(UK.Investing) Shares in Quantum Blockchain Technologies (LON:QBTQ) were trading higher by over 17% in early trade last Wednesday after the company announced a partnership aimed at optimising the Bitcoin mining process.
The AIM-listed company said it had entered into a one-year service agreement with a UK-based international cryptography expert whose specialism is cryptocurrency mining blockchain optimisations.
As part of the agreement, the unnamed cryptography expert has been awarded share options over 10,000,000 new ordinary shares of 0.25 pence each at an exercise price of 5 pence each.
“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,” said Quantum Blockchain CEO Francesco Gardin.
“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.”