Quantum Blockchain Technologies PLC (AIM:QBT, FRA:BYA1) told investors it has taken a step toward commercial testing of its bitcoin-mining software after receiving the first mining rig from one of the ASIC manufacturers it is seeking to partner with.
"We are delighted that we have received the first Bitcoin mining rig and MDK with which to prove the enhanced mining efficiency of our AI Oracle software," said chief executive Francesco Gardin. "To give us the best chance of success, we are focusing on testing the rigs of one manufacturer at a time, in order to shorten this current phase in the commercialisation of our products."
The AIM-listed group said initial checks on the rig’s nominal specifications have already been completed by US-based consultants, with delivery to its Milan University lab expected within the next week.
The manufacturer has also provided source code, technical documents and a mining development kit, allowing QBT’s research team to begin analysing the rig’s software and architecture before porting its Method C AI Oracle onto the machine.
QBT said the software version of Method C can run on the rig’s control board rather than being embedded directly into the ASIC chip, a route it said could save more than a year of collaborative work.
It also said the software can assess the full mining “job” and its variants, rather than examining single bits of the header, which broadens its scope during testing.
The company has assigned a seven-person specialist team to the project and said the next phase will move through data collection, software integration and live-mining performance testing.
Francesco Gardin added: "A successful outcome in our Milan lab will, we believe, be the precondition to entering into contractual discussions with the ASIC manufacturer."