June 2, 2021
Quantum Blockchain Technologies Plc
(“QBT” or “the company”)
Internal R&D program for Bitcoin mining
The board of directors of Quantum Blockchain Technologies (AIM: QBT) is pleased to announce that the company has entered into a one-year service agreement as part of its new research and development (‘R&D’) strategy regarding advanced proprietary techniques for bitcoin mining with a UK-based international cryptography expert who specializes in optimizing cryptocurrency mining blockchains.
Working together, the company believes there are tangible and disruptive optimizations that can be made at multiple levels within the end-to-end Bitcoin mining process, which could result in faster execution and energy savings.
The implementation of a first set of existing optimizations is expected to be ready for testing in the coming weeks.
The aim of this work is to improve the efficiency of Bitcoin mining, aiming for a substantial reduction in energy consumption and faster hash processing, which increases the likelihood of successful mining.
The company intends to apply for patents for all relevant intellectual property rights resulting from the process.
In addition, existing and upcoming optimizations for mining on commercial cores are to be made available within the next three months, on FPGA chips within the next six months and finally on ASIC chips by the second half of 2022.
This R&D line, which is based on AI deep learning and cryptanalysis, among other things, represents one of the company’s “out-of-the-box” directions for achieving highly competitive Bitcoin mining results. The company and its new advisor will also examine other proof-of-work cryptocurrencies and their competitive advantages in mining.
As part of the one-year service agreement, the consultant was given stock options for 10,000,000 new ordinary shares of 0.25 pence each in the company at an exercise price of 5 pence each and can between February 15, 2022 and August 15, 2022.
The story goes on
Francesco Garden, CEO and Chairman commented: “Ensuring the services of an international expert who already has considerable experience and know-how in Bitcoin mining optimization is one of the company’s first concrete steps to challenge the extensive Bitcoin market.
“The company is working in parallel with other state-of-the-art approaches to Bitcoin mining, including the use of quantum computers. More detailed announcements will be made in due course. We believe that this out-of-the-box approach gives us the potential to play a disruptive role in the Bitcoin mining industry. “
This announcement contains inside information within the meaning of Article 7 of Market Abuse Regulation (EU) 596/2014 as it is part of UK domestic law under the European Union (Withdrawal) Act 2018 (“MAR”) and will be disclosed in accordance with the Company’s obligations under Article 17 MAR.
For more information please contact:
Quantum Blockchain Technologies Plc
+39 335 296573
SP Angel Corporate Finance
+44 (0) 20 3470 0470
Leander (finance PR)
+44 (0) 7795 168 157
About Quantum Blockchain Technologies Plc
QBT (AIM: QBT) is an AIM-listed investment company that recently realigned its strategic focus on technology-related investments with a particular focus on the quantum computing, blockchain, cryptocurrency and AI sectors. The company has launched an aggressive R&D and investment program in the dynamic world of blockchain technology that includes cryptocurrency mining and other advanced blockchain applications.
More information is available at www.quantumblockchaintechnologies.co.uk