Squire Enters Into a Binding Letter of Intent With Core Scientific for Hosting of Blockchain Cloud Computing Assets
05 6월 2019 - 2:51AM
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 HolowaychukInterim Chief Executive OfficerTelephone: +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.
Squire Mining (CSE:SQR)
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