Quantum Blockchain Technologies PLC CEO wants to revolutionize Bitcoin mining

Francesco Gardin, CEO of AIM-listed small-cap Quantum Blockchain Technologies PLC (AIM: QBT), thinks he has “cracked the code” in pursuit of a competitive advantage in Bitcoin (BTC) mining.

But despite his esoteric background as an Italian graduate theoretical physicist, Gardin joined the company’s board of directors in his previous iteration as Clear Leisure, a company that dealt with something slightly more universal: theme parks; water parks in particular.

Gardin eventually moved Clear Leisure from theme parks following legal and planning issues, repositioning itself at the forefront of blockchain technology research and development through a binding partnership with Malta-based data center operator 64Bit Limited.

internal revolution

In his words, Gardin “cleared up the mess” he got into.

Clear Leisure then announced its internal revolution to the world with a name change in April 2021.

And so Quantum Blockchain Technologies was born.

As an expert in artificial intelligence and technology, Gardin does not hesitate to throw in arcane terms and concepts when explaining what he hopes to achieve through Quantum Blockchain.

Talk about highly optimized five-nanometer ASIC chips and high-level chip synthesis tools and highly efficient SHA-256 cryptographic hash functions.

Cutting through the jargon

But then he uses a simple analogy to cut the technical speech: “Let’s say you know how to design the best engine to win Formula 1, but it takes a year and a half to produce the engine. However, what if you could use some of the principles? and apply them to existing engines, ”Gardin explains.

“Then you could increase the performance of existing engines by using some of the principles you could use to design your brand.”

There is a sense that Gardin is drawn to the BTC mining field due to the current state of how things work, or in his own words:

“Everyone is buying the same mining plant from the same manufacturers … It’s like going to a car race and your car is exactly the same as everyone else’s.”

Evidently, he’s a big fan of car-based explanations.

“I’m sick of the major mining suppliers raising their prices based on the value of Bitcoin,” Gardin said, adding, “Why are they able to do that? What makes them so good that they are the number one supplier in the world? I’m sure something can be done. “

The ultimate goal is to optimize existing BTC mining rigs using proprietary algorithms, thereby achieving greater mining rewards for miners (from which Quantum would take a cut).

Not only would this benefit the miners, it would also result in less waste of computer parts and greater energy efficiency.

Quantum’s Algorithm Could Significantly Reduce Bitcoin’s Mining Farm Footprint – Source: Shutterstock

It is a strategy that undoubtedly carries risks, but the upside potential is enormous.

“We are sitting on a potential nuclear bomb,” Gardin exclaimed, noting that the technology developed by Quantum Blockchain aims to be “fast enough to outperform all other implementations of the (current mining algorithm) SHA.”

With around 1.8 million BTC still to be mined worth around £ 32 billion at today’s prices, you can get an idea of ​​the intrinsic value at stake here.

And this assumes that BTC does not increase in value as the markets recover.

Ultimately, Quantum could offer a competitive advantage to an owner of tens of thousands of BTC mining rigs, while Quantum would get a slice of those financial gains.

But what is the worst case scenario?

“The risk factor is that none of the eight result teams get any results. However, that’s not what we’re seeing, because I mean we have weekly meetings with all the teams and we see the progress on each of them, “he says.

Or Bitcoin could drop to zero, but let’s put that prospect aside for now.

That said, although Gardin gets lyrical about the perspectives of his proprietary algorithms, he’s not putting all of his eggs in one basket.

Quantum’s 20-person crew, spread across London, Munich and Milan, includes separate teams that are approaching the company’s goals from numerous directions.

At great risk …

Like any small cap company in its research and development phase, Quantum Technologies is not generating revenue, but that is to be expected.

With no information disclosed to the market, Gardin was reluctant to disclose the Quantum runway, but the company entered the market last year and raised £ 1.68 million in 48 hours, even issuing options to an investor as part. fundraising, which were subsequently exercised for a total value of an additional £ 2 million.

So “we’re not really worried about raising money if necessary,” he said.

He also mentioned a recent audit where Quantum had to show one year cash coverage for his budget.

As for inherent business value, it all depends on what will become of Quantum’s potentially revolutionary R&D phase.

So, is there a risk factor with Quantum? Safe.

But is there a huge upside potential? totally.

As Thomas Jefferson once said: “With great risk, great reward comes.”

Quantum Blockchain shares were changing hands at 1.47 pence each as of September 21, 2022.

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