Square Mining Ltd. has announced Samsung as the manufacturer of its ASIC chips for Bitcoin Mining. The Canadian based company also selected Gaonchips as the firm responsible for its cryptocurrency mining chipset.
Square: In partnership with Samsung and Goanchips
The press statement published by the company, the manufacturing will take place in Korea. A portion of announcement reads:
“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.”
Goanchips will be working with the developers and programmer of Square. Together, they will focus on company’s utilisation of ASIC chips in Bitcoin Mining using wafers process technology. Once the integrated Square and Goanchips development team reach the acceptable design threshold, Samsung will begin the production of the ASIC chips in Korea for the preliminary testing.
The proposed development roadmap, the company said:
“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.”
Since the start of the year, the South Korean electronics behemoth began the mass production of ASIC miners. The move follows the company’s intentions to challenge Bitmain’s tenuous monopoly in the cryptocurrency hardware manufacturing market.
Square’s seriousness about Cryptocurrency mining:
The latest announcements signals a reiteration of the company’s commitment to its foray into the cryptocurrency industry. Squire Mining Ltd.announcedthe development of ‘next generation’ 10nm ASIC chips, in August . At the time, the company secured a multi-million-dollar private placement equity financing.
Apart from its proposed Bitcoin mining endeavour, Square wants to sell Bitcoin (BTC) $6659.80 and cryptocurrency hardware.
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