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Quantum Blockchain Technologies PLC (LON: QBT) shares soared 16.9% after filing a patent application for its new Bitcoin mining algorithm, ASIC UltraBoost.
The crypto mining company said that the new mining technology resulted from research and development work conducted by its cryptography expert.
Investors cheered the news, which followed an anonymous cryptography expert’s hiring soon after transforming into a crypto and blockchain company and rebranding from Clear Leisure to Quantum Blockchain.
The ASIC UltraBoost improves the Bitcoin mining process by eliminating redundant calculations part of the Bitcoin mining algorithm, making the process faster and more efficient.
The new algorithm proposes three specific variants to the SHA256 message scheduler for the 3
instances of SHA256 in Bitcoin mining, reducing the Message Schedule calculations by approximately 20%.
It appears that Quantum Blockchain’s hiring of the unnamed cryptography expert has started paying off and will keep bearing fruit after the company announced that it is working on more patents to be filed in future.
Francesco Gardin, Quantum Blockchain’s CEO and Chairman commented: “Filing the ASIC UltraBoost patent application is the first milestone resulting from our R&D programme, achieved in just four months. It is the first of many patents the Company is working on and plans to file. This breakthrough result, which we believe has the potential to be game-changing, will be used for the deployment of our proprietary FPGA and ASIC implementations of the Bitcoin mining algorithm.”
“A nearly 7% efficiency in running the Bitcoin mining algorithm can be used to increase mining speed or save energy. On the massive numbers of iterations involved in mining, this level of saving represents either a 7% increase in the mining probability or a 7% energy saving at the existing mining probability.”
Quantum Blockchain share price.
Quantum Blockchain shares soared 16.95% to trade at 1.38p, rising from Thursday’s closing price of 1.18p.
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