Toronto-based ePIC blockchain has wrapped up a $7.5 million series A funding round to bring ASIC manufacturing to North America.
“North America excels in a lot of chip technology, so there’s no reason that North America shouldn’t excel in Blockchain ASIC design and manufacturing,” ePIC CEO Henry Quan told CoinDesk. “There’s a lack of supply. New entrants can’t come in and get access to technology, so it’s kept a lot of players out.”
So-called application specific circuit (ASIC) miners are built specifically for mining cryptocurrencies, typically bitcoin, because they produce the hashes needed to mine blocks at a much more rapid rate than graphics cards or normal computer processors. ePIC currently builds ASICs for altcoins.
ASIC manufacturing is a sub-industry that, like crypto’s larger mining industry, is concentrated in China. As the only ASIC manufacturer in North America with a live product, ePIC’s expansion, (and any other’s that follow it) could relieve a supply-chain bottleneck that has plagued North American miners particularly during this bull market, causing a lack of access to mining machines.
“Having a North American ASIC manufacturer is critical for the long-term security of the Bitcoin network given supply chain constraints coming out of China and the need for more hashrate based in NA,” Ethan Vera, the CFO of North American mining pool and technology company Luxor, told CoinDesk.
“The growth of the