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 said there 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. This will increase the probability of successful mining operations. The firm 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.