Quantum Blockchain Technologies PLC (LON: QBT) share price rallied 25% after announcing that it had completed a crucial stage in developing a new Bitcoin mining technology.
The blockchain technology company said that it had completed the first phase of its FPGA (field-programmable gate array) and was ready to move to the second phase, developing the prototype of its ASIC chip.
The company is moving closer to its ultimate goal of developing cryptocurrency mining technologies that are faster and more energy-efficient, which could revolutionise the entire industry.
ASIC chips are manufactured in two steps, the first being the development of a logic gate architecture used by the final ASIC chip. The logic gates are usually built on a cheaper but slower chip known as an FPGA containing predefined functions.
The next step is to customise the chip’s design and manufacture a prototype in a small batch to minimise costs. Finally, the company then manufactures the final ASIC chip, which is usually an expensive affair.
Quantum Blockchain has now completed the FPGA process and is moving on to manufacture its ASIC prototype.
The blockchain company said that its ASIC chip could outperform the fastest ASIC hip currently available by as much as 24% based on internal tests. The firm also conducted AI tests, which show that its FPGA could become a powerful Bitcoin mining machine.
Francesco Gardin, Quantum Blockchain’s CEO, said: “Our R&D has delivered some very impressive results in a very short time: in only four months since the programme commenced, we have filed a patent application where we believe the ASIC ULTRA Boost has improved the standard mining algorithm, after five years of little or no progress following the publication in 2016 of the ASIC Boost paper.”
Adding:
“We will soon be ready to start the design of our ASIC Bitcoin mining chip which, on paper, already outperforms, in speed, the current best in class ASIC Bitcoin mining commercial solution.”
Quantum Blockchain’s R&D efforts are led by an anonymous crypto expert hired by the company months ago, whose identity was withheld, leading many to ignore the move.
However, the recent patent application and the FPGA development indicate that the expert is highly skilled given the short time the company has achieved these crucial milestones.
*This is not investment advice.
Quantum Blockchain share price.
Quantum Blockchain shares surged 25% to trade at 3.50p, rising from Thursday’s closing price of 2.80p.
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