It looks more and more like Squire Mining Ltd., the application specific integrated circuit (ASIC) chip developer for mining Bitcoin Cash (BCH), made a great decision to get Samsung Electronics to manufacture its chips, as the South Korean tech giant has discovered new ways to produce 7 nanometer (nm) chips much more efficiently.
Online tech magazine Engadget is reporting Samsung could now harness extreme ultraviolet (EUV) technology to reduce power consumption by half and increase performance by 20%, in the making of chips with a 40% smaller surface area than what those used previously.
“Samsung is already the world’s biggest vendor of memory chips, but its innovation here gives it a massive leap ahead of the competition, not least because it’s the company responsible for keeping Moore’s Law going,” Engadget writer Rachel England wrote, referring to the observation that processing power doubles approximately every two years.
Samsung is currently preparing these chips for commercial distribution. Engadget foresees consumers soon having access to phones that perform faster, with longer times between battery charges.
It is such innovations that had led Squire to partner with Samsung for the mass manufacturing of its ASIC chips, soon to be delivered to associates of BCH’s largest mining company CoinGeek, which has the exclusive right to market, promote, solicit, sell, and distribute these ASIC chips and mining rigs to miners of BCH and various alt coins.
Recently, Squire Mining held a chip testing event that confirmed that its ASIC chip, when it comes out, will be capable of delivering a projected hash rate of 18 to 22 terahash per second (TH/s), and with an energy consumption of between 700 and 800 watts. This performance is 1.5 times faster than what is commonly used at present by cryptocurrency miners and with 50% less energy consumption. The energy and cost savings of this is seen to increase profitability for enterprise mining facilities worldwide.
Squire, through its subsidiary AraSystems Technology Corp., has been working with hardware manufacturer Ennoconn Corporation in developing mining rigs to house the ASIC chips. A prototype of the rig will be presented at the CoinGeek Conference in London this November 28-30.
Miners are invited to CoinGeek Week Miners Day to meet with the CoinGeek team and discuss how this next-generation ASIC miner can improve their business.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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Squire Mining Ltd. (Squire), a CSE listed public company, conducted the first-phase testing of its application specific integrated circuit (ASIC) prototype, and the results are in: the Squire unit’s hash rate is 1.5x faster than most commonly used crypto miners on the market, but with 50% lower energy consumption. The test, conducted in Seoul, South Korea, involved a working prototype mining system comprised of a newly engineered field programmable gate array (FPGA) ASIC microchip that will be re-designed as a 10nm ASIC chip for mining Bitcoin Cash (BCH) as well as altcoins such as those using SegWit technology.
The test results confirmed the original design specifications and indicate that the 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.
“The early results indicate that this ASIC microchip has the potential to be the next generation leader in providing hash power for enterprise mining of Bitcoin Cash and other associated cryptocurrencies. It has also demonstrated the potential to rapidly process consensus protocols across the blockchain faster whilst utilizing less energy than anything currently in this sector,” said nChain Chairman Stefan Matthews, who is also a director of Squire.
Squire has tapped tech giant Samsung Electronics as its foundry partner to manufacture the ASIC chips in South Korea. At the testing, Squire’s Executive Chairman and CEO Simon Moore made the following statement: “Once completed, we believe the speed and efficiency of our ASIC microchip combined with our respective mining systems powered by this Samsung manufactured microchip together have the potential to substantially increase the profitability of enterprise mining facilities around the globe.”
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.
“With this next generation technology, CoinGeek will continue to pull the blockchain industry out of the proverbial basement and into the boardroom,” said Tara Kulyk, CEO of CoinGeek Mining and Hardware.
Miners are invited to the CoinGeek Week Miners Day, taking place on 28 November 2018 as part of the CoinGeek Week Conference in London, to meet with the CoinGeek team and discuss how this next-generation ASIC miner can improve their business.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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VANCOUVER, B.C., Squire Mining Ltd. (“Squire” or the “Company”) (CSE: SQR, FRA:9SQ, OTC:SQRMF): October 3, 2018 – The Company is pleased to report on its prototype ASIC chip testing event held in Seoul, South Korea. With executives and board members from Squire, Future Farm, CoinGeek, Gaonchips and Samsung Electronics in attendance, Peter Kim, President of Squire’s subsidiary AraCore Technology Corp. (“Aracore”), and his team of front-end microchip engineers and programmers, unveiled and tested a working prototype mining system comprised of a newly engineered FPGA (field programmable gate array) ASIC microchip that will be converted into AraCore’s first ASIC chip utilizing 10 nanometer technology for mining Bitcoin Cash, Bitcoin and other associated cryptocurrencies. The test results confirm Aracore’s original design specifications indicating that the ASIC chip, once mass manufactured by Samsung Electronics, will 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.
Taras Kulyk, Chief Executive Officer of CoinGeek Mining and Hardware, said
“The CoinGeek team is very pleased with the progress of our strategic partners; Squire Mining and Aracore. With this next generation technology, CoinGeek will continue to pull the blockchain industry out of the proverbial basement and into the boardroom.”
Stefan Matthews, Chairman of nChain, one of the industry leaders in blockchain research and development, and a director of Squire Mining added,
“The early results indicate that this ASIC microchip has the potential to be the next generation leader in providing hash power for enterprise mining of Bitcoin Cash and other associated crypto currencies. It has also demonstrated the potential to rapidly process consensus protocols across the blockchain faster whilst utilizing less energy than anything currently in this sector.”
Hash rate speed and microchip efficiency are the two most important measuring criteria in the crypto-mining industry to enable end-users to maximize profitability and ROI in their day to day mining operations.
Simon Moore, Executive Chairman and CEO of Squire Mining, stated,
“Aracore’s time and investment to date have been validated by the impressive results of this new microchip. Once completed, we believe the speed and efficiency of our ASIC microchip combined with our respective mining systems powered by this Samsung manufactured microchip together have the potential to substantially increase the profitability of enterprise mining facilities around the globe. We look forward to releasing our mining system to the market in the first half of next year through our exclusive distribution partners CoinGeek, and competing for a significant piece of this multi-billion-dollar enterprise mining market.”
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.
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this news release.
For further information contact:
Simon Moore, Executive Chairman and Chief Executive Officer
Telephone: (604) 929 - 0900
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking information” and “forward-looking statements” under applicable securities legislation. Forward-looking information and statements include, but are not limited to, statements regarding the projected hash rate and energy consumption of the Company’s initial next generation ASIC chip and mining system for Bitcoin Cash, Bitcoin and other associated cryptocurrencies, the timing for development and completion thereof and the potential impact of such chip and system on the profitability of end user mining operations. Forward-looking information and statements are 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 and statements. 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 and programming mistakes and errors, 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 as contemplated or at all. Actual results and future events could differ materially from those anticipated in such forward looking information and statements. Accordingly, readers should not place undue reliance on forward-looking information and statements. All forward looking information and statements in this news release are 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 any forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by law.
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VANCOUVER, British Columbia, Sept. 25, 2018 (GLOBE NEWSWIRE) — Squire Mining Ltd. (CSE: SQR; OTCQB: SQRMF) — Squire is very pleased to announce Gaonchips as our design house and Samsung Electronics as our chosen foundry partner to manufacture our ASIC chips in Korea.
On August 1, 2018, we announced that Squire had engaged an undisclosed arm’s length design fabrication firm to perform the back-end design, testing and initial mass production run of our next generation ASIC chip for mining Bitcoin Cash, Bitcoin, and other associated cryptocurrencies. We are delighted that we are now able to disclose Gaonchips as our design house and Samsung Electronics as our foundry partner.
Our front-end development team of engineers and programmers is currently working with Gaonchips to develop the Company’s initial ASIC chip to mine Bitcoin Cash, Bitcoin, and other associated cryptocurrencies using a wafer process technology that, once confirmed and accepted as meeting certain prescribed specifications and criteria, will form the basis of an initial mass production test run of the ASIC chip by Samsung Electronics.
In addition, once a working FPGA prototype of our initial ASIC chip is developed, we will be able to aggressively accelerate the design and development of our initial mining rig for Bitcoin Cash, Bitcoin, and associated cryptocurrencies.
We anticipate completing a FPGA prototype of our initial ASIC chip by September 30, 2018.
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this news release.
For further information contact:
Simon Moore, President and Chief Executive Officer
Telephone: (604) 929 - 090
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the future development, manufacture, distribution and sale of the Company’s next generation ASIC chips and mining systems for Bitcoin and the timing 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, 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 as contemplated. 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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