Quantum Blockchain Technologies PLC (AIM:QBT) confirmed it had raised £2 million through a share placing, with the injection of capital set to spur investment in its AI-assisted bitcoin mining technology.
The firm sold 173.9 million new shares, priced at 1.15p each.
Proceeds will support the company’s ongoing cryptocurrency research and development initiatives, among other activities, the company said.
Specifically, the funds will allow the expansion of Quantum Blockchain’s R&D team, and, pay for the acquisition of hardware and software for technological advancements, and covering legal costs related to legacy assets.
Quantum Blockchain last week announced new advancements in its AI bitcoin mining tech, ‘Method C’ which, in testing, significantly improves the efficiency of crypto mining as it quits low chance of success mining calculations early, based on an AI judgment.
It basically means less time and resources are spent on unsuccessful mining work, whilst improving the overall chance of crypto mining success.