Quantum Blockchain Technologies PLC (AIM:QBT, FRA:BYA1) has received formal US approval for a patent application covering technology intended to improve the efficiency of Bitcoin mining hardware.
The US Patent and Trademark Office approved the application, formally titled “Message Scheduling for Cryptographic Hashing”, which underpins QBT’s ASIC Ultra Boost technology. The invention is designed to eliminate redundant calculations from the SHA256 message-scheduling process used in Bitcoin mining.
The approval does not yet represent a final grant of patent rights. QBT must complete several formalities, including paying issue and publication fees, and has instructed its UK patent lawyer to coordinate payment with its US attorney.
QBT said it would explore licensing and other commercial arrangements with established ASIC manufacturers. It is also seeking semiconductor-sector advisers to support the monetisation process, although management cautioned that there was no certainty over timing, structure or near-term revenue.
