(Alliance News) - Quantum Blockchain Technologies PLC on Wednesday said that laboratory testing of a new machine learning method involving AI applied to a computational optimisation is nearing completion.
Quantum Blockchain is an investment company focused on technology sector, particularly blockchain, cryptocurrency and artificial intelligence.
The company said the new machine learning method applied to Secure Hash Algorithm 256, or SHA-256 computational optimisation, method C, is producing consistent results during testing.
It highlighted that method C is using predictive artificial intelligence oracle technology.
SHA-256 is an algorithm for Bitcoin mining.
Further, Quantum Blockchain said it entered early-stage exploratory discussions with Bitcoin rig manufacturers and US Bitcoin mining companies.
Chief Executive Officer & Executive Chair Francesco Gardin said: "The exceptional lab results achieved with Method C represent further evidence that QBT's approach, of applying advanced AI and machine learning techniques to improve the SHA-256 algorithm performance for Bitcoin mining, is correct.
"All of the company's current efforts are now focused on turning methods A, B and C, into commercial products. This has proved a very time-consuming, due to the tremendous reverse engineering efforts involved in using totally undocumented third-party application-specific integrated circuit chips."
Quantum Blockchain shares fell 19% to 1.19 pence each on Wednesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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Quantum Block (QBT)