RE: Thoughts on latest News24 Mar 2026 07:55
Co pilot analysis.
Quantum Blockchain Technologies (QBT) has released another optimistic RNS, this time announcing the start of live testing of its Method C “AI Oracle” on a Bitmain Antminer S9. On paper, the company presents this as a major technical milestone. In reality, it exposes the same underlying issues that have plagued QBT for years: outdated hardware, vague claims, no independently verifiable results, and a narrative that looks suspiciously like groundwork for another placing.
The most striking detail is the hardware itself. The Bitmain S9 was launched in 2016 and is now so obsolete that industrial miners retired it years ago. It is not “commercial grade” in 2026; it is a relic. You can buy one on eBay for the price of a takeaway — listings regularly appear for £40–£60. Yet QBT is presenting work on this museum‑piece miner as a breakthrough worthy of investor attention.
QBT claims the S9 was chosen because it is the last Bitmain rig with open‑source firmware, allowing them to modify the operating system and FPGA control board. While technically accurate, this explanation highlights a deeper problem: QBT does not have access to any modern hardware from major manufacturers. If the company had meaningful traction with the industry, it would be testing on S19, S21, S23 or Whatsminer rigs — the machines actually used by large‑scale miners. Instead, they are tinkering with a decade‑old platform simply because it is the only one they can legally modify.
The RNS reveals that this S9 project began in August 2025, meaning it has taken seven months to reach the point of “live testing.” Despite this long development period, the announcement contains no performance data, no measurable results, and no third‑party validation. Instead, it leans heavily on vague, promotional language about “mastering the innermost details” of mining rigs and “anticipated” efficiency gains. These are aspirations, not achievements.
QBT also stresses that this S9 work runs alongside a separate project involving a third‑party ASIC manufacturer’s rig. Conveniently, the company notes that results from that system cannot be shared publicly. This leaves QBT with no verifiable evidence to present to the market, while allowing them to imply progress behind closed doors.
The timing and tone of the RNS follow a familiar AIM pattern. The company emphasises “milestones,” “commercial demonstrations,” and “target markets” — all classic pre‑fundraise language. With no revenue, rising R&D costs, and a recently expanded team of specialists, QBT’s cash requirements are almost certainly increasing. Against that backdrop, today’s announcement reads less like a genuine technical breakthrough and more like a carefully crafted narrative designed to support the share price ahead of a placing.
In short, QBT’s latest RNS offers plenty of words but very little substance. Investors should treat it with caution.