Data recently released has made it known that the cryptocurrency mining market was valued at USD 610.91 Million in 2016. Based on another report that made a compound annual growth rate (CAGR) prediction of about 29.7%, a valuation of about USD 38.38 Billion is expected by 2025. This rapid growth can be attributed to the rising adoption of cryptocurrency.

Currently, the US and China dominate the crypto mining scene with a combined market share of about 70%, with top mining companies like Squire Mining Ltd. (OTC: SQRMF) leading the scene.

Ways Miners Make Money

So far two sources have been identified as the principal ways through which revenue from cryptocurrency mining is attained. The first one is via: block rewards and the second one is via transaction fees recorded from giving confirmations to exchanges of coins on the network.

Squire Mining and its New Mining Rig

Squire Mining Ltd. (OTC: SQRMF) recently announced that it has entered into a “provisional non-binding agreement” with a major global technology assembly company, through one of its subsidiaries, AraSystems Technology Corp.

The major global technology assembly company has so far been revealed as Ennoconn. The agreement will bring about Ennoconn assisting AraSystems in the design and assemblage of its next-generation mining rig.

The mining rigs to be developed is expected to provide up to four times more mining power as well as a reduced effect of factors known to constrict most miners currently in the market from earning up to their full potential as well as power consumption. As a result of this, miners who will be using these new miners will be earning about four times what they normally earn while using other mining rigs. The increase in profits and low power consumption is expected to return mining to when it was considered the ultimate ways to make money from cryptocurrency, right after launching an ICO.

Presale

Squire Mining Ltd. (OTC: SQRMF) has also made it known that a prototype of the newly developed mining rig: AraCore ASIC chip along with its full specification will be presented at the CoinGeek Conference in London on November 28 – 30, 2018. The presale of the rig is also expected to commence right after.