focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
AimHigherStill - I’ve no idea what QBT costs are so wouldn’t want to comment on them or FG’s body language.
I’m not sure method C would be an alternative to Method A or B though. It says in the RNS the company is live testing, and in the interview with FG he says next news would be machine with method B vs a machine without method B. So it sounds as though Method B is the one subject to live testing.
Method C relates to the asic chip and will potentially rely on QBT developing its own prototype and also may combine with the two patents for enhanced and ultra boost. It feels from the information available this is earlier on in the process than method A and B but sounds an exciting avenue but as an addition to A and B not as an alternative.
Indeed looking at the composition of the R&D teams, although there will be synergy between them it could have been a completely different team that has been working on method C vs the team working on methods A and B. All in my opinion of course. We await the next piece of news.
(2/2) This is where I believe the importance of the N.America mining rig manufacturer comes in. They will have a fully documented rig and may have documented asic chips too perhaps even based on intel ones extremely familiar to FG.
So why hasn’t the software been ported onto these chips already? QBT hadn’t cracked the operating system, those 100s of lines of open code, except now they have and that OS is the one used across the majority of all mining rigs.
So now we potentially have a documented rig manufacturer with a documented chip, and a compliant OS, hence in my view this has now allowed live testing in two large mining pools.
A note of caution? FG specifically mentions the challenge around commercial rigs and getting to market, when discussing live testing however the RNS says ‘asic based bitcoin mining devices’. Perhaps the N. American rig manufacturer has not yet released commercial rigs for large miners to use, but it doesn’t mean they can’t supply a compliant rig, OS and chip for QBT to run live testing in a mining pool?
My own view? I think the cracking of the OS was the missing piece to allow live testing. There’s obviously been challenges unlocking the Chinese chips and mining rigs but if Method B works with the OS and then works in live testing it’s a massive step forward for QBT just in my opinion (which is just based on trying to get my head around the RNSs)
Don’t often comment on here but a long time holder in QBT (1/2)
It might be worth considering the different technologies in play here and that might help with some of the questions on here about the RNS(all in my honest opinion only)
- A mining rig is effectively a computer
- A mining chip (asic) is effectively the hardware processing component at the centre of the computer
- The operating system is the software that interacts with the computing chip and rest of the hardware
The majority of the commercial rig manufacturers are two Chinese companies, Bitmain and MicroBT.
Then we have Bitcoin mining companies who purchase and use these rigs, some of these are in N.America some in China.
Finally we have chip manufacturers who create the asic chips. Intel did use to be one of these but has since stopped and Block bought the remaining chips to help the company develop its own asic chips around which they would then further build their own mining hardware (mining rig) to challenge the dominance of Bitmain and MicroBT
Now let’s look at what FG says in the RNS ‘The Company has, over the past nine months, entered into early-stage exploratory discussions, under Non-Disclosure Agreements (“NDA”), with two large mining rig manufacturers in China and North America and with two of the largest US Bitcoin mining companies’ - this specifically references an American rig manufacturer (e.g not Bitmain or MicroBT)
The RNS specifically mentions the porting challenges on the Chinese machine based on BM13xx chip. FG has said in the past the architecture of these rigs and chips are completely undocumented. To add to that there’s also the operating system these rigs run on as mentioned.
Now this is the crucial section (again in my opinion only and this is just my interpretation of the public information). See this paragraph in the RNS:
‘In addition to the above, the development of Method B, as an extension to CGminer, a standard operating system used by almost all commercial mining rigs, has been particularly complex, given the intricacies of more than 50,000 lines of open-source C-code developed by the CGminer community. The key issues have been addressed and the Company is performing intensive live mining tests 24/7 using ASIC-based Bitcoin mining devices connected to two large mining pools.’
So if we think of the three parts of the mining computer: the rig, the chip, the operating system. QBT need its SaaS software to be compatible with the OS, the chip, and by definition the rest of the hardware (the rig)
The RNS says the QBT team has addressed the key issues of compatibility with the CG miner OS even though it has proven to be challenging. What is key here is that this OS is used across almost all commercial mining rigs.
So 1/3 of the puzzle is complete, but FG says we are live testing on asic based Bitcoin mining devices. How can that be if QBT has not been able to port the software to work with th
Stats - would tie up the two questions that have never been answered by anyone yet. Where is Art in all of this, and which party was going to buy the assets in a distressed sale after Anavio had shafted
It’s simple for me now. There’s either a rescue deal and this turns around, or it’s class action and they’re all going to court, maybe it even ends up being both.
You can’t just fraudulently steal millions of pounds of investor money through lying in regulatory news announcements and expect to just get away with it.
Multiple different directors have had multiple different opportunities to save the company and set it on a path that would benefit shareholders. All of them have chosen instead to run it into the ground in an attempt to steal the asset for themselves. All they had to do was inject the gas and sign the JV, that was it. Could have been done at any point but sheer greed has prevented that and now here we are.
The only only miniscule solace is that hopefully Anavio will get doubly shafted of losing out on their plan to steal Copl but also drained by the class action coming their way.
Feels odd that they extended the forbearance agreement by a week just to then go into creditor protection. Mind you they are dealing with the most morally bankrupt organisation possible so wouldn’t surprise me at all if Anavio and Richardson reneged on something at the last minute or made some attempt to keep their ill-gained position.
Hopefully there’s a way out of this for shareholders but unfortunately with John Howard’s shareholding that includes Anavio, there’s just no way to flush them.
Winnifrith can enjoy his moment now before he’s in jail
Obviously Anavio wouldn’t agree a deal. The greed of that lot is astounding. Richardson needs to be in jail for this.
Absolutely amazed there hasn’t been more comms today. Absolutely zero price sensitive news happened today then? No cessation or extension of the forebearance agreement, no notice of funds being extinguished or funding arranged. Absolutely nothing happened apparently?
Winnifrith crying on twitter because a company hasn’t declared itself as bust yet, there’s really no depth he won’t lower himself to.
Boldly, I’d like to think they were a bit further on that that considering it’s the final day of the forebearance agreement. It would be nice if it was ‘please sign here Tom on this deal you’ve agreed and then get out’
Laguele - agreed. They were quick enough with the speeding ticket RNS though when they wanted to be.
The business update RNS from Richardson said the company’s cash reserves would be depleted in the first week of March. The forebearance agreement was extended to the 8th March.
Here we are at the end of the first week of March and still no communication from the company. No RNS either to acknowledge the requisition for a special meeting. It really is very very poor.
This is a 2.8 mill market cap, imagine if they can get to break even by the end of the year (as they’ve predicted in their last RNS). All depends on whether you’re willing to take a risk or not but if you’re not then AIM isn’t for you.
We’d already had the extension RNS by this time last week. It seemed odd at the time to extend it if Anavio weren’t willing to even contemplate a deal. Hopefully we find out one way or another today. Would be good for long suffering shareholders if there was some positivity and hope in the announcement and Anavio finally let go of their despicable greed.
Interesting Finwittrader - is this the first official comms from the company that is signed by Kravitz rather than Richardson?
I’d be wary of continuous extensions but for Summit to even offer one extension there must be some willingness from Anavio to even engage.
The SL must have been confident of an outcome to only extend by one week, otherwise the threat disappears if it just continues to be extended. Anavio need to go and they need to go now.
Will the special meeting be required if Anavio make a deal to leave? Something has to happen in the next few days (unless the SL choose to extend again). I was hoping for a quick exit from Anavio rather than Richardson sticking around.
The ridiculous thing is that all anyone has to do here is inject the gas and sign the JV and this becomes a mega profitable company. Anyone could still do it at any point but here we are with forbearance notices and special requisitions because of sheer greed.