SQUIRE MINING LTD (SQR) Squire is a mining company controlled by Calvin. On May 29 they signed a contract to buy four mining companies totalling 3,000PH/s mining power. This combined with the 300PH/s they had from before, gives them control of 3,300PH/s. This is a SIGNIFICANT amount and makes them the world’s biggest mining company by far. To put it in perspective, Bitmain had 2,000PH/s at their height. After getting rekt by the BCH/BSV fork they only have 200PH/s left. The BTC chain usually have about 60,000 PH/s, BCH 2,500PH/s and BSV 1,000 PH/s. Squire are in other words a VERY big miner. The acquisition are expected to be concluded within August 31, 2019. In addition to this, Squire are in the process of developing a new SHA-256 ASIC chip. This will further sement their position in the mining industry if successful.
HOW WILL THIS AFFECT THE BSV PRICE? Calvin has said publicly that they are mining whichever chain is most profitable, and use the profit to buy BSV. So how many BSV are they able to buy every day? According to Craig the profit margin is usually 20% in mining, but let’s be conservative and use 10%. This will allow them to buy 430BSV ($82,000) every single day. (calculations in end of thread).
430BSV a day might not sound like much, but this is coins that are bought every single day and held, not traded back and forth. It will add significant buy support and upwards momentum to the BSV price. Calvin and Craig also have private personal miningrigs. I don’t know how large they are, but I suspect they are very large for a private rig. I assume they buy BSV with the profit from these as well.
