Samsung Partners with Square Mining to Create a Next-Generation ASIC Miner

Squire Mining, a Canadian-based company focused on manufacturing and selling mining equipment, has partnered with electronics giant Samsung and Gaonchips. The deal involves creating a next-generation 10nm ASIC chip by the end of this year.

Squire Mining used to be a mineral mining company until it completely changed its business model, moving from physical mining to cryptocurrency mining. Squire Mining explained what the deal involves:

The Company is now engaged in the business of developing, manufacturing and selling data mining infrastructure and system technology (including ASIC chips and mining rigs) to support global blockchain applications in the cryptoasset mining space. Shareholder approval for the Change in Business by a majority of the Company’s disinterested shareholders has also been obtained by way of written consent resolution

Trading in Squire Mining shares was put on hold on July 5, the date when the company announced the change in business, and resumed in mid-August - leading to the company’s stock soaring by roughly 71%.

The growth of Squire Mining stock was partially due to the $19.5 million that was raised in order to develop sophisticated mining equipment. After completing the ASIC chip development, Squire Mining is looking to create its own mining facilities.

Samsung and Crypto Mining

Samsung had already announced back in January, its involvement in manufacturing ASIC chips for mass production. They have also partnered with Halong Mining, formerly known as Dragonmint T1, to deliver chips for ASIC mining rig production.

Samsung has not disclosed detailed information about its crypto mining chips venture. However, the company has revealed that it had a positive contribution to its earnings, as Samsung’s semiconductor division accounted for about 70% of total operating profits in the first quarter of this year:

Demand for the semiconductor division increased due to sales of system LSIs [ASICs] for flagship smartphones and demand for virtual currency mining chips

Squire Mining vs Bitmain Monopoly

For years, crypto-mining giant Bitmain, together with Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest dedicated independent semiconductor foundry, have enjoyed near complete control over the Bitcoin mining industry.

Bitmain is the current market leader, as the China-based company holds 80% of the market share of mining equipment. Faced with unseen competition this year, a leaked document purports to show that Bitmain plans to employ a new price strategy. 

If the document is accurate, many will see the company's lowering of profit margins and product prices as evidence of the Bitmain's strong intent to continue its market dominance.

 

Hash Wars: Mining Operation OrcaPool Launches to Defend Altcoins and Forks From ‘Attackers’

A new mining operation dubbed “OrcaPool” has recently been launched, with the goal of defending altcoins and forked coins from attackers who may attempt to pull 51% attacks on them. Specifically, the pool appears to be a response to SharkPool.

At the time of Bitcoin Cash’s hard fork last year, a new cryptocurrency mining pool, SharkPool, was launched. The pool, founded by Bitcoin Satoshi’s Vision (BSV) supporter Ari Kuqi, threatened to annihilate “alts who dare bearing the Bitcoin name,” and specifically named Bitcoin Gold, Bitcoin Diamond, and Bitcoin Private.

SharkPool’s plan to annihilate cryptocurrencies is to dominate their hashrate to then start mining empty blocks on their chains. This stops transactions from going through, which over a long period of time creates a significant transaction backlog, making their network useless. The second part sees it sell the rewards it gets from those blocks for BSV, pushing its price up and putting selling pressure on the attacked crypto.

So far, SharkPool has seemingly attacked BCH’s testnet forcing it to add additional security resources, and Bitcoin Private’s (BTCP) mainnet, forcing cryptocurrency exchanges to require 1,500 network confirmations on transactions.

Speaking to CryptoGlobe, Kuqi revealed that behind SharkPool’s ideology is Nakamoto Consensus. Per his words, nothing the pool does is “illegal,” as it “obeys all laws and regulations.” He added “miners execute their executive power by voting with their hash, building on a block or orphaning it.”

At the time Kuqi, the founder of Cashpay Solutions, also noted it doesn’t matter whether Craig Wright is indeed Satoshi Nakamoto, as SharkPool “fights for sound and stable money.” The pool has over the past few months been recruiting miners.

Now OrcaPool, on Twitter, has revealed its goal is to counter SharkPool’s activities, and that it’s also recruiting miners to join its resources. Its website explains the Orca was chosen as it’s a natural predator of the shark.

The new pool is reportedly going to sell the rewards of blocks it mines for bitcoin. So far, the war between the two pools has seemingly only been occurring on social media. SharkPool, reacting to the competitor, stated:

As onlookers piled on, OrcaPool pushed back: