Did it work with a previous version of QEMU? If yes, which version? And since you're using -kernel ... don't you maybe have to use -initrd here, too?
** Changed in: qemu Status: New => Incomplete -- You received this bug notification because you are a member of qemu- devel-ml, which is subscribed to QEMU. https://bugs.launchpad.net/bugs/1767200 Title: Kernel Panic Unable to mount root fs on unknown-block(31,3) Status in QEMU: Incomplete Bug description: Using the latest qemu: qemu-system-arm.exe -kernel C:\Users\a\Downloads\kernel-qemu-4.4.34-jessie -cpu arm1176 -m 256 -machine versatilepb -cdrom C:\Users\a\Downloads\picore-9.0.3.img Gives error: Kernel Panic Unable to mount root fs on unknown-block(31,3) I have tried different ARMv6 ARMv7 images/kernels with the same result. To manage notifications about this bug go to: https://bugs.launchpad.net/qemu/+bug/1767200/+subscriptions