The cryptocurrency seems stuck in a bearish run that s unclear when it will end. Actually, most cryptocurrencies are performing poorly against their historic highs of late 2017. However, this does not seem to dampen the ambitions of firms in the cryptoverse. A news release reveals an agreement which will help STX develop Bitcoin mining chips from as early as Q1 2019.
According to the press release, the venture is a joint effort with BaySand Inc and QRF Solutions Pte Ltd. BaySand operates out of Silicon Valley where it develops application specific integrated circuits (ASICs). On the other hand, QRF operates out of Singapore and constitutes the Blockchain Defense Patent License (BDPL).
Fast and efficient
STX is an energy trader that has interests in shipping, logistics, commodities and machinery, The Korean Times reports. As per the news release, STX will build hardware for mining Bitcoin. Dubbed ?Hanminer?, STX promises the chips to offer unmatched efficiency.
Further, the release reveals that the company will develop the chips using TSMC 7nm process. Basically, TSMC 7nm is a high-end chip development process which delivers 256Mb SRAM with above industry average yields.
According to the company?s CEO Park Sung-jun, the move indicates their desire to strongly compete in the cryptocurrency sector. In addition, STX will use the platform to facilitate ?cross border commodity settlements in cryptocurrency.? If successful, this will be another great milestone towards mass adoption of cryptocurrencies.
STX develop Bitcoin mining chip in an uncertain environment
On the other hand, BaySand CEO is upbeat the venture will avail efficient products in the crypto mining sector. Actually, the costs of mining are going up because the existing hardware consumes a lot of energy with smaller yields. Similarly, Good Oh, CEO of QRF agrees with the sentiments. ?We want to make it a reality, a truly efficient miner, emphasizing efficient use of resources, good build quality as well as software security,? Oh says.
However, various reports indicate that this is a really bad time for Bitcoin mining companies. CNN Business notes that it is unlikely that the mining boom of late 2017 and early 2018 will come back. Therefore, as the agreement sees STX develop Bitcoin mining chips, it remains unlikely that the market will be lucrative.