Squire Mining Ltd. recently announced the closing of a non-brokered private placement equity financing of Canadian $ 25,500,000 to fund the developing, manufacturing, and selling data mining infrastructure and system technology.
The Next Generation of 10nm ASIC Chips Is Coming
The dizzying growth of the blockchain and crypto asset industry continues to attract new investors. Squire Ltd. estimates that the cryptocurrency market could rise to USD 1 trillion in late 2018 and USD 10 trillion by 2030.
Thus, encouraged by this sentiment, on August 10, 2018, the Canadian investment company Squire Ltd. announced that it now engages in the crypto industry.
According to the announcement, the net proceeds of the financing (Canadian $ 25,500,000) are to be invested, among other things, in the design, development, testing, and mass production of the initial next generation application-specific integrated circuit (ASIC) chips, as well as a mining rig for mining Bitcoin.
This financing also covers the development of a second next-generation ASIC chip and mining rig, marketing, and administrative expenses.
The company estimates that by the end of the fourth quarter of 2018, it will complete the manufacture and assembly of pilot production tests of its first ASIC chip and rig for mining Bitcoin.
On March 14, 2018, Squire Mining Ltd. entered into a binding agreement with Peter Kim to form the company that will focus in the development of ASIC chips. Under the letter of agreement,
The joint venture company, undertake the design, development, and commercialization of next-generation 10nm ASIC chips in which the Company will hold an initial 66 2/3% interest, and Kim will hold a 33 1/3% interest.
The agreement also stipulates that the joint venture company will “also initiate the sale of bitcoin and crypto-mining systems as well as developing its own mining facilities.”
Investing in Bitcoin Mining Gathers Steam
The battle for the supremacy of the ASIC chip manufacturing sector is heating up. New companies are entering the crypto mining space or expanding their operations.
For example, the chip manufacturer Samsung Foundry aims to expand its ASIC Engineering operations to better support North American operations. In this regard, the company is presently looking to hire a Senior ASIC Engineer.
Investment in Bitcoin mining was a profitable business in 2017. For instance, the Chinese Bitcoin mining giant Bitmain declared profits of between $ 3 billion and $ 4 billion USD in 2017. Now, Bitmain reportedly plans a multimillion-dollar expansion of its operations into the United States.
How do you think the growth of the Bitcoin mining space will affect Bitcoin’s value? Let us know your views in the comment section below.
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