Squire Grants Coingeek Exclusive Rights To Distribute Next Generation Crypto ASIC Mining Rigsbr>
Squire, a listed issuer on the Canadian Stock Exchange, engages in the acquisition, exploration, and development of mineral resource properties. The company recently closed its non-brokered private placement equity financing of $25,500,000 to fund its change in business. The company will use the funds to develop, manufacture and sell data mining infrastructure and system technology, including ASIC chips and mining rigs, to support global blockchain applications in the crypto mining space.
Squire’s next generation mining equipment is being designed with a projected hash rate that is expected to be significantly faster while utilizing less power than the leading crypto-mining equipment currently available on the market today. The company expects to complete the manufacture and assembly of a pilot production test run of its initial ASIC chip and rig for mining Bitcoin Cash and other altcoins by the end of the fourth quarter of 2018.
CoinGeek’s exclusive distributor agreement with Squire will allow them to exclusively market, promote, solicit, and sell the new ASIC semiconductors and mining rigs using the Coingeek logo and brand. Coingeek said initial sales will favour miners of Bitcoin Cash, due to the social benefits of this cryptocurrency’s utility as digital money and its unique ability as the only platform that scales and is secure for the development of applications needing microtransactions.
“Bitcoin Cash is the world’s only functional low-cost, fast, secure digital money and the only cryptocurrency that adheres to the original Satoshi Nakamoto white paper,” Coingeek said. “Average transaction costs on Bitcoin Cash are $0.002 compared with $2.00 when using the non-scaling Segwit token system and subject to a 2-4% commission for transactions on the Visa network.”
Coingeek is led by billionaire entrepreneur Calvin Ayre, who invested significantly in both hardware and software to grow the hash rate of Bitcoin Cash and highlight the all-important scalability of the chain. Last month, Coingeek surpassed BTC.top as the largest Bitcoin Cash mining pool in terms of blocks mine, with 15.97% of hash power compared to BTC.top’s 14.58%.