Quantum Blockchain Technologies keeps making progress with its crypto-mining tech – ICYMI

Quantum Blockchain Technologies PLC (AIM:QBT) this week updated on its breakout crypto mining technology – essentially predictive models that can level-up success rates – as its R&D efforts move closer to fruition.

CEO Francesco Gardin told investors that the company had secured a key ASIC chip (BM1370), which is essential for testing its ‘Method B’ tech – one of three Methods currently being advanced.

For Method A, Gardin said the company is also conducting real-world testing of ASIC chips to ensure mining efficiency.

The company aims to deliver verifiable, irrefutable performance data for potential industry partners.

Here, we take a closer look at what was said when Francesco joined the studio.

Proactive: I’m joined by Quantum Blockchain Technologies PLC CEO Francesco Gardin. Francesco, very good to speak with you again.

You’re out with a business update today, really focused on your methods A and B, and it looks like you’re making progress on those fronts.

Francesco Gardin: Yes, good morning, Stephen. Yes, indeed. We released a market update covering what was not included in the last announcement in January.

We discussed all the other methods, while Method C is still progressing. We are working extremely hard to arrange a demo for the Mining Disrupt Bitcoin Mining Expo in Miami at the end of this month.

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. Our update to the market focused on Method B, where we finally have the required ASIC chip.

You can’t race, even if you’re the best driver, if you don’t have a car. We’ve been waiting for this Intel chip, but it lacked access to the source code.

Then, the BM1370 chip from a major Chinese manufacturer became available, but as usual, no specifications or documentation were provided. Reverse-engineering it has been challenging, as manufacturers don’t typically want people to understand their chips’ internal behavior.

Now, we have confirmed that we can use this chip, and since Bitaxe, the system it is installed on, is open-source, we now have the source code.

We are currently testing Method B with this chip, which is very positive news.

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.

Proactive: Do you think investors may have been disappointed that you didn’t cover Method C in today’s business update?

Francesco Gardin: Well, we discussed Method C just a month ago.

We are continuing development, and we felt there was no need to provide another update so soon.

Proactive: Last year, you signed a number of NDAs with major players in the Bitcoin market. Can you provide any updates on that?

Francesco Gardin: Yes. Our discussions with major industry players are managed by Vladimir Kusznirczuk, our international trade consultant, and Jose Rios.

These major players are open to a live demo with our system engineers and any additional information we can provide.

At this stage, the ball is in our court. They are patiently waiting, but in this industry, you only get one opportunity. The demo must be perfect.

Proactive: You also provided an update on the legal case. Could you tell us more about that?

Francesco Gardin: Yes, everything is proceeding as planned. When you have a judgment against someone for €6.5 million plus interest, they will try to appeal at the highest level.

So, it wasn’t a surprise that they appealed to the Italian Court of Cassation, which is the highest court for civil and commercial matters.

However, this appeal does not stop us from recovering funds. We are taking all necessary legal actions, including seizing assets and freezing bank accounts, and we are already recovering money.

Proactive: Francesco, I hope you will keep us updated on any progress