Quantum Blockchain Technologies PLC (AIM:QBT, FRA:BYA1) has raised £500,000 in a placing to fund the next stage of its bitcoin mining technology programme and seed a new subsidiary targeting what it calls hardware-free “virtual mining”.
The AIM-listed company placed 142.9 million new shares at 0.35p each.
QBT told investors that the proceeds will support continued research and development on its proprietary bitcoin mining efficiency tools, including work to port its AI Oracle onto the mining rigs of new ASIC manufacturers. Up to £100,000 will also be invested in the newly formed subsidiary, BlocKeeper.
BlocKeeper is being built to selectively acquire hashing power from established bitcoin miners, giving those operators liquidity during cyclical or system-wide funding shortfalls while allowing BlocKeeper to deploy hash rate to mine bitcoin at what QBT described as competitive prices.
The company said the venture is also expected to draw on QBT’s industry network and, over time, use its AI-driven software products to improve the hashing performance of mining partners.
QBT said BlocKeeper will have its own board, with Alessandro Malacart set to serve as chief executive, while QBT itself remains focused on delivering its bitcoin mining software products to market.
The group is seeking a listing for BlocKeeper on the AQSE Growth Market, although it said there can be no certainty that the proposed admission will happen