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So it seems that the rumors were true! In a massive news drop, Squire mining company has announced a partnership with CoinGeek's Calvin Ayre and the Bitcoin SV Blockchain. In a somewhat wordy press release, it stated some really amazing upcoming developments on plans to purchase several cloud-mining companies. The combined hash power of which, would then total up to nearly three thousand peta-hashes a second, making Squire the biggest publicly traded mining company in the world. 

This may have further implications in the 'Hash-War', ongoing since the fork of November of 2018. The entire BCH network currently sputters out at roughly 2,500 petahashes or (2.5 exahashes). Surely this prospect is going to make some people nervous.

What makes this even more exciting to the entire BSV community and curious investor on-lookers, are the statements they made within the continuation of the press release. 

Seems like all those times when Dr.Craig S. Wright was beating the BTC and BCH community (and actually the rest of the crypto community in general) over the head with the fact that big block sizes would equate to more profitability for miners, were on point (as always). 

In fact, the people at Squire certainly seem to agree with Dr.Wright's sentiment. Bigger blocks mean more transactions in the block, which subsequently means that when scaled, miners will earn more money from transaction fees, as opposed to block rewards. Squire's presser also listed the following key points:

Transaction Highlights:

  • Creates Leading Blockchain Business, with one of the Largest Public Portfolios of Mining Rigs: 
    • Pro forma the Transaction, Squire will own and operate approximately 217,000 mining rigs, representing approximately 3,300 petahash.
  •  Diversified Operations:
    • The Transaction will diversify Squire’s mining rigs across geography as the Transaction assets are located in the United States, Canada and China.  Squire’s current fleet is currently operating out of Kazakhstan.
    • The Transaction will also diversify Squire’s hosting partners from one group to six groups.
  •  Highly Accretive:
    • Management believes the Transaction is over 20.0% accretive to Squire’s expected next twelve month cash flow as measured by EBITDA.
  • Attractive Transaction Structure
    • The Transaction is being financed 100.0% through share consideration, preserving Squire’s robust cash balance of over CAD$19,000,000.

The Bitcoin SV team's focus was on scaling from the very beginning. Just like the original BTC until it was hijacked and effectively neutered by the Bitcoin Core devs. The team at Squire seem to agree with Dr.Wright's and Calvin Ayre's position about massive scaling.  Calvin Ayre was quoted once again reiterating the key point of the Bitcoin SV team:

“We need to focus on massive scaling of the Bitcoin blockchain to accommodate the throughput needed for enterprises to make use of this technology. By vending my mining assets into Squire, I am doubling‐down on my commitment to Bitcoin’s success. These assets will enable Squire Mining Ltd. to compete at a global level to pave a path for enterprise usage of blockchain technology to flourish,”

This all comes on the heels of Steve Shadders announcing on that one of the Bitcoin SV (BSV) blocks had finally paid out more in transaction fees than the block reward. This is part of the original Satoshi Vision to scale Bitcoin for business and eventually global adoption thereafter. I can't wait.