Quantum Blockchain inks deal with cryptography expert to optimise Bitcoin mining operations – Proactive Investors UK

The company said it contracted the expert under a one-year agreement to research tangible and disruptive optimisations that can be made within Bitcoin mining which could result in faster execution and energy savings

Quantum Blockchain PLC () said it 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 saidthere are tangible and disruptive optimisations that can be made within the Bitcoin mining process that could result in faster execution and energy savings. 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. Thiswill increase the probability of successful mining operations. The firmintends 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 solutions to achieve highly competitive Bitcoin mining results, adding it willexplore other proof-of-work cryptos and their competitive mining advantages alongside the cryptography expert.

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, Quantums 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.

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Quantum Blockchain inks deal with cryptography expert to optimise Bitcoin mining operations - Proactive Investors UK

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