Business & Finance

Mineral Mining Company Shifts to Manufacturing Crypto Mining Equipment

Crypto related business is thriving nowadays, driving various businesses and investors towards the adoption of cryptocurrencies and the underlying technology. Every now and then, a scam pops up, and to neutralize that a brand new functionality added to these digitized currencies is publicized. This seesaw has been drawn to the both sides; however, cryptocurrencies have been outweighing all these threats and now are being embraced in a lot of parts of the world. The result being that the incentive to mine these is increasing subsequently. Therefore, a need is created in the industry for developers to come up with a top-notch mining technology that offers high utility.

The groundbreaking technology blockchain has undeniably attracted a lot of attention from businesses and investors from all over the world. One of the noteworthy adopter of the technology is a Vancouver based company, Squire Mining Ltd. The Canadian mining company acquired and explored the reserves of mineral resources. This also involved gold and silver deposits. The company also had interests in Chilcotin and Nechako regions of British Columbia. However, the company announced its plans to move from mining natural resources to production of equipment meant for mining cryptocurrencies, earlier this year. In a recent press release, the company mentioned that they have successfully generated ASIC chips and mining rigs, and are looking to finance the project.

The company first announced that it was going to make the move when they hired Peter Kim in order to produce the ASIC chips and cryptocurrencies mining rigs. The increased popularity of blockchain and cryptocurrencies has created many opportunities for companies, as efficient mining equipment seems to be in high demand. The company also plans to sell bitcoin and its mining equipment as well as setting up its own mining centers.

Peter Kim who was hired and tasked with the production of these ASIC chips is a qualified executive, and had experience in chip design and system architecture. The company and Kim were to form a joint venture in South Korea. He was to design, develop, and commercialize the next generation 10 nm ASIC chips in which the company held 66% interest and Peter 33%. The project was provided a hefty fund of $3,000,000. The Interim President and CEO of Squire, Tibor Gajdics, commented,

While we remain focused on our current mineral exploration business as outlined in our release of February 13, 2018, Squire has continued to investigate blockchain technologies and other related innovations with the potential to build significant value for our shareholders. As we continue to investigate potential businesses and opportunities, we see next generation ASIC chips as a key component in the creation of more cost-effective and efficient technologies for the rapidly expanding market for blockchain and crypto-currency related products. We look forward to partnering with Peter Kim to bring this exciting opportunity to fruition.

The latest development has been that the company has finally come up with its own chips design and has closed its financing of $25,500,000 CAD. That money is to be invested in the new Business – mining chips and equipment. A part of the financing is to fund the entire operation, whereas some of it is also to be reserved for further research into the crypto space.

Multiple businesses have been leaping towards the incorporation and production of crypto related technology because its highly profitable now a days. There is the Chinese company Bitmain, which is the world’s second largest manufacturer of cryptocurrency mining rigs. Bitmain accumulated approximately $3 billion in profits by selling miners chips and mining equipment. Their recent projects include WiFi routers having the ability to mine currencies like dash and siacoin. They also plan to launch a TV set that mines crypto.

With crypto inclined businesses on the rise that provide incentives and promote mining while educating the audience about the underlining technology, the day is not far when there would be a worldwide adoption of the ‘future’ tech. The current digital currency market capitalization is $211 billion. It was predicted that cryptocurrencies could rise to $1 trillion by 2030, which in itself vouches for the fact that the mining business would indeed bring revolutions.

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Habibah Shahid

A Computer Science student but a writer at heart. Habibah writes about Cryptocurrencies and the underlying technology, Blockchain, with the perspective of a Computer Scientist. Email: habibah@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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