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QBT


hapax legomenon
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hapax legomenon

Started a position here. They are working on ASIC miner optimization, improving performance via new algorithms or improvements to chips. Highlights from their latest RNS:

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The goal of the Company is to develop disruptive Bitcoin mining technology, to mine both faster and with less overall energy consumption than current practices. A number of advanced technologies are being used by QBT to achieve this goal; namely, quantum computing, AI Neural Networks - Deep Learning, Algebraic-Boolean reductions, Very Big Data, Cryptography and custom chip programming and design - using GPU, FPGA and ASIC chips.


 

  • Disruptive Bitcoin mining technology development is well under way
  • QBT researching multiple routes to faster Bitcoin mining
  • Bitcoin algorithm core architecture for an FPGA chip has been selected and modification completed
  • To keep costs low, initial testing performed on an FPGA chip
  • Architecture design work for ASIC prototype to commence before year end
  • Testing will commence on the final design of the more expensive / faster ASIC prototype chip by end of Q1 2022
  • Ultimate goal is to produce an enhanced 7 nanometers (nm) ASIC chip
  • Early internal calculations show a final chip that could perform 24% quicker than current best available ASIC

Fully funded until the end of 2022. Are being compared to Argo in terms of how quickly this could move. Once the technology is proven can see this being licensed out to other miners. They have also indicated they will begin mining themselves in 2022 using this technology.

In with 5k in my SIPP.

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This is interesting. Will start a punt position. When you see BTC motoring it tends to be great for speculative stuff like this.

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Sounds heavily like jam tommorow - even if they can disrupt it with a superior product and patent it, technology is moving so fast that another disruptor could appear in months. 

Used to be called Clear Leisure and invested into a diverse range of mostly Italian projects, it seems many of which descended into litigation; pivoted into buying some crypto companies and changed its name to a superficially exciting one.

Governance bothers me, CEO is also chairman and is 66, the only NED is a 75-year old with no crypto experience and  neither have material skin in the game - those meetings must be pretty cozy. CEO pay was 267k EUR in the last year - that is roughly the same as Peter Wall of Argo Blockchain, but they are a much bigger company and actually making money. Too high for me.

Company also has 8m EUR debt in convertible bonds; that could be a nasty dilution in future if things don't work out.

To me it doesn't sound like a long-term success story, although a rising market could see them multi-bag.

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hapax legomenon
1 hour ago, Boon said:

Sounds heavily like jam tommorow - even if they can disrupt it with a superior product and patent it, technology is moving so fast that another disruptor could appear in months. 

Used to be called Clear Leisure and invested into a diverse range of mostly Italian projects, it seems many of which descended into litigation; pivoted into buying some crypto companies and changed its name to a superficially exciting one.

Governance bothers me, CEO is also chairman and is 66, the only NED is a 75-year old with no crypto experience and  neither have material skin in the game - those meetings must be pretty cozy. CEO pay was 267k EUR in the last year - that is roughly the same as Peter Wall of Argo Blockchain, but they are a much bigger company and actually making money. Too high for me.

Company also has 8m EUR debt in convertible bonds; that could be a nasty dilution in future if things don't work out.

To me it doesn't sound like a long-term success story, although a rising market could see them multi-bag.

They have a court case in Italy with a hearing tomorrow which should result in a 10m Euro settlement in their favour. R&D is fully funded through 2022. They have a stellar team around them working on their solutions. Argo started off with a few 'interesting' characters which they weeded out over time. You are right about another disrupter coming along but with that frame of mind nothing innovative would ever be worked on. Lots of firms do use older machines to mine so this sort of technology would be of interest to them and presumably if they get the boost working on the 7nm chips then the newer 5nm chips would also be a target for it going forward.

Piqued my interest enough for a speculative, long term, SIPP investment. Like all these penny plays it's an unknown how it will pan out.

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