January 18, 2023
Quantum Blockchain Technologies Plc
(“QBT” or “Company”)
Quantum Blockchain Technologies (AIM: QBT), a developer of cryptocurrency mining software and hardware aimed at increasing efficiency in Bitcoin (“BTC”) mining, is pleased to announce a strategic decision to implement SHA-256-based technology. Optimizing other cryptocurrencies within the Bitcoin “family”.
While QBT’s Research and Development (R&D) teams will continue to focus on developing the fastest and most energy-efficient BTC mining products, the board believes it is commercially viable to offer the same capacity growth to miners of the two BTCs. found that the forks, namely Bitcoin Cash (“BCH”) and Bitcoin SV (“BSV”), were possible without additional monetary or opportunity cost or time diversion from the company’s current R&D efforts.
The main difference between the above currencies is the number of transactions per block processed. While BTC sees an average transaction processed per second (“tps”) around 4, BCH is typically around 100 tps and BSV can reach 50,000 tps.
However, the board believes that the attractiveness of QBT products for BCH and BSV miners will also be the increase in the probability of block mining with their use. According to the company, this offer will open the BCH and BSV market to a wider audience.
The remaining amount of BCH and BSV that can still be mined is roughly the same as BTC, I mean., 1.7 million coins per currency (out of a total maximum supply of 21 million coins each). Current market price of BTC 21,170 USD1 compared to current market prices for BCH and BSV USD 122.91 and 44.71 USD according to. Despite the price difference, the Company estimates that there is still approximately market value 2901 million dollars According to the Board, this strategy for these two currencies is attractive to the Company.
Finally, the mining difficulty levels for BCH and BSV are slightly lower than for BTC, making their mining less capital intensive and therefore potentially profitable.
Francesco GardinCEO and Chairman commented: “Our main goal is and will remain to develop BTC miners. However, the same R&D results can be applied to BCH and BSV just by retraining our Machine Learning methods A and B (see dated announcement) November 15, 2022), we believe that it is a straight forward process. We are confident that our SHA-256 optimizations and the quantum version of SHA-256 will work without modification for mining BCH and BSV, as SHA-256 is the underlying mining algorithm for both. Any additional opportunity for our proprietary mining technology is always welcome as it has the potential to increase shareholder value.”
This announcement contains internal information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 as it forms part of UK domestic law under the European Union (Withdrawal) Act 2018 (“MAR”) and is disclosed. Pursuant to the Company’s obligations under Article 17 of the MAR.
For more information, contact:
Quantum Blockchain Technologies Plc
Francesco GardinCEO & Executive Chairman +39 335 296573
SP Angel Corporate Finance (Candidate Consultant and Broker)
Jeff Keating +44 (0)20 3470 0470
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 with a strategic focus on the development of technology-related investments, with a particular focus on the Quantum Computing, Blockchain, Cryptocurrencies and AI sectors. The company has embarked on an aggressive R&D and investment program in the dynamic world of Blockchain Technology, which includes cryptocurrency mining and other advanced blockchain applications.
Glossary of terms
Hard Fork: The point in time and block number at which the original blockchain forks into a new blockchain that develops separately from the original. As a result, the new cryptocurrency is associated with a hard fork.
1 from 17c January 202317.00 (GMT)