Business
Crypto Mining R&D Project Update
Crypto Mining R&D Project Update.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n \n 18 August 2021\n \n Quantum Blockchain Technologies Plc\n \n(“QBT” or “the Company”)\n Crypto Mining R&D Project Update\n The board of Quantum Blockchain Technologies (AIM: QBT) is pleased to update the market on its Crypto Mining Research and Development (“R&D”) project, which in the first instance will be used for the deployment of a proprietary technology for more efficient cryptocurrency mining.\n The primary goal of the project is to develop Bitcoin mining tools and techniques which will significantly outperform existing mining equipment, both in speed and energy consumption. While it is understood that this is extremely ambitious, the radically advanced technologies being utilised; quantum computing, Artifical Intelligence and Deep Learning, amongst others, renders the goal achievable.\n For this purpose, QBT has assembled a team of 13 sector experts, which is now fully operational. The members of the team have been selected from across the UK and Italy, and includes highly skilled professionals, Ph.D students and university professors, with expertise in, Quantum Computing, Machine Learning, Cryptography and Algorithms Optimisation Theory. QBT has entered into formal agreements with various university departments to retain the services of the new team. Any intellectual property and patents developed during the R&D project will belong exclusively to QBT.\n A number of working groups have been formed to address the key technologies at the core of QBT’s crypto mining strategy. These are:\n \n \n Quantum Computing\n \n \n Cryptographic Optimisation\n \n \n Deep Learning and Artificial Intelligence (“AI”)\n \n \n FPGA / ASIC Design\n \n \n Algebraic and Boolean Equation Reduction\n \n \n Very Large Big Data\n \n \n High performance computing architectures\n \n \n As previously stated in the RNS of 2 June 2021, the Company has secured the services of an expert specialising in cryptocurrency mining blockchain optimisations.\n The development of only half of the optimisations previously created by the expert, has proved a 9.56% speed improvement using a commercial Graphic Processing Unit (GPU), compared to the standard Bitcoin mining algorithm on the same GPU. While it was never intended to use a GPU processor for Bitcoin mining, it is providing invaluable quantitative feedback on the optimisation techniques disc...