Quantum Blockchain Technologies PLC: A Step Closer to Revolutionizing Crypto Mining
In recent developments, Quantum Blockchain Technologies PLC (AIM:QBT) has updated investors on its breakthrough in crypto mining technology. The company, led by CEO Francesco Gardin, has developed predictive models aimed at enhancing success rates in Bitcoin mining. As research and development efforts progress, significant advancements indicate that the use of innovative technology is within reach.
A Key Technological Breakthrough
At the core of Quantum Blockchain’s pursuit is the successful acquisition of a crucial ASIC chip known as BM1370. This component is essential for testing what the company has dubbed ‘Method B,’ one of three advanced methods being researched. In Gardin’s own words, “You can’t race, even if you’re the best driver, if you don’t have a car.” The pursuit of this technology has demanded meticulous effort, especially when securing access to the necessary source code.
The journey to acquire the BM1370 chip has not been without challenges. Initially, the company awaited an Intel chip, but the lack of access to the source code hindered progress. When the BM1370, developed by a notable Chinese manufacturer, became available, reverse-engineering it proved difficult due to manufacturers’ reluctance to disclose internal specifications. However, confirmation that the company can deploy this chip is a promising milestone, particularly since Bitaxe— the system designated for testing—is open-source. This provides access to the much-needed source code for effective trials of Method B.
Real-World Testing of Method A
In parallel, Method A is currently undergoing real-world testing to assess the efficacy of its mining operations. Gardin emphasized the importance of creating verifiable data that stakeholders can trust: “What we want to provide to potential customers and partners is irrefutable data, ensuring that the results cannot be contested.”
Utilizing ASIC chips, the company is experimenting with multiple versions of CGMiner and USB miners, generating massive amounts of data that contribute to the understanding and optimization of mining efficiency. His comments underscore the demanding nature of this phase in their development processes, while the team remains entirely dedicated to readying a demo for an upcoming showcase.
The Future of Method C
Though Method C was not included in the recent update, Gardin remains optimistic about its continued development. He indicated that this method was discussed in more detail just a month ago, and no immediate updates were deemed necessary. This strategic approach demonstrates Quantum Blockchain’s commitment to maintaining open lines of communication with investors while focusing on the essential areas of progress.
Strategic Partnerships and Industry Interest
Last year, Quantum Blockchain Technologies signed multiple Non-Disclosure Agreements (NDAs) with major players in the Bitcoin mining space, aligning itself for potential collaborations. Gardin noted that discussions are being managed by international trade consultant Vladimir Kusznirczuk and industry advisor Jose Rios. The intention now is to prepare for a live demo that could showcase the company’s offerings to these partners. “At this stage, the ball is in our court,” Gardin stated, emphasizing the importance of delivering a flawless demonstration.
Legal Matters Under Control
In addition to technological developments, Quantum Blockchain is addressing ongoing legal matters. The company is pursuing the recovery of a €6.5 million judgment, plus interest, against a party appealing to the Italian Court of Cassation. Despite the legal complexities, Gardin reassured stakeholders that recovery efforts are on track, including asset seizures and freezing bank accounts, indicating proactive steps being taken on behalf of the company.
Through these developments, Quantum Blockchain Technologies PLC continues to navigate the fast-evolving landscape of cryptocurrency mining with a blend of innovative technology, rigorous testing, strategic partnerships, and legal diligence. The progress in their predictive models and mining methods signifies a pivotal moment in the quest to enhance Bitcoin mining success rates, making the upcoming demonstrations crucial for both the company and its investors.
