18 January 2023
Quantum Blockchain Technologies Plc
( “QBT” or “the Company”)
Altcoins Opportunities
Quantum Blockchain Technologies (AIM: QBT), a developer of crypto mining software program and {hardware} aiming to extend efficiencies within the mining of Bitcoin (“BTC”), is happy to announce that it has made the strategic choice to use its SHA-256 primarily based optimisations to different cryptocurrencies throughout the Bitcoin “household”.
While the primary focus of QBT’s Research & Development (R&D) groups will stay on growing the quickest and most power environment friendly BTC mining merchandise, the board believes it makes industrial sense to supply the identical potential improve in efficiencies to miners of the 2 BTC ‘laborious forks’, specifically, Bitcoin Cash (“BCH”) and Bitcoin SV (“BSV”) which it has decided is feasible with none further financial or alternative price or time diversion from the Company’s present R&D endeavours.
The major distinction among the many above currencies is the variety of transactions per block processed. While BTC sees a mean processed transaction per second (“tps”) of round 4, BCH is normally round 100 tps and BSV can attain 50,000 tps.
The board thereby believes that additionally for BCH and BSV miners, the attractiveness of QBT’s merchandise would be the elevated chance of mining a block with their use. In the Company’s view this providing would open the marketplace for BCH and BSV to a far wider viewers.
The remaining quantity of BCH and BSV nonetheless obtainable to be mined is roughly the identical as BTC, i.e., 1.7 million cash for every foreign money (out of the full most provide of 21 million cash every). The present market value of BTC is USD 21,170[1]1, in comparison with the present market costs for BCH and BSV of USD 122.91 and USD 44.71 respectively. Despite the value differential, the Company has calculated that there’s nonetheless a market worth of roughly USD 2901 million for these two currencies, which the board believes makes this technique enticing for the Company.
Finally, the mining issue ranges for BCH and BSV are barely decrease in diploma than for BTC, which makes their mining far much less capital intensive and due to this fact probably as rewarding.
Francesco Gardin, CEO and Chairman commented: “Our major goal is and can stay to develop BTC miners. However, the identical R&D outcomes will be utilized to BCH and BSV, simply by re-coaching our Machine Learning strategies A and B (see announcement dated 15 November 2022), which we consider is a straight ahead course of. We are assured that our SHA-256 optimisations and the quantum model of SHA-256 will work for mining BCH and BSV with no change, because of SHA-256 being the core mine algorithm for each. Any further alternatives for our proprietary mining know-how are all the time welcome because it has the potential to boost shareholder worth.”
This announcement accommodates inside info for the needs of Article 7 of the Market Abuse Regulation (EU) 596/2014 because it varieties a part of UK home regulation by advantage of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations beneath Article 17 of MAR.
For additional info please contact:
Quantum Blockchain Technologies Plc
Francesco Gardin, CEO and Executive Chairman +39 335 296573
SP Angel Corporate Finance (Nominated Adviser & Broker)
Jeff Keating +44 (0)20 3470 0470
Kasia Brzozowska
Leander (Financial PR)
Christian Taylor-Wilkinson +44 (0) 7795 168 157
About Quantum Blockchain Technologies Plc
QBT (AIM: QBT) is an AIM listed funding firm with a strategic concentrate on growing know-how associated investments, with particular regard to Quantum Computing, Blockchain, Cryptocurrencies and AI sectors. The Company has commenced an aggressive R&D and funding programme within the dynamic world of Blockchain Technology, which incorporates cryptocurrency mining and different superior blockchain functions.
Glossary of Terms
Hard Fork: The cut-off date and block quantity, when the unique blockchain branches out to a brand new blockchain which evolves individually from the unique one. As a results of this a brand new crypto is related to the laborious fork.
1 As of 17th January 2023, at 17.00 (GMT)
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