Quantum Blockchain Technologies Advances Mining Technology
Quantum Blockchain Technologies PLC (AIM:QBT) has recently provided an update on its innovative cryptocurrency mining technology, focusing on predictive models designed to enhance success rates as its research and development efforts advance. CEO Francesco Gardin informed investors about the acquisition of a crucial ASIC chip (BM1370), which is vital for testing the company’s ‘Method B’ technology, one of the three methods currently under development. Furthermore, Gardin mentioned that real-world tests of ASIC chips are underway for Method A to ensure optimal mining efficiency, with the company aiming to produce verifiable performance data for prospective industry partners.
Insights from CEO Francesco Gardin
In a recent interview, CEO Francesco Gardin expressed his enthusiasm about the company’s progress, particularly regarding Methods A and B, which were highlighted in the latest business update. Gardin noted that the market update included information not disclosed in the previous announcement from January. While Method C continues to evolve, the team is diligently preparing for a demonstration at the upcoming Mining Disrupt Bitcoin Mining Expo in Miami. This demonstration is not merely a display of the technology but also requires comprehensive graphics and supporting materials, indicating the extensive preparation involved. Method B has made significant strides with the arrival of the necessary ASIC chip, which Gardin likened to a racing scenario where even the best driver needs a car to compete. He elaborated on the challenges faced in acquiring the Intel chip and the complexities of reverse-engineering the BM1370 chip due to the lack of provided specifications.
Testing and Development of Methods
When asked about Method A, Gardin confirmed that it is currently undergoing laboratory testing to evaluate its mining efficiency. The company is utilizing ASIC chips as part of a real system to gather performance data. Gardin emphasized the importance of delivering indisputable results to potential clients and partners, ensuring that the data can withstand scrutiny. The team is experimenting with various versions of CGMiner and USB miners, indicating a rigorous testing phase is in progress before launching a final product. Despite the demanding nature of this phase, the team remains dedicated to achieving a successful demo in Miami.
Investor Expectations and Updates
In response to concerns that investors might be disappointed by the lack of updates on Method C in the recent announcement, Gardin clarified that Method C was discussed just a month prior and that ongoing development did not warrant another update at this time.
Engagement with Industry Leaders
Gardin also provided insights on the company’s negotiations with key players in the Bitcoin market, which are being facilitated by international trade consultant Vladimir Kusznirczuk and Jose Rios. He noted that these major industry participants are open to witnessing a live demonstration of the technology, with the responsibility resting on Quantum Blockchain Technologies to deliver a flawless presentation, given the high stakes in this competitive field.
Legal Developments
Regarding the ongoing legal matter, Gardin reassured that everything is progressing according to plan. Following a judgment of €6.5 million plus interest against a party, the anticipated appeal to the Italian Court of Cassation, the highest court for civil and commercial issues, was not unexpected. However, he confirmed that this appeal does not hinder the recovery of funds. The company is actively pursuing legal avenues, including asset seizure and freezing of bank accounts, and has already begun to recover some funds.
Future Communication Plans
Gardin concluded the discussion by expressing his commitment to keeping stakeholders informed about any further developments in these areas.
