Squire team up with electronics giant Ennoconn

Ennoconn is an industrial motherboard designer and total hardware system solution provider headquartered in Taipei, Taiwan. Some of you might remember that back in 2007, EMS-giant Foxconn became the majority shareholder of Ennoconn, forming a strong alliance in embedded system and electronic manufacturing. On August 21, 2018, Squire announced that its subsidiary, AraSystems Technology Corp., had entered into a provisional non-binding agreement with a major global technology assembly company. This company, which we now know to be Ennoconn, will assist in the design and assembly of the company’s next generation mining rig at such time as a working prototype of its debut ASIC chip is completed. Just recently 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. Following this success, the company has signed a binding MoU 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, the company states in a press release. 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 it’s subsidiary, AraCore Technology Corp, in conjunction with GaonChips and Samsung Electronics. In turn, Ennoconn will be responsible for mass assembly of the mining rig once all design, development and testing work has been completed.