Canadian investment Squire Mining company focused on mineral exploration and technological projects worldwide, intends to enter the business of mining cryptocurrency.

The company announced August 10 on closing a round of private placement of shares to 25.5 million canadian dollars ($19.4 million). The raised funding will be used among other things to development, testing and mass production mining ASIC chips, the next-generation of miners based on them.

Squire in March, Mining signed a binding agreement with Peter Kim (Peter Kim) from the Engineering school of the University of Washington on creation of a joint enterprise. The new firm, based in South Korea, is required to design, develop and commercialize a 10-nm ASIC chips of the next generation. Kim is responsible for the technological side of the project, Squire Mining has committed to provide funding.

According to the company, a joint venture after the development of ASIC chip should start selling mining rigs based on it. In the subsequent run their own centers for mining cryptocurrency.

The canadian company is not the first person on the wave of popularity of the cryptocurrency decided to engage in the production of mining equipment and mining. In November last year, mining the Japanese business GMO Internet. In January the company introduced the 12-nm ASIC chip, and in June hosted a presentation of a miner, constructed on the basis of 7-nm chip.