Quantum Blockchain Technologies PLC (AIM:QBT) maintained its focus on research and development in the first half of 2023, as the group continues to craft an innovative approach to bitcoin mining.
Its goal remains laser focused on developing and eventually commercialising a proprietary version of the SHA-256 algorithm, known as the ‘Quantum Mining Algorithm’, used in bitcoin mining for the quantum computing age.
The group expects to be in a highly advantageous position to offer a bitcoin mining method that could offer significant improvements and efficiency to the industry.
During the first half of 2023, Quantum Blockchain announced it had developed two unique methods that could potentially lead to immediate performance improvements for existing bitcoin miners.
The group also brought on Vladimir Kusznirczuk as marketing and business development director to seek commercial opportunities with large US and Canadian bitcoin miners and manufacturers of mining rigs.
Looking forward, the group intends to return value to its shareholders by continuing its R&D programme, investing in the technology sector, managing a legacy assets portfolio and further reducing its debt position.
Legacy assets refer to pending court actions in Italy, as well as investments in PBV Monitor, Forcrowd and Geosim Systems.
Significantly reduced administrative expenses meant operating losses nearly halved year on year to €1.2 million (£1 million) in the period.