Canada-based investment company, Squire Mining Ltd., that is directed at global resource exploration and technology-based projects, has finalized its private placement equity funding of $25,500,000 CAD ($19.5 million). The funding will be a change for the company and will be invested in the crypto sphere.
A “next generation” ASIC chip is the focus of the financing. The company intends to develop and mass produce the new chip and bitcoin mining rig. Part of the funding will be set aside for a R&D towards a second generation ASIC chip and rig, as well as to cover operations for releasing the unit.
Squire aims a launching a pilot production test of the new chip and rig by the end of the year. Peter Kim, a design and system engineering architecture expert, involved in a partnership since March 2018, has in the agreement to design the ASICs to be 10nm chips. The partnership sees Squire holding 66 2/3% interest and Kim will hold 33 1/3%, with operations running of South Korea.
Squire Mining, states that in order for the crypto sector to grow, the nextgen chips and system architecture will be the backbone of the expanse. Currently, the crypto mining company’s largest competitor is China-based Bitmain which has around 80% of the market share. The other competitors include Samsung which saw increasing profits because of its bitcoin mining chips, and Japan’s GMO, which launched an enhanced version of its bitcoin miner equipped with 7nm ASIC mining chips. With Squire entering the market space, this can only lead to further innovation.