Data Projects the Global Cryptocurrency Mining Market to Continue its Growth


NEW YORK, October 23, 2018 /PRNewswire/ —

According to a report published by Technavio, the global cryptocurrency mining hardware market is expected to grow at a compound annual growth rate (CAGR) of 10% between 2018 and 2022. Growing demand for mining hardware had encouraged large semiconductor companies to invest into cryptocurrency mining-specific hardware. The growing adoption of cryptocurrency by retailers and merchandisers is one of the factors that drives the growth of cryptocurrency mining hardware market. Based on products, the market is segmented into ASIC and GPU, the ASIC segment dominated the market in 2017, accounting for more than 74% of the market shares. This segment is expected to hold the largest market shares during the forecast years. Squire Mining Ltd. (OTC: SQRMF), International Business Machines Corporation (NYSE: IBM), Intercontinental Exchange, Inc. (NYSE: ICE), Nasdaq, Inc. (NASDAQ: NDAQ), DISH Network Corporation (NASDAQ: DISH)  

A senior analyst at Technavio for IT hardware said: “In cloud mining, customers invest in a cloud-hosted cryptocurrency mining venture that transfers a certain share of the earned cryptocurrency to its customers. The cloud-hosted cryptocurrency mining venture uses the investment to improve its process of mining by buying CPU power from a data center, which uses its equipment to mine cryptocurrency. The profitability of cryptocurrency mining ventures will lead to the adoption of cloud mining. This will boost the growth of the cryptocurrency mining hardware market.”

Squire Mining Ltd. (OTCQB: SQRMF) is also listed on the Canadian Securities Exchange under the ticker (CSE: SQR). Recently, the Company announced that, “Ennoconn Corporation (“Ennoconn”) as our hardware manufacturer for next generation mining systems to mine Bitcoin Cash, Bitcoin and other associated cryptocurrencies. Ennoconn is a leading industrial motherboard designer and total hardware system solution provider headquartered in Taipei, Taiwan and listed on the Taiwan stock exchange (TPE:6414). In 2007, Foxconn Technology Group, the largest “Electronic Manufacturing Service” company in the world, became the majority shareholder of Ennoconn, forming a strong strategic alliance in embedded system and electronic manufacturing.

On August 21, 2018, Squire announced that AraSystems Technology Corp. (“AraSystems”), a subsidiary of Squire, had entered into a provisional non-binding agreement with a major global technology assembly company. This company, now revealed to be Ennoconn, will assist in the design and assembly of our next generation mining rig at such time as a working prototype of our debut ASIC chip is completed.

On October 3, 2018 Squire announced the successful completion and testing of its FPGA working prototype microchip, with early results of the terahash-to-energy consumption ratio, indicating that the final ASIC chip and mining system has the potential to reduce operational costs by up to 40% for enterprise mining facilities.

This cost reduction was estimated by one leading enterprise mining group to be worth up to $60M per year in savings to their operations alone.

The final ASIC chip and mining system together are expected to provide up to a four times improvement in the performance of mining the blockchain, a process that enables miners to be paid, thereby increasing the return on investment, and profit, for miners. Such calculations are based on comparisons with the majority of current generation mining machines operating inside enterprise facilities around the world.

Following this success, the Company has signed a binding Memorandum of Understanding with Ennoconn and funded work to commence Phase 1 design and development of AraSystem’s next generation mining system in collaboration with its partners in Taipei, Taiwan and in Seoul, South Korea. Definitive documentation will be entered into following delivery of final specifications and data sheets to Ennoconn later this month.

Squire’s engineers are currently working with Ennoconn to design and develop AraSystem’s mining rig which will house the debut ASIC chip currently under development by the Company’s subsidiary AraCore Technology Corp (“AraCore”), in conjunction with GaonChips and Samsung Electronics (see news releases dated September 25 and October 3, 2018). In turn, Ennoconn will be responsible for mass assembly of the mining rig once all design, development and testing work has been completed.

A prototype of the mining rig along with full specifications of the AraCore ASIC chip are expected to be presented at the CoinGeek Conference in London on November 28 – 30, 2018, with presales expected to commence on or around that date. Significant interest has already been expressed by several of the industry’s largest enterprise mining companies, which currently host hundreds of thousands of mining machines in their facilities across the world.”

“We are very pleased to be partnering with the skilled engineers at Ennoconn, one of the world’s leading electronic manufacturing companies,” stated Simon Moore, Executive Chairman and CEO of Squire. “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.”

International Business Machines Corporation (NYSE: IBM) is recognized as the leading enterprise blockchain provider. IBM, in collaboration with Stronghold, recently announced their intent to explore uses for Stronghold USD within blockchain business networks on the IBM Blockchain Platform. The ‘Stronghold USD’ token is asset-backed (at one-to-one U.S. dollars per coin) with reserves held by a state-chartered trust company. Stronghold, which recently raised seed funding from Freestyle Capital, will use Stellar’s blockchain protocol to issue and transact Stronghold USD while providing access to liquidity through its institutional exchange services and the custodial relationship with its partnered trust company. The aim is to experiment with ways for financial institutions and other organizations to achieve faster, safer and more efficient transaction processing and money transfer throughout the world’s economy. The Stronghold USD token is another example, similar to digital tokens or digital coins, of the new financial instruments being developed to transform the way in which money moves. They are designed to represent ownership of real-world assets and can be electronically exchanged directly between counterparties, resulting in immediate ownership transfer of the underlying assets themselves – a process called settlement. The value of stable tokens is pegged to liquid or stable asset classes. In the case of Stronghold USD, the asset is U.S. dollar reserves held in custody by a state-chartered trust company. “The digitization of real-world assets using blockchain can dramatically transform many forms of financial transactions conducted around the world,” said Jesse Lund, Global Vice President of IBM Blockchain. “New types of fiat-backed instruments, like Stronghold’s USD token, have the potential to improve the backbone of international banking operations and payments, giving banks an easier way to integrate with public blockchain networks without significant changes to their core banking and compliance infrastructure.”

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 and Fortune Future 50 company formed in the year 2000 to modernize markets. Intercontinental Exchange recently announced that it plans to form a new company, Bakkt, which intends to leverage Microsoft cloud solutions to create an open and regulated, global ecosystem for digital assets. The new company is working with a marquee group of organizations including BCG, Microsoft, Starbucks, and others, to create an integrated platform that enables consumers and institutions to buy, sell, store and spend digital assets on a seamless global network. The Bakkt ecosystem is expected to include federally regulated markets and warehousing along with merchant and consumer applications. Its first use cases will be for trading and conversion of Bitcoin versus fiat currencies, as Bitcoin is today the most liquid digital currency. The effort is designed to address the evolving needs in the estimated USD 270 Billion digital asset marketplace. “In bringing regulated, connected infrastructure together with institutional and consumer applications for digital assets, we aim to build confidence in the asset class on a global scale, consistent with our track record of bringing transparency and trust to previously unregulated markets,” said Jeffrey C. Sprecher, Founder, Chairman and Chief Executive Officer of Intercontinental Exchange.

Nasdaq, Inc. (NASDAQ: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Gemini Trust Company, LLC and Nasdaq Inc. announced earlier this year that Gemini will be leveraging Nasdaq’s SMARTS Market Surveillance technology to monitor its marketplace. The technology, which is considered the most widely deployed surveillance system in the world, will enable Gemini to monitor across all of its trading pairs, including: BTC/USD, ETH/USD and BTC/ETH. Further, SMARTS will also surveil activity across the Gemini auction process that is used to determine the settlement price for the Bitcoin XBT futures contracts that trade on Cboe’s CFE Exchange. “Gemini has been a leading voice in advocating for stronger transparency and thoughtful regulation of the cryptocurrency markets – views we deeply share and have put into practice as a market operator and technology partner,” said Valerie Bannert-Thurner, Senior Vice President and Head of Risk & Surveillance Solutions, Nasdaq. “Being regulated by the New York State Department of Financial Services (NYSDFS), Gemini is held to the utmost standards in terms of capital reserve requirements. This is a major milestone in the application of SMARTS- and an important indicator of our commitment to expand the use of our market technology into non-traditional marketplaces, as well as new frontiers beyond the capital markets.”

DISH Network Corporation (NASDAQ: DISH) is a connectivity company. DISH, the first subscription model pay-TV provider to accept Bitcoin beginning in 2014, recently announced it has added Bitcoin Cash as a payment option and is now using BitPay, the largest global blockchain payments provider, as the payment processor for Bitcoin and Bitcoin Cash transactions with customers. DISH is migrating from its former payment processor to BitPay. DISH customers can use Bitcoin and Bitcoin Cash to pay for monthly subscriptions, as well as pay-per-view movies and events. As a push transaction, a DISH customer sends the exact amount of Bitcoin or Bitcoin Cash needed to make one-time payments on mydish.com or DISH’s Hopper DVR. BitPay exchanges payments to U.S. dollars at the moment of the transaction without cryptocurrency volatility risk. “We’ve added Bitcoin Cash just as we chose to accept Bitcoin to serve customers who have adopted a new way of doing business,” said John Swieringa, DISH Executive Vice President and Chief Operating Officer. “We have a steady volume of customers paying with cryptocurrency each month, and BitPay will allow us to continue offering more choice and convenience to our customers.”

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