RE: Positive news21 Sep 2022 13:20
Chairman’s Statement
During the first six months of 2022, the Company continued working on its new research and development (“R&D”) strategy focused on finding disruptive and advanced proprietary techniques especially for Bitcoin (“BTC”) mining.
At the same time, the Company continued to deal with its Legacy Assets, especially the litigations which although no longer forming part of the core business of the Company, continue to represent potentially important financial assets and therefore they are being dealt with in a careful and logical manner.
The Company’s main strategy now is to invest in building its own BTC miner utilising all the optimisations, enhancements and discoveries which have been developed by the Company’s R&D teams. On this note, the Company is now working with two independent partners to conduct verification tests on the performance of its prototype application-specific integrated circuit chip (“ASIC”). The current plan is to produce a variety of working prototypes based on 12nanometer(“nm”) or 7nm ASIC chips (which are significantly less expensive to produce than the 5nm ASIC chip) in order to produce empirical results which will provide an educated and confident estimate of the performance of the 5nm ASIC chips.
Assuming these prototype verification tests corroborate QBT’s own findings, the Company will launch the production of its mining machines based on the 5nm ASIC which, at the moment, is intended for internal use only.
The Company can report that its R&D teams have started delivering the first results of its in-house R&D programme. The first milestone was filing the ASIC Ultraboost patent application in late 2021, an improvement by the Cryptography team of the Bitcoin mining process which eliminates redundant computations of a key part of the Bitcoin mining algorithm, potentially resulting in a faster and more efficient bitcoin mining process as it reduces the number of operations across the three iterations of SHA-256 algorithm by approximately 7%. The patent has not been granted as of today’s date.
As announced on 11 March 2022, the Quantum Computing R&D team has developed a quantum version of a BTC mining algorithm, centered on qubit-based quantum computation, using quantum logic gates, simulated on a reduced-sized SHA-256 algorithm, while waiting for the number of qubits available on the next generation of commercial quantum computers (expected to be released into the market in 2023) which the Company expects to be sufficient to sustain full SHA-256 computation.
The Deep Learning & Artificial Intelligence R&D team has also delivered some interesting results by applying Machine Learning and data analysis tools to the Company’s existing Big Data database of block-solving computations. This led to the development of the two “knowledge-based” algorithms (called “Method A” and “Method B”) controlling the SHA-256 computation.
Through a series of internal trial mining tests, Method “A” has improve
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