“Squire Mining Ltd. (CSE:SQR) announced the resignation of Taras Kulyk as Chief Executive Officer and Director. This was after initial simulation testing of its new prototype ASIC (Application-Specific Integrated Circuit) chip for mining Bitcoin SV, the chip produced low yield results that were inconsistent with design parameters that were sought after.”

— Press release from Squire Mining

This latest news does not bode well for Squire Mining and Bitcoin SV. The failure to launch their own ASIC chips will be seen as a massive disappointment, as they were being developed to help secure the BSV network with more hashpower.

It should be noted that these types of issues are commonplace in the computer chip industry with Intel facing similar issues last year with their 10nm process.

It seems that running an ASIC mining chip company isn’t as easy as Calvin and Craig Wright (major proponents of Bitcoin SV) had initially anticipated. The reported purchase of Coingeek by the Canadian ASIC developer Squire Mining for US $45m.

— What is essentially a reverse merger for publicly traded company. This could potentially give an opportunity for market manipulation. Something we should all keep a very stern eye on. Release bad news and the price tanks, release good news and the price of the public shares rises. Something which the SEC would not take kindly to.

Calvin Ayre — Owner of Coingeek and Major BSV Miner.

Squire Mining SQR , after reaching an all time high of 0.815 CAD on September 20, 2018 reached its lowest point today, February 1, 2019; with a close of 0.018 CAD falling 79.1% since September.

https://www.tradingview.com/symbols/CSE-SQR/

Squire mining share price has fallen down 79% since September 20th

Reporting of Squire Mining’s financials can be found here. Although it should be noted, Q4 2018 has not been updated.

Cause for concern? Nah /s

According to the report for the six months ended April 30, 2018 —

“The Company has not generated revenue from operations and incurred a net loss of $1,189,391 for the period ended April 30, 2018, has accumulated a deficit at April 30, 2018 of $1,678, 765 and expects to incur further losses in the development of its business.”

See page 8 in the report here.

Which begs the question.. How does a company buy Coingeek if it is not generating income?

About Squire Mining Ltd.

Squire Mining is a Canadian based publicly traded company (which reportedly purchased Coingeek in December) are in the business of developing and operating data mining infrastructure to support global blockchain applications in the cryptocurrency mining space; including application specific integrated circuit (ASIC) chips and next generation mining rigs to mine Bitcoin SV, Bitcoin Core and other associated SHA-256 derived cryptocurrencies.

CoinGeek were recently involved in the major Bitcoin Cash fiasco / mining war, providing hash power for the Bitcoin SV project which was declared the loser by most crypto outlets.

It has been said that Squire Mining were originally a physical mining company, but I couldn’t find any sources on this claim.

*Edit* I have been provided with sources for the above statement. Squire Mining was a mineral mining company pre-2017.

More to come.. events are unfolding with more sources being found.