Quantum Blockchain Technologies PLC (AIM:QBT) has reported significant progress in its bitcoin mining R&D programme during the first half of 2024.
The company achieved key milestones with the development of its Asic UltraBoost and Asic Enhanced Boost, both aimed at enhancing mining efficiency.
Patent applications for these innovations have been submitted in the UK, EU, and other key jurisdictions.
Additionally, QBT is developing a Quantum Mining Algorithm and several Machine Learning-based methods, such as Method A, Method B, and Method C, aimed at reducing the computational complexity of bitcoin mining.
Live testing is currently underway for Methods A and B using pool-based mining operations.
These methods are designed to work as software upgrades for existing ASIC-based mining machines, which could position the company to commercialise these innovations through Software-as-a-Service products.
The company is also conducting tests on Method C, which integrates at the chip level, using FPGA chips to validate real-time mining performance.
QBT plans to pursue partnerships with industry leaders if the testing proves successful, with the possibility of quickly deploying these methods on ASIC mining machines.
In the financial review, QBT reported a total comprehensive loss of €1.3 million for the period, slightly down from the €1.4 million loss reported on 30 June 2023.
Cash reserves stood at €1.6 million at the period end.