Quantum Blockchain Technologies PLC (AIM:QBT) has reported results for 2024, which it described as a year of progress and strategic advancements.
The company said 2024 was marked by technological progress in its AI-driven Bitcoin mining programme.
It highlighted a key development, “Method C”, which leverages an AI Oracle to enhance mining efficiency. In live tests, Method C achieved a 30% increase in mining efficiency.
“This has been a year of progress and strategic advancements for QBT, with the goal being to establish ourselves at the forefront of Bitcoin mining technology,” the company said in the results statement.
QBT also advanced Method A and Method B, both AI-based tools for improving ASIC mining performance.
These methods are now undergoing real-time mining trials in the company’s lab, with market deployment targeted through integration with aftermarket control boards.
During the year, QBT filed a new patent linked to Method C and began evaluation partnerships with two ASIC chip manufacturers.
In terms of financials, the company reported a loss of €2.85 million for the year to 31 December, down from €4.21 million the previous year.
Litigation linked to legacy assets resulted in a court-confirmed award of €6.27 million, of which €0.7 million was settled in cash.
At the end of December, the company had net current assets of €2.17 million and cash of €600,000.
Meanwhile, in January 2025, it raised £2 million through a share placing.