Quantum Blockchain Technologies give updates on Bitcoin mining research & development
(UK.Yahoo.Finance) The board of Quantum Blockchain Technologies (AIM: QBT) recently updated shareholders on the current progress of its Bitcoin (“BTC”) mining research and development (“R&D”) activities. IQT-News summarizes the highlights below with particular attention to the quantum computing references.
*Bitcoin mining testing commenced using knowledge-based algorithms
*Bitcoin mining to follow shortly after completion of current testing
*Quantum computing simulations generating positive results
*New patent applications to be filed as soon as practicable
The Company has moved from simulation testing and has started live experimental BTC mining on its IT R&D platform, using a standard version of the SHA-256 algorithm. The main purpose of the mining activity is to collect real time data to populate the Company’s existing Big Data database, which is then utilised by the R&D team with machine learning and data analysis tools. The Company is pleased to report that this development has led to the first two knowledge-based algorithms, which govern the SHA-256 computation, being deployed, with mine testing now taking place.
Work on the Quantum version of the SHA-256 algorithm is ongoing, and it is expected that a patent application will be filed once the Company achieves theoretical confirmation. Importantly, the Company has been performing simulations on an extremely scaled down simulated Quantum version of the SHA256 algorithm, which have produced exact results (instead of approximate results which are more typical with this type of computation) for the first time – a milestone achievement for QBT.
During the next two months, the Company is aiming to get theoretical evidence of whether the number of Qubits available on the next generation of commercial quantum computers (expected to be released into the market in 2023), will be enough to sustain the Company’s full SHA-256 computation.
Francesco Gardin, CEO and Executive Chairman of QBT, commented: “QBT is addressing an opportunity which represents a step-change for the Bitcoin mining industry, and where our competitors have invested several years, hundreds of researchers and engineers, as well as tens of millions of pounds. After just one year, QBT is already in a position to start its knowledge-based Bitcoin mining, using what we believe to be a unique and novel approach. The results of our Bitcoin mining endeavours during the next few months will determine the real value of our approach.
“At the same time, we continue to improve the chip design of ASIC based traditional mining by optimising the SHA-256 algorithm and its silicon implementation. Our Quantum Computing team has now successfully achieved its first correct quantum computation of a reduced size version SHA-256 and is now scaling up to the full SHA-256.
“The complexity of the task makes predicting the timeframe for publishing new results and operational updates difficult. We have over 20 world-class experts working in our R&D team to achieve these results. We will endeavour to communicate more frequently with our shareholders.. . .”
Sandra K. Helsel, Ph.D. has been researching and reporting on frontier technologies since 1990. She has her Ph.D. from the University of Arizona.