Quantum Blockchain Technologies Plc - Update following Nashville Bitcoin Conference
(“QBT” or “the Company”)
General Update following
The gathering saw key representatives of the Bitcoin industry attending as participants, allowing QBT’s management team to engage with those ASIC manufacturers which have signed NDAs with the Company. These discussions were focused on the timing for the delivery of both hardware and software from these potential customers and commercial partners. It should be noted that partial access to source code has already been granted to the Company.
The Company also held in-depth discussions with other key Bitcoin industry players who were present. These meetings were made possible as QBT is now being perceived and recognised by the industry as a forerunner in the use of AI technology being applied to SHA-256 optimisation, i.e., the core algorithm for Bitcoin mining.
During the same event, the 256 Foundation, whose stated mission is to “ Dismantle the proprietary mining empire to make Bitcoin and freedom tech nology accessible to anyone” presented a working ‘open source’ real-time mining system, using three EmberOne hashing boards, comprising 36 ASICs in total. This launch represented the first implementation of a Bitcoin-mining stack, i.e., a complete open software and hardware publicly available design made from the following open-source components:
-- Hashing board (EmberOne),
-- Control board (Libre Board ),
-- Firmware (Mujina), and a
-- Mining Pool (HydraPool)
This is a significant milestone for the Bitcoin industry as it finally opens access for any system designer to assemble a complete mining rig, using an open-source framework which is readily accessible. This differs radically from the current industrial model of existing Bitcoin mining systems which comprises of a closed ‘black-box’ hardware / software, mainly to protect the products of the rig manufacturers and which has historically delayed the development of the sector, due to the need to reverse engineer existing chips or, by needing to develop an entire hardware / software Bitcoin mining system.
The Company, through its US consultants, maintains excellent relations with key 256 Foundation members.
QBT is, therefore, allocating part of its existing resources to master all elements of the 256 Foundation Bitcoin-mining stack, in order to quickly implement its Methods onto this breakthrough environment, when new mining rigs are launched by system integrators later this year.
“The central role played by the US Bitcoin community in the development of this growing crypto ecosystem is unique, hence our constant presence at US-based events like this one.
“QBT’s adoption of the 265 Foundation Bitcoin mining stack as one of the reference development environments for its three Methods adds an additional target platform totally independent from specific manufacturers. While we will continue to work with those ASIC designers and Bitcoin miners in order to develop a collaborative partnership for our Methods, we welcome the 256 Foundation’s open-source attitude as fundamental towards the development of much needed standards for Bitcoin mining-rig development.”
For further information please contact:
SP Angel Corporate Finance (Nominated Adviser & Broker) +44 (0) 20 3470 0470
Leander (Financial PR) +44 (0) 7795 168 157
About
QBT (AIM: QBT) is a London Stock Exchange AIM listed
Glossary of Terms
ASIC : An Application-Specific Integrated Circuit is an integrated circuit chip customized for a particular use, rather than intended for general-purpose use. ASIC chips are typically fabricated using metal-oxide semiconductor (MOS) technology, as MOS integrated circuit chips.
SHA-256 : Secure Hashing Algorithm (SHA)-256 is the hash function and mining algorithm of the Bitcoin protocol, referring to the cryptographic hash function that outputs a 256 bits long value.
