QBT23 May 2022 09:05
Quantum Blockchain Technologies Plc
( “QBT” or “the Company”)
Update on Bitcoin Mining R&D
The board of Quantum Blockchain Technologies (AIM: QBT) is pleased to update shareholders on the current progress of its Bitcoin (“BTC”) mining research and development (“R&D") activities.
Highlights
Bitcoin mining testing commenced using knowledge-based algorithms
Bitcoin mining to follow shortly after completion of current testing
Quantum computing simulations generating positive results, and
New patent applications to be filed as soon as practicable
Bitcoin Mining
The Company has moved from simulation testing and has started live experimental BTC mining on its IT R&D platform, using a standard version of the SHA-256 algorithm. The main purpose of the mining activity is to collect real time data to populate the Company’s existing Big Data database, which is then utilised by the R&D team with machine learning and data analysis tools. The Company is pleased to report that this development has led to the first two knowledge-based algorithms, which govern the SHA-256 computation, being deployed, with mine testing now taking place.
This is the final step of nearly a year’s work by one of the Company’s two Machine Learning Teams. A third Machine Learning Team, which started work earlier this year, to develop an alternative solution to the two Machine Learning methods, has already delivered some innovative results. Both approaches (Method ‘A’ and Method ‘B’) have a “probabilistic element” approach, which over time, represents a “deterministic superiority”. During testing, Method ‘A’ has improved the performance in speed and energy consumption significantly compared to existing crypto mining hardware. Taking exact measurements is part of QBT’s mining testing programme.
The second knowledge-based mining approach (Method ‘B’) will need the availability of a proprietary ASIC chip which, if successful, probabilistic mining could be improved by several factors compared to today’s deterministic BTC mining using commercial ASIC chips. Theoretical analysis is currently showing a material improvement, but experimental testing is required to quantify it on a large number of real mining cases. The Company is, therefore, assessing its competitive approach using GPU and FPGA chip technology, instead of ASIC, such is the expected potential of this new approach.
Subject to the confirmation of current testing, it is expected that two new patent applications will be filed as soon as practicable.
More importantly, the Company expects to shortly commence real Bitcoin mining using Method ‘A’, performed on the latest generation of GPU and FPGA.
Quantum Computing
Work on the Quantum version of the SHA-256 algorithm is ongoing, and it is expected that a patent application will be filed once the Company achieves theoretical confirmation. Importantly, the Company has been performing simulations on an extremely scaled down simulated Quantum versi
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