RE: QBT's prospectus, March 200024 Nov 2025 15:48
Mickeydj:
RNS June 2021 probably the first mention of ASICs
" Furthermore, already existing and imminent optimisations are expected to be made available for mining on commercial cores within the next three months, on FPGA chips within the next six months and ultimately on ASIC chips by the second half 2022."
At this point a simple 5 min Google would have told Gardin an ASIC was a very expensive device to design and produce, notwithstanding his team of world class experts could have dropped a hint or 2
It seems no one bothered to mention costs because he then wrote in August 2021
A number of working groups have been formed to address the key technologies at the core of QBT’s crypto mining strategy. These are:
Quantum Computing
Cryptographic Optimisation
Deep Learning and Artificial Intelligence (“AI”)
FPGA / ASIC Design
RNS 5 November 2021
In this RNS Gardin acknowledges ASICs are an expensive item but I don't think anyone has told him how expensive. He goes on to say
"QBT has now completed the FPGA development phase and is moving to develop its ASIC protype"
3 weeks later RNS 30 November 2021, Gardin writes
" The board of Quantum Blockchain Technologies (AIM: QBT) is pleased to announce that it has made the key decision to focus on the development of the more efficient 5nm Application-Specific Integrated Circuit (“ASIC”), rather than a 7nm ASIC (as announced on 5 November 2021), to use as its proprietary Bitcoin mining tool."
A 5nm ASIC no less, now we are talking mega bucks!!
RNS 11 March 2022. Gardin is still feeding investors with the ASIC carrot
" The Company plans to conduct tests using the new optimisations within an ASIC development environment, to provide more accurate measurements with respect to energy consumption and mining speed, on a 5nm ASIC, which is the Company’s ultimate goal."
Still no one has told him how many tens of millions a 5 nm ASIC will cost !!?
I'm bored I think everyone can see, unless Gardin is an utter fool he would have known the cost of a leading ASIC but rather than shelving the project at the very early stage he persisted and fed the carrot to investors.
I didn't realise it would cost £100 Million, I thought it was Lire
Mickeydj ... the 5nm ASIC was a fail from day one
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