Quantum Blockchain Technologies PLC (AIM:QBT) told investors of a new upgrade to its Bitcoin mining technology, Method C AI Oracle, which is now capable of real-time mining on current blockchain blocks.
The technology, which is still under development, was previously trialled with historical data.
The Method C AI Oracle achieves an approximate 30% improvement in performance, versus standard mining technology, the company highlighted.
It can achieve this outperformance in terms of energy consumption or an acceleration in mining speeds. The technology works by using AI to predict unsuccessful calculations early, and then move on to the next one.
So far, it has been deployed for demonstration purposes only. The company is seeking licensing agreements with major hardware manufacturers to put AI Oracle on ASIC technology, to bring the innovation to broader markets.
“Following almost three years of R&D efforts, the AI team working on Method C has delivered its first irrefutable result, with a new version of Method C AI Oracle, which can now be used to mine the current blockchain blocks in real-time with an approximate 30% improved performance,” QBT chief executive Francesco Gardin said in a statement.
“This has been made possible thanks to retraining the Method C model and to a very efficient hardware implementation of the AI Oracle, which forms the core of the ‘Implementation of Binary Decision Trees’ patent application.”
QBT announced its application for a patent earlier this year.
Gardin added: “We believe this has the potential to be a major breakthrough for the entire Bitcoin mining industry, as QBT has developed an AI Oracle which can either reduce the energy cost of mining or increase the speed of mining at current energy costs, by approximately 30%, which it can prove through live demonstrations.”