Member Info for zenmaster

Sounds like the mdk is modified cgminer code. Chinese manufacturers have been modifying the original code for years now against license agreements. Hard to sue them for it. If QBT can get it working as soon as they start selling the product they would need to publicly release the code under the terms of cgminers license.

Why are they talking about cgminer again? I thought they shelved that idea as unworkable? The lead developer laughing at them and the code they rework must be published under the license.

They must produce a coherent demo at the end of this month.

The prospectus and the two RNS announcing new machines leave us at

67.44 P/Hs hash rate or 0.067 EH

622 total machines.

24 BTC HODL (maybe)

No debt.

£1m+ of cash.

The company has a £48m valuation which is insane at this point. I personally believe its worth £5-10m which equates to about 4p per share. you can find other comparisons with most of the other Bitcoin miners at the following link https://shorturl.at/chHT6 where you can see how overvalued this company is. Remember you can buy most of the miners in your ISA and SIPP so you don't need to buy this for BTC exposure and risk David Lenigas shenanigans.

Notice the prospectus does not quote 24 BTC in a HODL in fact no mention of it. WHY? if it exists surely you PR it and make it official? Please don't insult my intelligence that him retweeting a twitter post is anyway official. It's a bit strange to not promote right?

Anyway when you start stacking up Vinanz assets $2.5m in BTC and $1m in machines (maybe) it doesn't come close to the MCAP. Vinanz really should have a $10m or less valuation at this point in time IMO.

Can you also explain why you stopped at SLNH? you also don't give them any credit for their facilities which are worth at least $10m by my estimation.

I put Vinanz at the bottom of my spreadsheet summary of Bitcoin miners and entered reasonably generous numbers based on the data given in the last year or so of RNS and the current prospectus. https://shorturl.at/chHT6

How is Vinanz worth 3x the MCAP of SLNH when SLNH have 20x the hashrate?

How is Vinanz worth 4x more than SATO when they have more BTC, and 9x more hashrate?

There are 8 well established miners on that list who have significantly more hashrate, own facilities and perfectly reasonable or zero debt who have a lower MCAP. Vinanz is the most expensive overvalued miner around.

I put Vinanz at the bottom of my spreadsheet summary of Bitcoin miners and entered reasonably generous numbers based on the data given in the last year or so of RNS and the current prospectus. https://shorturl.at/chHT6

How is Vinanz worth 3x the MCAP of SLNH when SLNH have 20x the hashrate?

How is Vinanz worth 4x more than SATO when they have more BTC, and 9x more hashrate?

There are 8 well established miners on that list who have significantly more hashrate, own facilities and perfectly reasonable or zero debt who have a lower MCAP. Vinanz is the most expensive overvalued miner around.

Well why am I spending an hour plus looking through the prospectus finding key information? is this company serious about promoting itself during its IPO week to Bitcoin mining investors or not?

No mention of AI/HPC in the prospectus that I could find. Article headlines don't count.

Cash - we know they raised £1.3m during the IPO

Debt - zero

BTC and other crypto holdings - Hard to say they don't seem to declare an up to date figure in the prospectus. 7.84 BTC declared on 29/9/23 another article suggests 24.

Hashrate - 60.2 P/H on page 4 that should have been updated every time they bought new machines.

How much they mine each month - I found "As at the six months ended 29 February 2024 the Company generated 6.488 BTC" so 1.1 per month roughly. At this point the halving happened so cut this in half now then factor the machines purchased this year. Using a BTC calculator suggests £720k profit per year from those 568 machines.

makeup of machines - 568 machines a low number are s21 most s19's and a bunch not declared in various RNS.

electricity rates - doesn't seem to be in the prospectus but $0.055 per kWH has previously been mentioned as a hosting fee

Fleet efficiency - none declared (J/TH)

you can all compare vs the bigger miners here https://shorturl.at/chHT6 you wont need to read a whole prospectus or read 20+ RNS to guess most declare monthly.

@Dom-Bella

"You forgot to mention this -

It is expected that: (i) the Enlarged Share Capital will be admitted to the Transition Category of the Official List and to trading on the Main Market at 8:00am on 13 January 2025; and (ii) trading in the Existing Ordinary Shares on AQSE will be cancelled by 4:30pm on 10 January 2025. The last day of trading of the Ordinary Shares on AQSE is therefore expected to be 10 January 2025."

Why did Argo need to dual list to the Nasdaq? because the LSE couldn't or wouldn't give them to access to capital they needed to grow. Going from Aquis to LSE is good but the reality is its an exit liquidity push for Lenigas and his mates. Probably short term bullish which they sell into then short long into the next bear cycle. The question becomes will Lenigas get bored like he always seems to or will he be around for the next bull market after this current one?

Let's examine the situation objectively:

Chairman David Lenigas' Track Record

Lenigas has held over 40 directorships in UK companies alone, often moving between roles without building long-term value. His pattern suggests a focus on personal gain over shareholder interests. It's not surprising he has aligned himself with a hot sector like Bitcoin mining.

Vinanz's Mining Assets

The company operates approximately 600 Bitcoin mining machines, primarily the S19 Pro, a model considered outdated. Many miners are replacing these with more efficient alternatives.

These machines likely have a resale value of around £500,000, highlighting the limited tangible assets underpinning the business.

Bitcoin Holdings and Valuation

Vinanz reportedly holds fewer than 60 BTC, placing their Bitcoin assets at a maximum value of approximately £4.5 million.

Even with a generous estimate, the company's total valuation, including mining equipment and BTC holdings, wouldn't exceed £10 million.

Operational Model and Costs

The company is asset-light, relying on third-party hosting for its mining operations. This approach incurs high hosting fees alongside energy costs, making it easy for others to replicate their model.

Financial Position and Transparency

With no debt, Vinanz might have up to £5 million in cash post-listing and fundraising. However, there’s a lack of operational transparency. Investors are left guessing about machine acquisition costs, monthly mining performance, and other key metrics. Most competitors provide detailed mining reports to facilitate comparison; Vinanz does not.

Valuation Discrepancy

Despite these limitations, the company is valued at £38 million. This valuation appears driven more by illiquidity and speculative hype than by underlying fundamentals.

Conclusion

The upcoming LSE listing raises questions. Is it a genuine growth opportunity, or is it a means for insiders to offload shares, raise additional capital, and grant themselves more equity? The lack of transparency, combined with the inflated valuation, should prompt investors to tread cautiously.

Is there something I'm missing that justifies this valuation?

NAVYRRET the answer is probably less than 1% chance. George and Keld control about 30% of the shares alone, I know the collective members of the telegram group also own a fair chunk of the company as well easily around 20% and I see no appetite or panic among the long term holders.

I understand you are disappointed but lets compare some things.

Share price 1 year ago 92p the trackable value of their assets was £192m

Today the sp is 68p and the NAV is £136m.

On December the 5th this year SP was 92p and the NAV was £193m.

It seems to me you need to pay attention to KR1's assets more than than BTC price?

That broker note is insanity and bears no relation to the company right now or its peer valuations.

Found out Vinanz had a telegram group last week. Joined. Asked Lenigas how many machines they had last week, no response. Made a comment in response to others how the company seemed overvalued vs the machines owned, and that it may be difficult for the SP given the exchange its on and the volume at present. Apparently that is enough for a ban. Brilliant way to promote the company David.

$0.065 hosting fee is not cheap, fairly standard hosting fee at the moment so the claim is either ignorance or a lie. Miners who own infrastructure are paying $0.04-0.06 region right now.

I suspect it is as simple as if they get a certain amount of reports of a post/thread then it is automatically removed.

Many months ago I linked you guys to the Cgminer dev who all but outed QBT as a scam. That was your warning things were not going well, all you needed to do was some basic research to make sure the Twitter account was legitimate. Here we are 6 months on and surprise QBT abandoning Cgminer because they can't achieve their claims. At least a year of research and development has been wasted no chance of revenue in 2024 and probably in 2025. The quality of management is telling FG and his teams track record across all of his companies is poor at best.

Why has it taken so long to declare? I have no problem with the setup, my favourite share uses something similar but the difference is they were very up front about it and how they were to be paid in good times and bad. They also declared who was responsible for costs and who was to pay them.

This RNS is a pretty big red flag for FG and all his indebted web of companies.

Auradine are partly owned by Marathon, they are one of the very few new manufacturer's out there in the US but frankly Mara and Auradine will simply buy QBT for cheap if indeed QBT have anything worthwhile, so it is certainly possible QBT are genuinely working with someone in the US.

My problem is we have had years of promises and no product, years of rampers coming on the telegram groups I frequent ramping just before a raise. I do not trust this company, they need to show me what they have and get serious partners. Everything is so vague and so much money has been raised by this company and yet we have nothing other than words.

Seems sensible to say May instead of will, there is a chance someone will find a work around.

The bottom line is Bitmain are unhappy with others flashing their own firmware onto their hardware. Clearly Bitmain want to stop it or generate revenue from licensing the right to do it.

Naturally miners with 100000 miners won't flash their hardware in a hurry without extensive performance testing and this is why Mara and cleanspark are unaffected.

However it is likely brand new machines will have this stock firmware and it's those machines QBT's software will need to work with rather than this current generation of machines, why? Because QBT have nothing working yet and when they do it will need installing on machines that may well be firmware locked.

So funny watching rampers squirm.

Getting confirmation from other firmware guys like brains as well. Bitmain are huge at best they now need paying a cut by QBT and at worst the largest ASIC manufacturer just ruined QBT.

It's a perfect excuse to have to raise again to pivot and produce QBT'S own ASIC chips. Big problems for QBT no matter what.