Quantum Blockchain PLC (LON:QBT) said it has signed a service agreement with a UK-based international cryptography expert specialising in cryptocurrency mining blockchain optimisations as part of a research & development (R&D) strategy for Bitcoin mining.
The AIM-listed company said it believed there are “tangible and disruptive optimisations” that can be made within the Bitcoin mining process that could result in faster execution and energy savings, adding that the first set of optimisations is expected to be ready for testing in the coming weeks.
Quantum also said the aim of the work is to improve the efficiency of Bitcoin mining by targeting a material reduction in energy usage and faster hash processing, which will increase the probability of successful mining operations. The firm added that it intends to apply for patents over any relevant intellectual property generated during the process.
Meanwhile, the group said existing and imminent mining optimisations are expected to be made available on commercial cores within the next three months, on field-programmable gate array (FPGA) computer chips within six months and ultimately on application-specific integrated circuit (ASIC) chips in the second half of 2022.
Quantum said this line of R&D represents one of its “out-of-the-box” directions to achieve “highly competitive Bitcoin mining results”, adding that alongside its cryptography expert to explore other proof-of-work cryptos and their competitive mining advantages.
As part of the service agreement, the firm said it has awarded the consultant options over 10mln new shares in the company exercisable at 5p each between February 15, 2022, and August 15, 2022.
“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”, Quantum’s chief executive and chairman Francesco Gardin said in a statement.
“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”, the CEO added.