Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Quantum Blockchain Technologies (LON: QBT) share price is rallying after it said it has entered into a one-year service agreement with a UK based international cryptography expert as part of its new research and development strategy.
The expert's specialism is cryptocurrency mining blockchain optimisations. Quantum says that it believes tangible and disruptive optimisations can be made at multiple levels within the end-to-end Bitcoin mining process, resulting in faster execution and energy saving.
The aim is to improve Bitcoin mining efficiency, targeting a material reduction in energy usage and faster hash processing. Implementation of the first set of existing optimisations is expected to be ready for testing in the coming weeks.
The company and cryptography expert will also explore other proof-of-work cryptocurrencies and their competitive mining advantages.
As part of the service agreement, the expert has been awarded share options in over 10 million new ordinary shares at an exercise price of 5p each, which can be exercised between 15 February 2022 and 15 August 2022.
Francesco Gardin, the CEO and Chairman of Quantum, commented: “Securing the services of an international expert, who already has significant experience and know-how in Bitcoin mining optimisations, is one of the first concrete moves by the company to challenge the substantial Bitcoin market.
“The Company is addressing, in parallel, other cutting-edge approaches to Bitcoin mining, including, among others, the use of quantum computing. More detailed announcements will be made in due course. We believe that this out-of-the-box approach gives us the potential to play a disruptive role in the Bitcoin mining industry.”
Quantum Blockchain's share price has jumped 14% to 1.46p.
Quantum Blockchain shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Quantum shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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