Quantum Blockchain Technologies PLC (AIM:QBT) filed its first patent application for its ‘ASIC UltraBoost’ technology used in Bitcoin mining.
An application was made to the UK patent office.
The AIM listed investment company said the move represents a major breakthrough in Bitcoin mining and highlighted the tech provides a very material optimisation of the Bitcoin mining algorithm and is based on the research work of the company’s cryptography expert.
Quantum said that ASIC UltraBoost optimises Bitcoin mining by eliminating redundant computation in a key part of the algorithm, resulting in faster and more efficient mining. The plan is to use the technology in the company’s proprietary implementations of the algorithm.
“Filing the ASIC UltraBoost patent application is the first milestone resulting from our R&D programme, achieved in just four months,” said chief executive Francesco Gardin. “It is the first of many patents the company is working on and plans to file. This breakthrough result, which we believe has the potential to be game changing.”
“A nearly 7% efficiency in running the Bitcoin mining algorithm can be used to increase mining speed or save energy.
“On the massive numbers of iterations involved in mining, this level of saving represents, either a 7% increase in the mining probability, or a 7% energy saving at the existing mining probability.
“In both cases, for large mining facilities this optimisation corresponds to significant mining revenues, or saved energy bills, all leading to increased profit.
“We are very optimistic on the future results of our R&D efforts, as this first patent application has shown.”