VANCOUVER, British Columbia, June 04, 2019 (GLOBE NEWSWIRE) -- Squire Mining Ltd. (CSE:SQR | FWB:9SQ | OTCQB:SQRMF) (“Squire”) is pleased to announce that it has entered into a binding letter of intent (the "Agreement") to relocate 41,166 blockchain cloud computing units (the “Assets”) pursuant to a hosting agreement with Core Scientific Inc. (“Core Scientific”).
Pursuant to the Agreement, the Assets will be hosted at Core Scientific’s state-of-the-art facilities in the United States and performance will be optimized using Core Scientific’s proprietary technology. Additionally, the parties have agreed on a collaboration with respect to the development of a Bitcoin SV-based blockchain supply management and distribution solution that is expected to benefit hardware manufacturers, infrastructure providers and end-users in the blockchain and crypto mining sectors. Squire has committed to providing hosting prepayments of US$6,375,000 and covering shipping and customs costs to relocate the Assets, and Core Scientific has committed to expending a minimum of US$12,000,000 to buildout its infrastructure to accommodate the Assets.
Core Scientific (https://www.corescientific.com/) is a leader in artificial intelligence (“AI”) and blockchain, delivering best-in-class infrastructure and software solutions. In an increasingly distributed and connected world, Core Scientific believes AI and blockchain will fundamentally change the way information is processed, shared and stored across a range of industries. Led by a team that has a 10+ year AI and blockchain success story, Core Scientific provides custom hosting solutions at scale.
Core Scientific is pioneering new innovations and best practices in the AI and blockchain landscape, with advanced capabilities operating infrastructure at scale. Core Scientific’s platform is trusted by large-scale partners around the world to deliver reliable solutions that quickly adapt to dynamic market conditions.
Core Scientific’s Chief Executive Officer, Kevin Turner said, “I am delighted that Core Scientific is partnering with Squire. Our industry leading in-house management and monitoring solution, Minder™, combines our hosting expertise with data analytics and AI to ensure continuous uptime, alerting, monitoring and management, and our custom ASIC operating system, MinderOS™, and optimization suite provides significant profitability gains for Squire.”
With Bitcoin SV becoming a massively scaled blockchain, it is paramount that operators in this space understand the complexities of this network and the need for standardization so that the ecosystem is adopted by enterprise and institutional users.
“It is important for Squire to partner with such a reputable and trustworthy industry leader in the space. Core Scientific’s facilities are advanced and secure. Their focus on optimal performance, dedicated maintenance and internal controls will have a significant impact on Squire’s operations and the longevity of our assets,” Stefan Matthews, Chairman of Squire.
About Squire Mining Ltd.
Squire is a Canadian based technology company engaged, through its subsidiaries, in the business of developing and operating cloud computing data infrastructure and system technology to support global blockchain applications related to Bitcoin SV, Bitcoin Core and other associated SHA-256 derived digital assets.
For further information contact:
Angela Holowaychuk
Interim Chief Executive Officer
Telephone: +1 800-371-2809
ABOUT BITCOIN SV: Bitcoin Satoshi Vision (BSV) is the only Bitcoin implementation that follows Bitcoin’s original design, protocol and vision, as expressed by its creator Satoshi Nakamoto. Squire supports the BSV roadmap as it is the only project that aims to enable massive blockchain scaling by significantly increasing the Bitcoin block size so blocks can fit much more transactions and data and thus generate more transaction fees for miners, and outlines for the crypto mining sector why massive blockchain scaling is important for the entire interrelated Bitcoin ecosystem. Dr. Craig S. Wright, who serves on Squire’s strategic advisory board, has been issued U.S. copyright registrations, as author under the pseudonym Satoshi Nakaomo, for the original Bitcoin white paper and most of the original Bitcoin code.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes “forward-looking information” as defined under applicable Canadian securities legislation. Forward-looking information and statements include, but are not limited to, disclosure regarding possible events, that are based on assumptions about future economic conditions and courses of action. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, future demand for Bitcoin SV, Bitcoin Core and other cryptocurrencies and risks related to the mining thereof, integration issues, personnel and staffing requirements and technological change and obsolescence and risks that the conditions to closing in respect of the transaction will not be satisfied. There are no assurances with respect to: the timing and completion of the relocation of the blockchain and cloud computing units pursuant to the Agreement; the effect of the Agreement and the hosting agreement with Core Scientific on Squire’s business; the timing, completion and success of the collaboration by Squire and Core Scientific with respect to the development of a Bitcoin SV-based blockchain supply management and distribution solution (including any benefit therefrom to hardware manufacturers, infrastructure providers and end-users in the blockchain and crypto mining sectors); statements relating to Core Scientific's innovations and best practices in the AI and blockchain landscape; and statements made by the Chairman of Squire. Actual results and future events could differ materially from those anticipated in such forward looking information. Accordingly, readers should not place undue reliance on forward-looking information. All forward looking information in this news release is made as of the date hereof and qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Squire disclaims any intention or obligation to update or revise such forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.