Guy Corem of Spondoolies-Tech is a very thoughtful leader who built his team carefully when entering the ASIC Bitcoin Miner industry. That careful approach extends to every step in the process as well as adapting as needed to bring the best Bitcoin miners they can to market. Their first miner to market was the SP10 a 1.4 th/s miner with an excellent hardware and software engineered package.
They followed up with the SP30 capable of 4.5 th/s in one unit. The SP30 brought further refinement to the Spondoolies software, chip and chassis showing marked improvement across all levels. Their newest Bitcoin miner the SP20 is a step back into the home mining market. The miner is small and modular and accepts standard PC PSUs. CCN will have a review posted soon look for that in the coming days.
CCN had the opportunity to speak with Guy Corem at the Bitweek in Las Vegas conferences many times and a formal interview at the end of it.
The SP20 is a step to get miners into more people’s hands. How was it developed and what are your thoughts on home mining?
The SP20 is one of the most ambitious projects we have done. We wanted to make it so anyone can have a Bitcoin miner. We addressed the size and noise aspects of the previous generation miners with the SP20.
Home mining is not going to be around much longer though. The big mining farms are making it so you cannot compete or get ROI. Whether we like it or not mining is moving to the cloud. There will still be some home miners, but not many and most will be in the cloud.
You have hinted at a “on ASIC” solution to help make cloud mining more secure for the customers can you tell CCN about that?
We are committed to our customers, and that means if mining moves to the cloud we need to make it secure and safe. We are developing a component that can be part of an ASIC that will show a proof of hash rate. Make it an open transparent asset. Customers can know they are getting their hash rate. Your hash rate it is provisioned and locked to that customer. So you not only have proof that the hash rate you purchased is real you also can have your contract locked directly to it. This addition will help keep cloud services honest and allow customers to know they are getting what they are paying for.
We think once we have this ready that we can open source it so other manufacturers can use it. We need more honesty in this industry, and we will continue to bring that. The component will help solve the Ponzi issue. It will be done at the ASIC level and will make even mega mining transparent.
Spondoolies-Tech is also committed to open source and the community behind that. What can you tell us about that?
We make everything open source other than the ASICs designing, and we contribute to open source projects. We respect tweaking and changing and doing more. We have recently updated cgminer for easier updates, and we have made sure that BFGMiner is now supported.
Spondoolies is always working two or three generations at a time to keep development active and able to keep up in the rapidly evolving ASIC and Bitcoin mining industry. At one point, Zvi Shteingart the software director at Spondoolies-Tech had commented on working with three generations at the same time which kept things busy and exciting.
Could you tell CCN about what we can expect in the future from Spondoolies-Tech?
We have a very ambitious schedule in front of us. In Q1, we will bring our next 28nm chip. It has very ambitious specifications. Then by the end of q2 we will have our 16nm chips, with out of dimension specification. We are looking to be the most significant manufacturer in the SHA-256 industry by the end of 2015.
With the next 28 nm chip coming soon, and the 16nm not too long afterwards are you seeing these as helping keep more people mining as opposed to just large operations?
We believe that 2015 will be all about mining contracts. Mining contracts backed up by real hardware.
We’ll work with Blockstream to develop open source RTL that will allow cryptographic proof of hashing power and locking of an ASIC to a specific lease for the duration of the contract (until a certain block height) if specified.
To the effect Spondoolies-Tech wants to be the most significant manufacturer in the SHA-256 industry it has recently wrapped up a $5 million Series in an ongoing B funding round. Spondoolies had a mix of previous investors and new investors for this round. They include entrepreneur Olivier Janssens and Aleph partner Eden Shochat. There is also Agile Wings, the BRM Group and Genesis Partners.
With the goal of beating BitFury, you are well on the way. What hurdles do you see to be overcome to achieve that goal?
Developing the best possible ASICs, finding the right places to deploy them. We’re well underway to leapfrog over the competition. We’re working towards a network of partners that will help us.
Spondoolies-Tech is also looking to do a franchise type mining distribution system as well making mining available for more people and companies.
We’re looking for local operators, preferable with proven experience in the field and low electricity cost.
We’ll provide a guidebook and mining equipment in a rev-share model in which the split will be proportional to the amount of capital each side will bring.
What things would you like to touch on?
With the SP-20, the goal is to have miners suitable, and all be shipping from stock and we have done that. We also have been able to announce a very large price decrease to help our customers. We have been forced before now to do the preorder game, and we do not like that but we will never not deliver. Our customers come first, and we will keep working to see that they can be part of mining Bitcoins for now, and the future.
Guy and his team at Spondoolies-Tech are looking at the big picture, and their customers are always in mind as they work and refine. The ambitious goals they are setting for themselves are achievable with the team in place and their ability to adapt and innovate. Investors are taking notice in a big way as well. With Guy’s stated goal of ousting BitFury as the top company in the industry, they are well on their way. Where Guy sees and issue he goes after it and works to make it better and use what he sees to evolve and grow. Expect great things from Spondoolies and the coming year bring the biggest changes and improvements to date.
CCN will bring it all to you directly from Spondoolies-Tech and Guy Corem. Keep an eye out CCN’s SP20 review will be up in the following days.
What do you think about Spondoolies-Tech and their goals? Discuss below.
Images from Spondoolies-Tech and the author.