Quantum Blockchain (QBT) Shares Surged 33% on Bitcoin Mining Chip Progess

The Quantum Blockchain Technologies PLC (LON: QBT) share price surged 33% after revealing that it had made significant progress in developing its Bitcoin mining chip based on a 5nm process using quantum computing.

The crypto mining company confirmed that it had developed a quantum version of its Bitcoin mining chip based on quantum computation, using quantum logic gates.

Also read: How to Buy bitcoin In the UK.

The initial version of the chip had been based on adiabatic quantum annealing computation. It was being tested on a D-Wave quantum computer, which has since been abandoned in favour of a different quantum computer.

Quantum Blockchain has made significant progress in developing a revolutionary bitcoin mining algorithm, and a computer chip that it says will be the fastest in the market beating all other currently available chips.

QBT is currently working on optimising its quantum computing bitcoin mining algorithm, combined with the firm’s ASIC chip. QBT has made impressive progress after hiring an anonymous cryptography expert last year.

The company has kept expanding its research and development (R&D) team after hiring a machine learning expert from the University of Milan to speed up the implementation of its artificial intelligence capabilities within its Bitcoin mining chip.

Quantum Blockchain has developed AI techniques applied to various parts of the Bitcoin mining process. The company intends to file a patent application to protect its intellectual property regarding its proprietary machine learning processes.

The firm also revealed that it had finished drafting the documentation for its second patent application and was currently implementing it on an FPGA. In addition, QBT said it would soon have the results of the overall performance achieved by the first and second patent applications that could be applied to the FPGA code.

Investors cheered the immense progress made by the firm, as evidenced by the significant rally in QBT shares. The shares just broke above the crucial 2.66p resistance level and could be headed much higher.

Francesco Gardin, QBT’s CEO and Executive Chairman, commented: “We have made impressive progress on all our core R&D areas, and we will now start field testing our optimisations of BTC mining in the next few weeks. We are also conducting internal and independent performance measures to help us assess mining speed and energy consumption within the ASIC line of research, which is now at the simulation stage. Based on data we have recorded to date, we expect to see a higher performance than originally estimated; this is mainly due to the optimisations which will be included in the second patent application, based on the work of our cryptography expert and the coding techniques implemented by our FPGA/ASIC Design Team.”

QBT shares look attractive at current prices, but I would wait for a pullback before jumping in.

*This is not investment advice. Always do your due diligence before making investment decisions.

Quantum Blockchain share price.

Quantum Blockchain share price surged 33% to trade at 3.06p, rising from Thursday’s closing price of 2.30p.