No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Shares in Quantum Blockchain Technologies were surging on Wednesday, after it announced the development of a software-only version of its 'Method C AI Oracle', marking what it called a major breakthrough in its blockchain technology research and development programme.
The AIM-traded company said the new version, which had been in development for 10 months, integrates directly into CGMiner and similar operating systems used on Bitcoin mining rigs.
Unlike the hardware version of Method C, which requires implementation onto ASIC chips, the firm said the software version operates independently of the hardware used, significantly reducing both time to market and upfront costs for customers.
Quantum Blockchain said laboratory testing in Milan over the last month showed an average improvement in mining efficiency of more than 10%, reflecting the system's ability to identify the winning hash at rates above the typical difficulty threshold set by most mining pools.
The company added that the software could also work alongside the hardware-based Oracle version to deliver "compound efficiencies" in Bitcoin mining.
"The last six months have been crucial for this major research and development achievement which has involved, among other things, the generation of a staggering amount of mining data for the training of the new AI model," said chief executive and executive chairman Francesco Gardin.
"We can confirm that US-based ASIC manufacturers are making enquiries with us about our technology, as it potentially offers a key competitive element to take their miners from 'hashing-rate' only performance, to quality hash generation."
Quantum Blockchain said it was collaborating with a US-based ASIC manufacturer to test the new system on commercial miners, and added it was in advanced talks with other US manufacturers to launch similar test programmes.
At 1441 GMT, shares in Quantum Blockchain were up 20.77% at 0.79p.
Reporting by Josh White for Sharecast.com.
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.