- Quantum announced a Bitcoin mining optimization deal with a UK based cryptography expert firm.
- The shift comes as a part of the company’s new research and development strategy.
- The firm was also looking at other latest approaches to Bitcoin mining such as quantum computing.
Quantum Blockchain Technologies Plc shares skyrocketed on Wednesday after it announced a Bitcoin mining optimisation deal. The company statement said that the investment firm had entered a service agreement with a UK based cryptography expert firm that specialised in cryptocurrency mining blockchain optimisations. Though, Quantum Blockchain did not reveal the name of the partner firm yet.
The AIM-listed firm’s shares (LON: QBT) jumped 17.65 per cent to 1.50 pence in the early morning hours after the announcement on 2 June.
The move comes as a part of the company’s new research and development plan regarding improved proprietary practices for Bitcoin mining, said the business update. Francesco Gardin, Quantum’s chief executive and chairman said that this was one of the first major moves by the firm to challenge the substantial Bitcoin market. Along with this, the firm was also looking at other latest approaches to Bitcoin mining such as quantum computing, said Gardin.
Quantum has recently begun an R&D and investment programme related to Blockchain Technology that includes cryptocurrency mining and advanced blockchain applications. This line of R&D was heavily dependent on latest technologies such as Artificial Intelligence deep-learning and cryptanalysis.
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The overall goal of the agreement is to improve the efficiency of Bitcoin mining. The firm believes that the association could bring in likely gains with respect to faster execution and energy savings. This would be done through bringing in disruptive optimisations throughout the Bitcoin mining process.
Quantum Blockchain Technologies will also be applying for patents related to any relevant intellectual property generated from the entire mining process.
Implementation on the initial optimisations is likely to be ready for testing in the next few weeks, said the update.
During the course of the next three months, the existing optimisations are projected to be available for mining on commercial cores. They are likely to be further available on FPGA chips within the period of next six months.
They are finally expected to be available on ASIC chips by the second half of the next year.
As part of the agreement, the partner firm shall be looking at other proof-of-work cryptocurrencies along with their potential competitive mining advantages.
The partner firm has been granted share options of 0.25 pence each to the tune of over 10,000,000 new ordinary shares in Quantum Blockchain Technologies. Awarded at an exercise price of 5 pence, these shares can be exercised by the partner firm between 15 February and 15 August next year, again as part of the agreement.
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