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SEOUL, Korea –STX Corporation (KRX : 011810) (“STX”) today signed an agreement to develop Bitcoin mining ASICs and systems, together with its technology consortium partners, BaySand Inc (“BaySand”), based in Silicon Valley, a world-leading ASIC development company as well as Singapore based QRF Solutions Pte Ltd (“QRF”), which is part of the Blockchain Defense Patent License (BDPL).
In its first foray into the cryptocurrency market, energy trading leader STX is building its first mining hardware ‘Hanminer’ to introduce the most efficient Bitcoin mining chips fabricated using TSMC 7nm process, which will launch in Q1 of 2019. With a groundbreaking efficiency of 33 J/TH, it is aiming to dominate the market with its most efficient ASICs.
The consortium signifies the first step of commitment of STX to be a contender in the cryptocurrency hardware market as well as developing its own crypto mining facilities to provide liquidity in cryptocurrency market. The three companies will share their knowledge and expertise relating to each of their markets as well as the technological and regulatory needs to implement its cryptocurrency complete value chain.
STX, with its long history in the general trading industry, such as energy, commodities (metal, steel, machinery, engine, etc.) and shipping and logistics industry, will be in charge of the overall sales & marketing flow of Hanminer to deliver to customers securely and efficiently.
“We want to tell the world that STX is committed to its partners to be a strong contender in the cryptocurrency market, and we will be their partners for cross-border commodity settlements in cryptocurrency” said Sang Jun Park, CEO of STX Corporation.
“We want to make it a reality, a truly efficient miner, emphasizing on efficient use of resources, good build quality as well as software security,” said Good Oh, CEO of QRF, headquartered in Singapore.
The agreement comes at a time when there is an increasing need for cross-border transactions to be settled in a decentralized and quick manner. With the right solution provider and partner, customers from around the world would be able to greatly manage their trades with minimal third party, while maintaining security and privacy.
“There is a great opportunity for the best and most efficient Bitcoin ASICs to benefit the blockchain industry as a whole, delivered with the strong ASIC engineering background of BaySand,” said Salah Werfelli, CEO of BaySand.
BaySand will deliver the cryptocurrency ASICs solution in partnership with QRF Solutions for its software, system IP and total EMS solutions. Hardware will be sold as individual rigs or customized mining containers through STX Corporation.