Quantum Blockchain Technologies PLC (AIM:QBT) says it now has teams working on Bitcoin mining rigs in three areas: the development of Artificial Intelligence (AI), Quantum Computing and a special architecture for ASIC chips designed for mining rigs.
This R&D programme is striving to create AI software to improve the mining power of existing Bitcoin mining rigs, the tech group added in a statement alongside its annual results.
Work now is focused on adapting its three methods to existing mining rigs, the statement said, to launch the first commercial QBT products as Software as a Service for Bitcoin miners.
"A second goal, which has a mid to long-term timeframe, is the development of a proprietary mining chip which includes all the internal R&D results, as per the two patent applications filed in 2021 and 2023.
"Finally, the third objective will be the implementation of “Quantum Mining”, which is a proprietary quantum version of SHA-256 algorithm for Bitcoin mining."
A patent application for this implementation is in the process of being drafted currently.
During 2023, QBT also won a legacy court case against Sipiem defendants to pay it €6,274,000 in damages, of which €700,000 gross was paid recently.
“In conclusion, the company believes that exciting times are ahead, as it expects that its products, once available, could truly energise the cryptocurrency mining industry, while eventually being able to monetise its Legacy Assets through legal settlements,” concluded the statement.
Losses for the year to end December were €4.38 million (€5.25 million).