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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
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
