Quantum Blockchain Technologies Makes Progress with Crypto-Mining Technology
Quantum Blockchain Technologies PLC (AIM:QBT) has issued an update on its crypto-mining technology, focusing on its methods of maximizing success rates. The company is developing predictive models as part of its R&D efforts.
CEO Francesco Gardin revealed that Quantum Blockchain Technologies has acquired a key ASIC chip (BM1370) from a Chinese manufacturer. This chip is an essential component for testing ‘Method B,’ one of the three methods currently under development. For Method A, Gardin stated that the company is conducting real-world testing of ASIC chips to assess mining efficiency, aiming to provide verifiable performance data for potential industry partnerships.
During a recent interview, Gardin provided further insights into the company’s progress.
“We are working extremely hard to arrange a demo for the Mining Disrupt Bitcoin Mining Expo in Miami at the end of this month,” Gardin stated. “The demo is not just about showing the technology live; it also requires all the necessary graphics and supporting elements. So, there is a lot of work involved.”
Gardin explained that the acquisition of the BM1370 chip marks a significant milestone for Method B. The company faced challenges in obtaining necessary components, but by reverse-engineering this chip, they can now test this method.
Proactive: And on Method A, that’s being tested in a lab to measure its mining efficiency at the moment?
Francesco Gardin: Yes, absolutely. We are using ASIC chips, so it is a real system, and we are measuring performance. What we want to provide to potential customers and partners is irrefutable data, ensuring that the results cannot be contested. We are testing the system with different versions of CGMiner and USB miners. There is a massive amount of work involved before we can present a final product to the world and potential customers. It is a demanding phase of our development, but we are highly focused on getting the Miami demo ready.
While Method C wasn’t discussed in the latest update, Gardin noted that it was still developing and that an earlier update had covered this method. Regarding partnerships, Gardin mentioned ongoing discussions with major players in the bitcoin market, managed by Vladimir Kusznirczuk and Jose Rios. These entities are interested in seeing a live demo of the system.
Gardin also provided an update on a legal case, stating that the company is taking all necessary actions to recover funds from a judgment worth €6.5 million plus interest, implementing asset seizure and bank account freezes.
