Squire, a Canada-based crypto mining firm, which raised $19.5 million in August to develop sophisticated mining equipment, has signed a deal with South Korea’s largest conglomerate Samsung to manufacture ASIC chips.
The company has partnered with Gaonchips and Samsung Electronics to design and manufacturer new ASIC mining chips, which could allow the company to compete against Bitmain, the most dominant ASIC manufacturer in the global crypto mining sector.
“On August 1, 2018, we announced that Squire had engaged an undisclosed arm’s length design fabrication firm to perform the back-end design, testing and initial mass production run of our next generation ASIC chip for mining Bitcoin Cash, Bitcoin, and other associated cryptocurrencies. We are delighted that we are now able to disclose Gaonchips as our design house and Samsung Electronics as our foundry partner,” Squire said.
Samsung + Squire Vs Bitmain + TSMC
For many years, Bitmain and Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest dedicated independent semiconductor foundry, have maintained full control over the Bitcoin mining industry.
A recent report released by BitMEX Research disclosed that Bitmain has employed a strategy of selling its products including the Antminer s9 at a lower price with a low profit margin even at a risk of recording losses to pressure its competition.