Quantum Blockchain Technologies PLC (AIM:QBT) told investors it will focus on the development of its 5nm Application-Specific Integrated Circuit (ASIC) as a proprietary Bitcoin mining tool.
The company said it favours the 5nm ASIC over a 7nm ASIC – and the company’s existing 12nm prototype - because it is more efficient. The proprietary kit is expected to be at least twice as fast as the current leading international Bitcoin miner manufacturer, it added.
It also follows a recent market announcement by a leading international Bitcoin mining equipment manufacturer that it will use 5nm ASICs for its next generation of Bitcoin miners due in the second half of 2022, the company highlighted.
“Access to the 5nm technology for our ASIC Bitcoin mining chip is, after careful consideration, the natural choice for QBT in 2022,” said chief executive Francesco Gardin.
“While the 12nm prototype is still an easy and relatively low-cost option, which we may still use for strategic ‘time-to-mine’ testing and early mining, the 5nm ASIC is now definitely our target.
“We have quickly identified a major international supplier, which will give us access to the 5nm technology and support our design team, given the very specific features and know-how involved when designing a 5nm ASIC.”
QBT has signed a non-disclosure agreement with an international research & development organisation which gives the company access to one of the few 5nm semiconductor fabrication plants currently operating in the world.
The company said the switch to 5nm will be significantly more expensive than its original strategy but, compared to 7nm, the prototype testing will "not cost much more".
It expects that the second patent for the first 5nm prototype will be filed by the company’s cryptography expert by the end of February and it could be ready for manufacture by the third quarter.
Calculations of the 5nm miner’s energy consumption will be available after the design phase, QBT noted.