Squire Mining has announced Ennoconn Corporation as hardware manufacturers for its new, ‘next-generation’ ASIC crypto miners which will be used to mine Bitcoin, Bitcoin Cash and other related cryptocurrencies.
Back in August, Squire disclosed that a provisional non-binding agreement had been made between its subsidiary, AraSystems and a ‘global technology assembly company’. Now revealed to be Ennocconn, it seems that everything is going to plan for Squire Mining, as it continues to prepare its assault on the Bitcoin crypto mining sector.
Who Are Ennocconn?
Ennocconn is a major developer of motherboards with an established history in system and electronic manufacturing. Based in Taiwan, the company will now take a leading role in the design and assembly of Squire Mining’s forthcoming crypto mining rig.
The announcement comes fresh on the heels of Squire’s successful test event eleven days ago, which saw a prototype ASIC chip put through its paces. The results were very positive, meeting the company’s ambitions expectations regarding hash rates and power consumption.
One of the main takeaways from Squire’s October 3rd testing was the potential cost reductions offered by the new ASIC chip which, according to some commentators, will be worth up to $60 million in yearly operations costs alone.
The event also revealed that the final ASIC mining system could offer as much as a four-fold improvement over current miners operating on the Bitcoin blockchain. Flushed with this news, Squire has now signed a binding agreement with Ennocconn, which will see the company begin work on Phase 1 in the design and development of AraSystem’s mining system.
Definitive Enough for You?
Definitive documentation will be completed once the final specifications and data sheets are received, which is expected in a matter of weeks. These final specifications are then expected to be unveiled at the CoinGeek Conference in London on November 28th to 30th. Pre-sales will commence soon after with a number of major mining companies already expressed strong interest in the upcoming crypto mining rig.
Following the news, executive Chairman and CEO of Squire, Simon Moore remarked:
“We are very pleased to be partnering with the skilled engineers at Ennoconn, one of the world’s leading electronic manufacturing companies. As we launch our next generation mining rig with a suite of proprietary innovations, it’s imperative that our manufacturing partners have the talent, experience, and capacity to not only deliver unique hardware, but also deliver best in class quality.
We believe Ennoconn will help ensure the production of an exceptional mining rig for the marketplace” he said. Further, Mr. Moore noted, “based on initial interest from the sector, the potential for significant sales and the subsequent revenue for Squire is on track in the coming year which would make Squire and its partners a noteworthy industry provider of crypto mining hardware and next-generation innovation on a global scale.”