Quantum Blockchain Technologies PLC (AIM:QBT) set a new foundation through the early months of 2020 for its future growth, the company highlighted in its interim results statement.
The company, previously known as Clear Leisure, has been transformed – boosted by around £1.7mln of equity funding in February and a new strategy focussed on blockchain and cryptocurrency, approved by shareholders in May.
In June, Quantum sealed its progress with the launch of an in-house research and development programme in respect of advanced proprietary techniques for Bitcoin mining. And it was further bolstered with the appointment of UK based cryptography expert.
“The aim of the R&D programme is to develop Bitcoin mining tools and techniques which will significantly outperform existing mining equipment, both in speed and energy consumption,” the company said.
“While the board is aware this is an ambitious project, given the radically advanced technologies and methodologies being used, it believes that the goal is achievable.”
In terms of financials, the company reported a €1.1mln loss for the period and ended the half with €1.08mln of cash and equivalents.