January 18, 2023
Quantum Blockchain Technologies Plc
(“QBT” or “the Company”)
Quantum Blockchain Technologies (AIM:QBT), a developer of crypto mining software and hardware aimed at increasing the efficiency of Bitcoin (“BTC”) mining, is pleased to announce that it has made the decision strategic to apply its SHA-256 based optimizations for other cryptocurrencies within the Bitcoin “family”.
While the primary focus of QBT’s research and development (R&D) teams will remain the development of the fastest and most energy-efficient BTC mining products, the board believes it makes commercial sense to offer the same potential increase in the effectiveness to miners of the two BTC ‘hard forks’, namely Bitcoin Cash (“BCH”) and Bitcoin SV (“BSV”) that it has determined possible without any additional monetary or opportunity cost or waste of time compared to the Company’s current R&D efforts.
The main difference between the currencies above is the number of transactions per block processed. While BTC sees an average transaction processed per second (“tps”) of around 4, BCH is typically around 100 tps and BSV can be as high as 50,000 tps.
The board thus believes that for BCH and BSV miners as well, the appeal of QBT’s products will be the increased likelihood of mining a block with their use. In the Company’s view, this offering would open the BCH and BSV market to a much wider audience.
The remaining amount of BCH and BSV still available to be mined is approximately the same as that of BTC, that is to say., 1.7 million coins for each currency (out of the maximum total supply of 21 million coins each). The current market price of BTC is $21,1701, compared to current market prices for BCH and BSV of $122.91 and $44.71 respectively. Despite the price difference, the Company has calculated that there remains a market value of approximately $2901 million for these two currencies, which the Board believes makes this strategy attractive to the Company.
Finally, the mining difficulty levels for BCH and BSV are slightly lower than those of BTC, which makes mining them much less capital-intensive and therefore potentially just as rewarding.
Francesco GardinCEO and President 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, simply by retraining our machine learning methods A and B (see the announcement of the November 15, 2022), which we believe is a straightforward process. We are confident that our SHA-256 optimizations and the quantum version of SHA-256 will work for both BCH and BSV mining without change, as SHA-256 is the primary mining algorithm for both. Any additional opportunity for our proprietary mining technology is always welcome as it has the potential to enhance shareholder value.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 on market abuse as it forms part of UK national law under the Withdrawal from the European Union Act 2018 (“MAR”), and are disclosed pursuant to the Company’s obligations under Article 17 of MAR.
For more information, please contact:
Quantum Blockchain Technologies Plc
Francesco GardinCEO and Executive Chairman +39 335 296573
SP Angel Corporate Finance (Named Advisor 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 firm with a strategic focus on developing technology-related investments, particularly in the quantum computing, blockchain, cryptocurrency, and cryptocurrency sectors. currencies and AI. The company has launched 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 time and block number, when the original blockchain branches into a new blockchain that evolves separately from the original one. As a result of this, a new crypto is associated with the hard fork.
1 From 17e January 2023at 5:00 p.m. (GMT)