Squire Mining Ltd has finished testing its prototype ASIC chip and reports ‘positive results’. The special event, held in Seoul, South Korea, was attended by executives from a host of companys involved in the venture including Squire, Future Farm, Gaonchips and Samsung Electronics.
In addition to the usual rogue’s gallery of suits was Peter Kim, President of Squire’s subsidiary AraCore. He was joined by his team of microchip engineers and programmers who tested a working prototype of a brand-new FPGA (Field Programmable Gate Array).
The test results confirmed estimations made by Aracore, that the ASIC would be capable of reaching a hash rate of between 18 – 22 terahash per second, while consuming 700 – 800 watts.
The FPGA used for testing purposes was installed with a microchip which will eventually be adapted for use in AraCore’s maiden ASIC miner.
The chip, which utilises wafer-processing and 10 manometer technology, is designed to mine Bitcoin, Bitmain Cash and related crypto currencies. Taras Kulyk, CEO of CoinGeek and Hardware, which has a stake in the new hardware, was understandably enthused by the successful demonstration.
“The CoinGeek team is very pleased with the progress of our strategic partners…With this next generation technology, CoinGeek will continue to pull the blockchain industry out of the proverbial basement and into the boardroom.”
The ‘basement into the boardroom’ remark may not sit too well with decentralisation advocates/bores. But there’s no doubt that the test has been a big success for Squire Mining, paving the way for a mass-production test run of an ASIC chip by Samsung Electronics.
Squire has a background in physical mining but made a dramatic, not to mention courageous, transition to crypto mining in August 2018. As reported here on September 29th, the company managed to secure C$ 25.5 million in equity financing to fund its new venture.
It will be fascinating to see how the project pans out in the coming months. Needless to say, we’ll keep you updated about its progress.
Read the full press release here: