Quantum Blockchain Technologies Plc Business Update - In-House R&D

 
TIDMQBT 
 
2 June 2021 
 
                      Quantum Blockchain Technologies Plc 
                           ("QBT" or "the Company") 
 
                                Business Update 
 
                   In-House R&D Programme for Bitcoin Mining 
 
The board of Quantum Blockchain Technologies (AIM: QBT) is pleased to inform 
shareholders that as part of its new research and development ('R&D') strategy 
in respect of advanced proprietary techniques for Bitcoin mining, the Company 
has entered into a one-year service agreement with a UK based international 
cryptography expert whose specialism is cryptocurrency mining blockchain 
optimisations. 
 
Working together, the Company believes that there are tangible and disruptive 
optimisations that can be made at multiple levels within the end-to-end Bitcoin 
mining process, which could result in faster execution and energy saving. 
 
Implementation on a first set of existing optimisations is expected to be ready 
for testing in the coming weeks. 
 
The aim of this work is to improve the efficiency of Bitcoin mining, targeting 
a material reduction in energy usage and faster hash processing, which will 
increase the probability of successful mining. 
 
The Company intends to apply for patents over any relevant intellectual 
property generated from the process. 
 
Furthermore, already existing and imminent optimisations are expected to be 
made available for mining on commercial cores within the next three months, on 
FPGA chips within the next six months and ultimately on ASIC chips by the 
second half 2022. 
 
This line of R&D, which relies on AI deep-learning and cryptanalysis amongst 
other techniques, represents one of the "out-of-the-box" directions taken by 
the Company to achieve highly competitive Bitcoin mining results. The Company 
and its new consultant will also explore other proof-of-work cryptocurrencies 
and their competitive mining advantages. 
 
As part of the one-year service agreement, the consultant has been awarded 
share options over 10,000,000 new ordinary shares of 0.25 pence each in the 
Company at an exercise price of 5p each, and which can be exercised between 15 
February 2022 and 15 August 2022. 
 
Francesco Gardin, CEO and Chairman commented: "Securing the services of an 
international expert, who already has significant experience and know-how in 
Bitcoin mining optimisations, is one of the first concrete moves by the Company 
to challenge the substantial Bitcoin market. 
 
"The Company is addressing, in parallel, other cutting-edge approaches to 
Bitcoin mining, including, among others, the use of quantum computing. 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 for the purposes of Article 7 of 
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law 
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed 
in accordance with the Company's obligations under Article 17 of MAR. 
 
                                    -ends- 
 
For further information please contact: 
 
Quantum Blockchain Technologies Plc 
Francesco Gardin, CEO and Executive Chairman          [phone] 
 
 
SP Angel Corporate Finance 
(Nominated Adviser & Broker)                          [phone] 
Jeff Keating 
 
 
Leander (Financial PR)                                [phone] 
Christian Taylor-Wilkinson 
 
 
About Quantum Blockchain Technologies Plc 
 
QBT (AIM: QBT) is an AIM listed investment company which has recently realigned 
its strategic focus to technology related investments, with special regard to 
Quantum computing, Blockchain, Cryptocurrencies and AI sectors.  The Company 
has commenced an aggressive R&D and investment programme in the dynamic world 
of Blockchain Technology, which includes cryptocurrency mining and other 
advanced blockchain applications. 
 
For further information, please visit, www.quantumblockchaintechnologies.co.uk 
 
 
 
END 
 
 

(END) Dow Jones Newswires

June 02, 2021 02:00 ET (06:00 GMT)