wurden. Solche Faktoren beinhalten, sind jedoch nicht beschränkt auf die allgemeine Geschäfts- und Wirtschaftslage, die Konkurrenz, politische und soziale Ungewissheiten, unsichere und volatile Aktien- und Kapitalmärkte, den Mangel an verfügbarem Kapital, Risiken in Zusammenhang mit der Planung von Chips und Rigs, die Entwicklung und Herstellung (einschließlich Planungsfehler, Software- und Programmierfehler, Hardware-/Software-Integrationsprobleme, Herstellungsverzögerung, Unvermögen, Komponenten zeitgerecht oder überhaupt zu beschaffen usw.), technologische Änderungen, die Obsoleszenz sowie auf die Marktfähigkeit von Chips und Rigs, die vom Unternehmen entwickelt werden. Eine detailliertere Erörterung der Risikofaktoren, denen das Unternehmen und die Entwicklung und Herstellung von ASIC-Chips und Mining-Rigs ausgesetzt ist, finden Sie im Formular 2A der Notierungserklärung des Unternehmens vom 31. Juli 2018 (die „Notierungserklärung“), das bei der CSE und auf SEDAR eingereicht wurde. Es gibt keine Gewissheit, dass das Unternehmen die Planung und Entwicklung eines kommerziell machbaren ASIC-Chips oder Mining-Rig erfolgreich abschließen wird oder dass solche Chips und Rigs das geschätzte Terahash-Energieverbrauchsverhältnis oder, wie vorgesehen, eine Verbesserung gegenüber den derzeit erhältlichen Systemen liefern werden. Zudem kann nicht garantiert werden, dass das Unternehmen mit Ennoconn ein formelles Design- und Montageabkommen für seine Mining-Rigs zu den aktuell vorgesehenen Bedingungen oder überhaupt aushandeln und abschließen kann. Die tatsächlichen Ergebnisse und zukünftigen Ereignisse könnten sich erheblich von jenen unterscheiden, die in solchen zukunftsgerichteten Informationen zum Ausdruck gebracht wurden. Die Leser sollten sich daher bei ihren Investitionen nicht auf zukunftsgerichtete Informationen verlassen. Alle zukunftsgerichteten Informationen und Aussagen in dieser Pressemitteilung gelten zum Zeitpunkt ihrer Veröffentlichung und sind durch diese vorsorglichen Hinweise sowie durch jene in unseren kontinuierlichen Einreichungen auf SEDAR unter www.sedar.com, einschließlich der Notierungserklärung, qualifiziert. Das Unternehmen schließt eine Verpflichtung zur Aktualisierung oder Überarbeitung solcher zukunftsgerichteten Informationen, weder infolge neuer Informationen noch infolge zukünftiger Ereignisse oder aus anderen Gründen, aus – es sei denn, dies ist gesetzlich vorgeschrieben.
Die Ausgangssprache (in der Regel Englisch), in der der Originaltext veröffentlicht wird, ist die offizielle, autorisierte und rechtsgültige Version. Diese Übersetzung wird zur besseren Verständigung mitgeliefert. Die deutschsprachige Fassung kann gekürzt oder zusammengefasst sein. Es wird keine Verantwortung oder Haftung für den Inhalt, die Richtigkeit, die Angemessenheit oder die Genauigkeit dieser Übersetzung übernommen. Aus Sicht des Übersetzers stellt die Meldung keine Kauf- oder Verkaufsempfehlung dar! Bitte beachten Sie die englische Originalmeldung auf www.sedar.com, www.sec.gov, www.asx.com.au/ oder auf der Firmenwebsite!
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Nailed it. On August 1, serious doubts about the legitimacy of a new cryptocurrency mining rig manufacturer, Watts Miner, surfaced after an analysis of their products and website revealed serious issues. Barely two months later, the company is finding itself in hot water.
According to a press release by APO Group, a media relations company based in Africa, the company says that Watts Miner has defaulted on a payment of $14,955. That payment was for a contract between the two companies that tasked APO with publishing a number of press releases.
APO explains in the press release, “APO Group hereby notifies the public of the multiple reports of potentially fraudulent activities of the cryptocurrency manufacturing company known as Watts Miners Inc. (WMI), which has come to its knowledge. This report also comes on the heels of WMI’s willful default of the payment terms under an Agreement between WMI and APO Group whereby APO Group distributed several press releases on behalf of WMI and in respect of which a payment of USD 14,995 became due on 14 August 2018.”
If you’re going to defraud a company, it’s not smart to defraud one that has its finger on the trigger button of the largest distribution network of information in the world. Given that the company’s website was a failed attempt to use fake videos and images stolen off the Internet, however, it’s not surprising that they couldn’t be more intelligent.
APO has tried to contact the firm’s CEO, David Anderson, and its Chief Financial Officer, Nancy Lopez, several times to no avail. They must be too busy trying to figure out how sham companies are run.
Fortunately for APO, the non-payment hasn’t had a serious impact on the company’s bottom line. It added in the press release, “The revenue generation of APO Group businesses remains unaffected by today’s announcement.”
After exposing Watts Miners in August, the company immediately sent an email to CoinGeek, threatening to take action if the story wasn’t retracted. The company, in its normal nonsensical manner, argued that CoinGeek was in violation under the Digital Millennium Copyright Act, which is just as puzzling as the company saying that it is producing mining rigs that can mine five times faster than any other chip on the market.
While the company’s website is still up, it wouldn’t be surprising to soon find it replaced with a “This Space For Sale” sign.
Canadian Securities Exchange (CSE)-listed public company Squire Mining Ltd. revealed on Thursday that it has tapped Taiwanese firm Ennoconn to be the hardware manufacturer for its next-generation systems that will mine Bitcoin Cash (BCH), as well as other associated cryptocurrencies.
Squire, via its subsidiary AraSystems Technology Corp., initially entered into discussions with Ennoconn in August. Under the resulting deal, Ennoconn will assist in the design and assembly of Squire’s mining rig after a working prototype of the company’s application specific integrated circuit (ASIC) chip is completed, according to the company.
Ennoconn is an industrial motherboard designer and total hardware solution provider listed on the Taiwanese Stock Exchange. It counts multinational electronics contract manufacturing company Foxconn Technology Group as its major stockholder, which manufactures for such globally renown brands as Apple, Sony, Sharp and Microsoft.
Last week, Squire completed and tested its FPGA working prototype, which confirmed the original design specifications and indicate that the completed ASIC chip should be capable of delivering a projected hash rate of 18 to 22 terahash per second (TH/s) with an energy consumption of between 700 and 800 watts—meaning the final chip and mining rigs have the potential to reduce operational costs by up to 40% for enterprise mining facilities.
Now, Squire has entered into a binding Memorandum of Understanding with Ennoconn, a deal that will see the Taiwanese firm start the Phase 1 design and development of the mining rigs. According to Squire, its engineers are already working with Ennoconn to design and develop the crypto mining rigs, which, together with the final ASIC chip, are expected “to provide up to a four times improvement in the performance of mining the blockchain, a process that enables miners to be paid, thereby increasing the return on investment, and profit, for miners.”
Tech giant Samsung Electronics will manufacture the ASIC chips in South Korea. The pilot production test run of Squire’s debut ASIC chip for Bitcoin BCH is expected to be completed before the end of 2018 with the fully operational mining rig to be completed in the first half of 2019. Squire will then deliver the ASIC chips and mining rigs to associates of Bitcoin BCH’s largest mining company, CoinGeek.com, who have the exclusive right to market, promote, solicit, sell and distribute Squire’s new ASIC chips and mining rigs to Bitcoin BCH and other altcoin miners throughout the world.
“As we launch our next generation mining rig with a suite of proprietary innovations, it’s imperative that our manufacturing partners have the talent, experience and capacity to not only deliver unique hardware, but also deliver best in class quality. We believe Ennoconn will help ensure the production of an exceptional mining rig for the marketplace,” said Simon Moore, executive chairman and CEO of Squire, in a statement.
A prototype of Squire’s mining rig, along with the full specifications of the ASIC chip, is planned to be unveiled at the CoinGeek Week Conference in London on Nov. 28-30. Pre-sales are expected to start on or around that date.
Miners are invited to the CoinGeek Week Miners Day, taking place on 27 November 2018 as part of the CoinGeek Week Conference, to meet with the CoinGeek team and discuss how this next-generation ASIC miner can improve their business
The post Foxconn-backed Ennoconn to assemble Squire’s next-gen mining rigs appeared first on Coingeek.
October 11, 2018 – VANCOUVER, B.C., Squire Mining Ltd. (CSE:SQR; FRA:9SQ; OTCQB:SQRMF) (“Squire” or the “Company”). Squire is pleased to announce Ennoconn Corporation (“Ennoconn”) as our hardware manufacturer for next generation mining systems to mine Bitcoin Cash, Bitcoin and other associated cryptocurrencies. Ennoconn is a leading industrial motherboard designer and total hardware system solution provider headquartered in Taipei, Taiwan and listed on the Taiwan stock exchange (TPE:6414). In 2007, Foxconn Technology Group, the largest “Electronic Manufacturing Service” company in the world, became the majority shareholder of Ennoconn, forming a strong strategic alliance in embedded system and electronic manufacturing.
On August 21, 2018, Squire announced that AraSystems Technology Corp. (“AraSystems”), a subsidiary of Squire, had entered into a provisional non-binding agreement with a major global technology assembly company. This company, now revealed to be Ennoconn, will assist in the design and assembly of our next generation mining rig at such time as a working prototype of our debut ASIC chip is completed.
On October 3, 2018 Squire announced the successful completion and testing of its FPGA working prototype microchip, with early results of the terahash-to-energy consumption ratio, indicating that the final ASIC chip and mining system has the potential to reduce operational costs by up to 40% for enterprise mining facilities.
- This cost reduction was estimated by one leading enterprise mining group to be worth up to $60M per year in savings to their operations alone.
- The final ASIC chip and mining system together are expected to provide up to a four times improvement in the performance of mining the blockchain, a process that enables miners to be paid, thereby increasing the return on investment, and profit, for miners. Such calculations are based on comparisons with the majority of current generation mining machines operating inside enterprise facilities around the world.
Following this success, the Company has signed a binding Memorandum of Understanding with Ennoconn and funded work to commence Phase 1 design and development of AraSystem’s next generation mining system in collaboration with its partners in Taipei, Taiwan and in Seoul, South Korea. Definitive documentation will be entered into following delivery of final specifications and data sheets to Ennoconn later this month.
Squire’s engineers are currently working with Ennoconn to design and develop AraSystem’s mining rig which will house the debut ASIC chip currently under development by the Company’s subsidiary AraCore Technology Corp (“AraCore”), in conjunction with GaonChips and Samsung Electronics (see news releases dated September 25 and October 3, 2018). In turn, Ennoconn will be responsible for mass assembly of the mining rig once all design, development and testing work has been completed.
A prototype of the mining rig along with full specifications of the AraCore ASIC chip are expected to be presented at the CoinGeek Conference in London on November 28 – 30, 2018, with presales expected to commence on or around that date. Significant interest has already been expressed by several of the industry’s largest enterprise mining companies, which currently host hundreds of thousands of mining machines in their facilities across the world.
“We are very pleased to be partnering with the skilled engineers at Ennoconn, one of the world’s leading electronic manufacturing companies,” stated Simon Moore, Executive Chairman and CEO of Squire. “As we launch our next generation mining rig with a suite of proprietary innovations, it’s imperative that our manufacturing partners have the talent, experience and capacity to not only deliver unique hardware, but also deliver best in class quality. We believe Ennoconn will help ensure the production of an exceptional mining rig for the marketplace” he said. Further, Mr. Moore noted, “based on initial interest from the sector, the potential for significant sales and the subsequent revenue for Squire is on track in the coming year which would make Squire and its partners a noteworthy industry provider of crypto mining hardware and next generation innovation on a global scale.”
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this news release.
About AraSystems Technology Corp.
AraSystems is a joint venture company established by Squire and Future Farm Developments Ltd. (“Future Farm”), a Hong Kong based technology company, to manage the development, manufacture and assembly of the Company’s next generation mining rigs. Squire owns a 75% interest in AraSystems and Future Farm owns the remaining 25% interest.
About AraCore Technology Corp.
Aracore is a joint venture company established by Squire and Peter Kim to design and develop next generation ASIC chips for mining Bitcoin Cash, Bitcoin and other associated cryptocurrencies. Squire owns a 75% interest in Aracore and Peter Kim owns the remaining 25% interest.
About Squire Mining Ltd.
Squire is a Canadian based company engaged, through its subsidiaries, in the business of developing data mining infrastructure and system technology to support global blockchain applications in the mining space including applicable specific integrated circuit (ASIC) chips and next generation mining rigs to mine Bitcoin Cash, Bitcoin and other associated cryptocurrencies.
For further information contact:
Executive Chairman and Chief Executive Officer
Telephone: (604) 929 – 0900
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes “forward-looking information” under applicable Canadian securities legislation. Forward-looking information and statements include, but are not limited to, statements regarding the projected terahash to energy consumption ratio of the Company’s initial ASIC chip and mining system for Bitcoin Cash, Bitcoin and other associated cryptocurrencies, the timing for development and completion thereof, the impact of such chip and system on the profitability of end user mining operations and the potential sales volume and revenue generating potential thereof. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, risks related to chip and rig design, development and manufacturing (including design flaws, software/programming errors, hardware/software integration issues, manufacturing delays, inability to source components on a timely basis or at all, etc), technological change, obsolescence and the marketability of any chips or rigs developed by the Company. See also the Company’s Form 2A Listing Statement dated July 31, 2018 (the “Listing Statement”) filed with the CSE and SEDAR for a more detailed discussion of risk factors facing the Company and its development and manufacture of ASIC chips and mining rigs. There are no assurances that the Company will successfully design and develop a commercially viable ASIC chip or mining rig or that such chip and rig will provide the estimated terahash to energy consumption ratio or improvement over currently available systems as contemplated. Furthermore, there is no guarantee that the Company will successfully negotiate and enter into a formal design and assembly agreement for its mining rigs with Ennoconn on terms presently contemplated or at all. Actual results and future events could differ materially from those anticipated in such forward looking information. Accordingly, readers should not place undue reliance on forward-looking information. All forward looking information in this news release is made as of the date hereof and qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com including the Listing Statement. The Company disclaims any intention or obligation to update or revise such forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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This week marks a milestone for public Bitcoin Cash (BCH) mining pool SVPool, which officially mined its first Bitcoin BCH block on Wednesday.
At 2:12 p.m. UTC on Oct. 10, a 7.15MB block was mined at block height 55185, which accounts for 25 transactions. Data available on Coin Dance and Bitfire have yet to officially identify SVPool as the miner behind the transaction, but the Coinbase pay-to address is that of SVPool.com.
A personal initiative of nChain Chief Scientist Dr. Craig Wright, SVPool is currently on a by-invitation only beta launch until late October. After that, SVPool will open up to the public. You can still sign up here for the mining pool.
At press time, hundreds of mining registrants around the world have already signed up for SVPool—a huge jump from the 233 miners that pre-registered in September. Majority of these miners are from the United States, China, United Kingdom, Canada, Australia, and India. The mining pool also has miners from Spain, South Africa, Brazil, Germany, South Korea, Japan, Malaysia, Sweden, Venezuela, Russia, Switzerland, and the Netherlands, among others.
SVPool offers an initial Pay-per-last-N-Shares (PPLNS), but it is already working towards adding more features and Pay-per-share plus (PPS+) options by November.
SVPool is managed by CoinGeek Mining, and will help and remunerate miners—large or small—to ensure BCH remains a truly trustless and decentralized system. The public mining pool stands in solidarity with CoinGeek in the belief that BCH is the only true Bitcoin that fulfills that Satoshi Vision.
Incidentally, miners are also invited to the CoinGeek Week Miners Day, taking place on 28 November 2018 as part of the CoinGeek Week Conference in London, where the SVPool and CoinGeek team will be on-hand to discuss how you can help Bitcoin BCH realize its full potential. Secure your seat via Eventbrite for the three-day conference that’s shaping up to be the most important Bitcoin BCH conference this fall.
Authorities said Xu Xinghua, of Datong in China’s northern province of Shanxi, successfully mined 3.2 BTC—worth an estimated 120,000 yuan or $17,400)—as of April. His crypto mining operations, which involved 50 crypto miners and three electric fans, were allegedly powered by electricity stolen from one of the factories at the Kouquan Railway. Xu reportedly ran up an electricity bill of 104,000 yuan ($15,000), according to reports.
The Datong Railway Transport Court confiscated Xu’s mining rigs and also ordered him to pay the 100,000 yuan ($14,500) fine, cnBeta reported. Xu was sentenced for his “miner theft case” last September 13.
Xu is the latest crypto-related case to have faced the wrath of the Chinese government, which has been relentlessly after crypto miners who it claims have been or are looking into illicitly using the country’s power supply. Recently, reports surfaced that China’s internet finance regulator, the Leading Group of Internet Financial Risks Remediation, has ordered local governments to “guide” crypto mining operations into making an “orderly exit” from the business. This comes on the heels of reports that the Chinese government is looking at limiting electricity supply to crypto miners.
Notice from China special rectification on risks in Internet Finance department to local government to make a plan before Jan 10th – “ lead mining factories quit gradually” #btc #bitcoin #BitcoinMining with Central Bank official Chop. Prepare for the roller coaster!!!! pic.twitter.com/OLv8j1veHb
— (@cryptovenus) January 5, 2018
The regulations, however, have yet to stop illegal crypto mining operations in China. In April, six people were reported to have stolen electricity from their local power grid to mine cryptocurrency. Two months later, a man was arrested in Anhui province on charges of stealing power of 150MW and running a bill of 6,000 yuan ($930) daily. According to reports, the man’s mining operation included 200 computers, which he used to mine BTC and ETH.
The post Energy-stealing crypto miner faces jail time in China appeared first on Coingeek.
1,000,000 miners lined up on the plains in formation.
Are they real? Rumours are surfacing that Bitmain has some 1,000,000 “Ghost miners” ready to spring to action to mine BCH (rather than BTC, where the vast amount of Bitmain-controlled mining pool hash now mines) to pervert Bitcoin technology to its Wormhole tech Nov 15th at the next scheduled Bitcoin BCH network upgrade. It’s possible that at least some of this information may be correct, as Bitmain does have a history of not following the rules and especially of throwing its customers under the bus.
We here at CoinGeek have made something of an industry of reporting on Bitmain’s problems and double dealings and how this is likely going to kill their IPO chances. We have also explained in detail a number of times why Bitmain’s WormHole plans are reckless and self-serving at best. And we have also covered their hardware design teams leaving the company and its inability to stay competitive with their hardware offerings.
However, this new rumour brings up another issue, one that goes to the heart of whether or not anyone can trust them. I know I don’t. I bought over a US$100 million from them leading up to Q1 of this year and I can confirm they would never have gotten one Bitcoin BCH from me if I would have known they were going to use my money to try to kill the only technology that actually works as money to the world today.
Since we already know that the entire Mining industry, other than those paid or supported by Bitmain, support Satoshi Vision and will be joining CoinGeek’s side pre upgrade, there are only two possibilities here. Either: (1) this hash is a bluff and will soon be exposed as such; or (2) it’s real and is a kind of fraud or cheating by Bitmain unfairly using its conflicted interests as a hardware sales operation (and a controller of public mining pools which now largely mine BTC not BCH) to stomp on the interests of its own clients.
My purpose in writing this article is to outline my argument that: it is unconscionable that Bitmain should be rewarded for violating its obligations to its BTC mining pool customers by suddenly turning on or moving “ghost miners” to BCH (when its mining pool customers expected to be mining BTC) and operating in violation of the rules of Nakamoto Consensus that the longest chain is a chain of truly competing miners (who I repeat are in fact Bitmain-controlled mining pool customers who invested a lot of money that went to Bitmain to compete fairly).
I have already publicly stated that “I will support the longest Chain” with the most Proof of Work to be recognized as BCH. What I meant by this is the longest chain of legitimate miners competing with each other as outlined in the original Satoshi white paper and as is supported by all who support Satoshi Vision. I still maintain this pledge. I will not, however, follow Bitmain down a rabbit hole of their own making based on cheating by Bitmain.
Furthermore, the longest chain needs to be determined by legitimate, sustained hash power from miners. It would be ridiculously unfair for Bitmain to move or activate 1,000,000 “ghost miners” onto the BCH network only for a temporary basis starting November 15 or short bursts of time, in order to potentially declare an artificial victory in a BCH hash war—but then quickly deactivate those miners or intermittently move them back to the BTC network, while neglecting their own clients. Proof of Work is about true investment to provide computing power and security for the Bitcoin network; it’s a long term commitment, not a one-night stand. Therefore, the longest chain with the most Proof of Work should be determined by what is legitimate, sustained hash power by miners who are truly committing long-term investment for BCH.
If Bitmain cheats and forces a fork to its own new coin—running its backed Bitcoin ABC changes to the original Bitcoin protocol and also supporting Wormhole—this will result in a chain fork. The entire industry minus Bitmain and friends will stay with Satoshi Vision (as represented by the new Bitcoin SV and other compatible implementations) and this will be the longest legitimate chain as outlined in the original white paper. The Satoshi Vision chain will be the sole remaining version of true Bitcoin in the world and will deserve to remain being called Bitcoin BCH at exchanges globally.
Bitmain can move forward with its Wormhole coin and onto its Wormhole technology that will eventually kill the underlying chain and move to its centralized (with Bitmain) Proof of Stake Wormhole platform. If exchanges want to have this token on their exchanges they can call it what it is, WHL. Exchanges need to make a stand and protect Bitcoin by recognizing Bitcoin BCH as the longest chain with the most legitimate, sustained Proof of Work.
If they do, Bitcoin will survive as Satoshi Vision will have won the day due to legitimate hash investment in spite of all attempts by Darius to cheat on the battlefield.
CoinGeek will actively fight any efforts by Bitmain to fork away from a Satoshi Vision version of Bitcoin.
The post Why Bitmain’s hash war reminds me of Darius III at The Battle of Gaugamela appeared first on Coingeek.
In 331 BC, Alexander the Great led his forces to victory over overwhelming forces at the Battle of Gaugamela, which is historically identified as being close to the modern Iraqi city of Dohuk. His foe was Darius III, who had amassed a larger army and, supposedly, significant experience after being beaten at the Battle of Issus two years earlier. The two met to decide who would prevail as Alexander the Great was on his mission to conquer the Persian Achaemenid Empire. Despite having superior numbers, Darius III lost in a big way and repeatedly attempted to negotiate with Alexander to prevent the emperor from continuing his hostilities. Darius was never able to truly develop himself as a leader, having only served as king for six years, becoming the last ruler of the Achaemenid Empire.
Darius had his roots among the “common people.” He was a skillful combatant who, due to royal connections, was able to secure a job as a royal courier and took the throne in 336BC. As a ruler, he was considered to be “out of control” due to his utter lack of experience, which is what ultimately led to his downfall.
There are a lot of similarities between Darius III and cryptocurrency mining company Bitmain. Bitmain rose to prominence without having any superior skills, settling for a completely chance encounter at the opportune moment to seize control of the crypto mining hardware market.
It has been reported that the company’s most popular miner could have been stolen and several new products that the company has tried to introduce have been complete failures. In fact, only about half of the products take to market have received any type of successful reception— the others have failed miserably.
Like Darius, Bitmain now allegedly has a large amount of troops behind it. It is hoping that the forces, regardless of experience level, will help catapult the company to the ultimate victory and give it complete control over the mining industry.
However, it’s more likely that Bitmain will follow the example set by Darius at the Battle of Gaugamela. Darius turned tail and ran, leaving his commanders and soldiers to fall while he temporarily went into hiding.
This is where we are today, with questionable movements and decisions underscoring Bitmain’s approaching initial public offering (IPO). When put to the test, the company can’t stand up to the pressure and will more than likely run away after putting on a valiant show of force.
The post Why Bitmain reminds me of Darius III at The Battle of Gaugamela appeared first on Coingeek.
BNK Energy has opened the largest data center in Kazakhstan, which will provide cloud hosting services for CoinGeek Mining’s global fleet.
Located in the city of Ekibastuz in the northeastern region of Pavlodar, the BNK Energy facility—which costs KZT5.7 billion (US$15.32 million)—employs a staff of 16 local technical professionals.
BNK Energy operates with 4MW of energy since its first phase launched in August, but that capacity has been increased by 11MW during the second stage of the launch last September 20, and then by another 18MW in November. BNK Energy projects that the facility will be operating at 33MW by November, with a staff of 60 local professionals.
BNK Energy, described by Egem Qazaqstan news outlet as a provider of “services in the field of [crypto] mining,” offers hosting services for mining farms, including field placement of crypto mining rigs as well as analysis and monitoring of the equipment, and “uninterrupted power and internet communications.”
The firm considers itself one of largest players in the crypto mining field at the moment. It reportedly has chosen to set up operations in Pavlodar due to the surplus of electricity in the region, not to mention the government’s low tariffs for the nascent industry. Pavlodar has been eyeing to attract crypto mining farms and crypto companies as part of its bid to become “a center for popularization of blockchain technologies,” the Kazakh news outlet reported.
BNK Energy officially opened the Ekibastuz facility last Sept. 14, an event that was attended by one of Kazakhstan’s top leaders—Prime Minister Bakytzhan Sagintayev, who examined the mining cells in the first workshop and electronic meters at the control station, according to the Kazakh news outlet.
At the ribbon cutting ceremony, CoinGeek Mining CEO Taras Kulyk said, “The project is a first step in expanding the scope of services within the country and is crucial to developing a long-term partnership with the world-class team at BNK Energy.”
The post CoinGeek Mining teams up with BNK Energy to open $15M data center in Kazakhstan appeared first on Coingeek.
Our sources tell us that Bitmain executives have promised to “disappear” anyone who crosses them inside China.
While doing the background research for another Bitmain article, our sources told us of the disturbing threats, and we were able to confirm these with our other sources close to Bitmain.
I don’t believe this was a Google translate error, where they meant to say that they’d beat their competitors fair and square in the free marketplace but instead like the old gangsters in Las Vegas, they’d drop them in a hole in the middle of the Nevada desert.
Bitmain released a prospectus, in advance of their long-planned IPO, to lukewarm reviews as the document raised more doubts about the company’s long-term viability.
According to a Medium post by Ken Lu, several points should concern every investor particularly in referring to slide 30 of their investor deck, Bitmain misrepresented its net profit.
To quote Lu, “…misrepresenting this and to such a degree is nothing short of financial fraud.” (You can read the post here.)
The prospectus highlighted the company’s unsold hardware and their warehouses of unsold technology which at a time was the best on the market but has recently been surpassed by new players who are producing faster and more efficient miners leaving the prospects of millions of dollars in inventory going unsold and written down for massive losses.
In recent weeks, Pangolin released its well-received Whatsminer M10 ASIC Miner , while initial test results for the upcoming Squire Miners indicate 1.5x more hashing capabilities while consuming 50% less energy than the top of the line Bitmain ASIC miners.
Interestingly, the Pangolin miner comes from the mind of former Bitmain technologist Yang Zouxing. Bitmain has struggled to replicate the success they had with Yang Zouxing who did the heavy lifting with chip design.
Their inability to combat the corporate brain drain as their top tech minds continue to leave the company have put Bitmain in a dire situation.
Attempting to defraud investors and now issuing veil threats of violence against people who dare compete with them in a free market isn’t the behaviour of a stable and trustworthy company deserving of investors cash. It’s the behaviour of gangsters who are desperate for money hoping a hail mary IPO will give them some semblance of hope at surviving in this new competitive marketplace.
This all adds smoke to the Bitmain Bankruptcy rumours.