May 23, 2022
Quantum Blockchain Technologies Plc
(“QBT” or “company”)
The latest information on Bitcoin mining R & D
The Board of Directors of Quantum Blockchain Technologies (AIM: QBT) is pleased to be able to keep shareholders up to date on the current progress of Bitcoin (“BTC”) mining research and development (“R & D”) activities.
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Start Bitcoin Mining Test Using Knowledge Base Algorithm
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Bitcoin mining that continues shortly after the completion of the current test
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Quantum computing simulations that produce positive results, and
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New patent application filed as soon as feasible
Bitcoin mining
The company has moved away from simulation testing and has begun live experimental BTC mining on the IT R & D platform using the standard version of the SHA-256 algorithm. The main purpose of mining activities is to collect real-time data and populate the company’s existing big data database. This database is utilized by R & D teams using machine learning and data analysis tools. We are pleased to report that this development has deployed the first two knowledge-based algorithms to manage SHA-256 calculations and is currently undergoing mining testing.
This is the final step in almost a year’s work by one of the company’s two machine learning teams. The third machine learning team, which began work earlier this year to develop alternative solutions for two machine learning methods, has already yielded some innovative results. Both approaches (method “A” and method “B”) have a “stochastic element” approach, which represents a “deterministic advantage” over time. During testing, Method “A” significantly improved speed and energy consumption performance compared to existing crypto mining hardware. Making accurate measurements is part of QBT’s mining test program.
The second knowledge-based mining approach (method’B’) requires the availability of a proprietary ASIC chip. If successful, probabilistic mining can be improved by several factors compared to today’s deterministic BTC mining using off-the-shelf ASIC chips. Theoretical analysis currently shows improvements in the material, but quantifying it in a large number of real-world mining cases requires experimental testing. Therefore, the company is evaluating a competitive approach using GPU and FPGA chip technologies instead of ASICs, which is the promising potential of this new approach.
It is expected that two new patent applications will be filed as soon as feasible, subject to confirmation of the current trial.
More importantly, we will soon begin actual Bitcoin mining using Method “A”, which is performed on the latest generation GPUs and FPGAs.
Quantum computing
Work is underway on a quantum version of the SHA-256 algorithm, and it is expected that a patent application will be filed after the company has achieved theoretical confirmation. Importantly, the company ran the simulation with a very reduced simulated Quantum version of the SHA256 algorithm. This is the first time that accurate results have been produced (rather than the more general approximation results for this type of calculation). QBT.
Over the next two months, we will have enough qubits available on our next-generation commercial quantum computer (to be released on the market in 2023) to maintain our full SHA. We aim to obtain theoretical evidence of whether or not there is. -256 calculations.
Second patent
The current direction taken by both encryption and ASIC design R & D teams is extreme silicon energy optimization technology to highlight the limitations of the physical properties of 5nm ASIC, the world’s leading ASIC design research organization. Is aimed at. Engagement.
The application for a second patent on SHA-256 optimization is temporarily pending. It replaces existing patents and reserves the results of potential improvements that we believe are within the same speed and energy consumption digits. Renewals for this patent will be released when a decision is made.
Francesco GuardinQBT CEO and Chairman commented: “”QBT is tackling an opportunity to represent a step change in the Bitcoin mining industry, where competitors have invested hundreds of researchers, engineers and tens of millions of pounds over the years. Only a year later, QBT is in a position to start knowledge-based Bitcoin mining using what we believe is a unique and novel approach. The results of Bitcoin mining efforts over the next few months will determine the true value of our approach.
“At the same time, we continue to improve the ASIC-based traditional mining chip design by optimizing the SHA-256 algorithm and its silicon implementation. Our quantum computing team has a reduced size version of SHA-256. We have successfully achieved the first correct quantum computation and are now scaling up to the full SHA-256.
“Due to the complexity of the tasks, it is difficult to predict the time frame for publishing new results and operational updates. To achieve these results, an R & D team of over 20 world-class experts We will continue to communicate with our shareholders. We strongly believe that our efforts are leading QBT in a new direction for Bitcoin mining, and these efforts will be rewarded for their success. We are seeking the patience of our shareholders. “
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This announcement contains inside information for the purposes of Article 7 of the European Union (EU) 596/2014, which forms part of UK domestic law under the European Union (Withdrawal) Act 2018 (“MAR”). It has been disclosed and is disclosed. We will comply with our obligations under Article 17 of the MAR.
For more information, please contact:
Quantum Blockchain Technologies Plc
Francesco GuardinCEO and Chairman +39 335 296573
SP Angel Corporate Finance (Nominated Advisor & Broker)
Jeff Kaye +44 (0) 20 3470 0470
Kasia Brzozowska
Leander (Financial PR)
Christian Taylor-Wilkinson +44 (0) 7795 168 157
About Quantum Blockchain Technologies Plc
QBT (AIM: QBT) is an AIM-listed investment company that has recently realigned its strategic focus on technology-related investments, with a focus on the quantum computing, blockchain, cryptocurrency and AI sectors. bottom. We have launched an active R & D and investment program in the dynamic world of blockchain technology, including cryptocurrency mining and other advanced blockchain applications.
Glossary:
ASIC: A specific application integrated circuit is an integrated circuit chip customized for a specific application, not a general purpose application. ASIC chips are typically manufactured using metal oxide semiconductor (MOS) technology as MOS integrated circuit chips.
big data: Big data is a large and diverse set of information that grows at an ever-growing rate. This includes the amount of information, the speed or speed at which the information is created and collected, and the variety or scope of the data points of interest.
FPGA: A field programmable gate array is an integrated circuit designed to be configured by a customer or designer after manufacturing. Therefore, the term “field programmable” is used. FPGA configurations are typically specified using a hardware description language (HDL) similar to that used for application-specific integrated circuits (ASICs).
GPU: GPU: A graphics processing unit (GPU) is a computer chip that performs fast mathematical calculations to render graphics and images.
Probabilistic approach: The probabilistic approach does not guarantee that you will always find a solution, but it will have far fewer computational steps. When applied to a large number of mining attempts, the total number of steps is significantly smaller, but for 90%, for example, the solution is fine.
Pool mining: As part of Bitcoin mining, the mining “pool” is a network of miners that work together to divide block rewards among pool miners to mine blocks. Mining pools are a good way for miners to combine resources to increase the likelihood of mining blocks, and also contribute to the overall health and decentralization of the Bitcoin network.
SHA-256: Secure Hashing Algorithm (SHA)-256 is a Bitcoin protocol hash function and mining algorithm that refers to an encrypted hash function that outputs a 256-bit long value.
Qubit: Traditional bits are in two states, either 0 or 1. However, a qubit or qubit can be in one state at the same time as some sort of zero state. This situation is called superposition of (quantum) states. Cubits have some very special characteristics. For example, you cannot make a copy of the cubic.
