Last Thursday, Canada-based cryptocurrency mining firm Squire announced that it has entered into a strategic partnership with Ennoconn Corporation. The corporate entity is a Taiwan-based, leading next-gen cryptocurrency mining hardware maker. Indeed, Ennoconn’s hardware enables its users to mine Bitcoin (BTC), Bitcoin Cash (BCH), and other altcoins. With listing on the Taiwan Stock Exchange, Ennoconn is also a leading manufacturer of motherboards. In 2007, the world’s largest electronics manufacturing service maker, Foxconn Technology Group, acquired significant Ennoconn assets. The acquisition made it a major shareholder of Ennoconn. As a result, the two companies formed a strategic alliance for electronic and embedded manufacturing.
Details of the Squire – Ennoconn Partnership
The formation of this business alliance is a result of a series of meetings that the two companies have previously held. However, a business partnership clue was announced on August 21st. On that day, a subsidiary of Squire, AraSystems Technology Corp., disclosed that they signed a business agreement with an undisclosed tech assembly giant. In a short time afterward, they finally revealed the company to be Ennoconn. The partnership aims to get the two companies to combine their expertise for the purpose of assembling next-gen mining rigs. Squire specifically mentioned that the two teams will collaborate to finish up its latest ASIC chip.
Projected Outcome of This Partnership
Squire pointed out on October 3rd, 2018 that it has successfully completed and tested its FPGA working prototype microchip. From the look of things, the ASIC chip and mining system has the potential to reduce operations cost to 40% for would-be enterprise users. To carry out the cost reduction project, Squire gave some interesting revelations. According to Squire, it requires a mining group with about $60M USD per year in savings to have such significant impact. In fact, Squire is forecasting that ASIC chip and its mining system would improve the cryptocurrency mining process by four times its mining capacity. Indeed, when this happens, miners would have cause to smile on their way to the bank as it means a spike in return on investment (ROI). The company arrived at these calculations by comparing the mining machines that operate inside certain facilities.
The Executive Chairman and CEO of Squire, Simon Moore, gave more insight into the business alliance. He noted that they are very pleased to partner with the Ennoconn team. Moore pointed that they need a team that has the technological know-how to meet the requirement for their next-gen mining rig. Squire’s CEO expressed the hope that the Ennoconn team has all it takes to make that happen. He added that Squire, and its partners, will become the major provider of mining hardware in the future. He based this optimistic projection on sales potential and subsequent revenues.
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