- Squire and Gaonchips will design the microchips for the ASIC machine while Samsung will create the other components
- The first microchips will support bitcoin mining and some altcoins like bitcoin cash and others
- The team expect the prototype to be ready by the end of the month
Squire, a Canada-based cryptocurrency mining machines designer and ASIC chip maker, has joined forces with global electronics giant Samsung to develop new mining equipment, according to a Finance Magnates report from Thursday.
Squire and Samsung Orchestrate an ASIC Market Takeover
Per sources close to the matter, Canadian application-specific integrated circuits (ASICs) maker, Squire Mining has teamed up with South Korea’s Samsung Electronics, in a bid to develop highly functional bitcoin and other cryptocurrency mining equipment.
Per Finance Magnates, the two firms inked the deal earlier in August and it was agreed that Squire and Gaonchips, a South Korea-based firm will design the microchips while Samsung will create the other parts of the machine.
At a time when the price of bitcoin, ether and other cryptoassets on the market are facing a depressing bloodbath, with cryptocurrency mining operations becoming less profitable, the firms have reportedly hinted that the ‘first-field programmable gate array prototype’ will be released shortly.
Can Squire and Samsung Pose a Threat to Bitmain?
Established in 2011 in Vancouver, Canada, Squire Mining Ltd is no doubt a large firm in its own rights, as its shares are listed on the Canadian Stock Exchange (CSE) and several other exchanges, generating a revenue of $3.9 million.
Samsung Electronics, on the other hand, has been in existence for nearly 50 years but only joined the cryptocurrency bandwagon in January 2018 when it announced its intention to start manufacturing cryptocurrency mining machines.
With powerful companies like Bitmain and EBang currently dominating the ASICs manufacturing industry, it remains to be seen whether Squire and Samsung will be able to formulate better machines than their heavyweight competitors.
It’s worth noting that Bitmain has been criticized for dominating a large chunk of the bitcoin network, no thanks to its sophisticated mining equipment.
The firm, however, remains unperturbed by the condemnations of the proponents of DLT decentralization.
On September 27, reports emerged that Bitmain is finalizing preparations to launch an initial public offering (IPO) that would enable it to raise billions of dollars, to further expand its operations.