Quantum Blockchain Technologies PLC (AIM:QBT) has issued a business update covering progress on the commercialisation of its Bitcoin software products, which it says is generating a 'high level of interest'.
The company, in a statement, highlighted that it has signed three non-disclosure agreements with ASIC manufacturers that will provide mining rigs and source code to enable testing of the Method C AI Oracle software.
QBT noted that this marks the start of installation and performance assessment activities at its laboratory in Milan.
The company confirmed that the hardware version of Method C, previously under joint analysis with one manufacturer, has been deprioritised because integration into ASIC architecture could take up to eighteen months.
It noted that software deployment offers a faster route to potential commercial use, compared to hardware-centred solutions.
Francesco Gardin, CEO and executive chairman, said, “The company is now engaged with the ASIC manufacturers it has been targeting over the past year. The board believe QBT's technology proposition is unique within the Bitcoin industry, which is the main reason why there is such a high level of interest from mining companies assessing our technology.”
"We firmly believe that the potential commercial advantage our Methods could bring to their mining rigs is an unprecedented and compelling technological proposition."
QBT also reported a new NDA with a Bitcoin mining pool to explore using pool nodes to improve hash rate quality. It said this work may allow the company to avoid modifying operating systems on individual rigs and that new training datasets are being analysed to support this initiative.
And, the company added that it continues to work with patent examiners in Europe and the US on its applications.