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Quantum Blockchain Technologies Plc – Bitcoin R&D Update

Quantum Blockchain Technologies Plc - Bitcoin R&D Update

November 15, 2022

Quantum Blockchain Technologies Plc
(“QBT” or the “Company”)

R&D Uthe date

The Board of Directors of Quantum Blockchain Technologies (AIM: QBT) is pleased to announce to the market the latest achievements of its research and development (“R&D”) team, which is working on developing proprietary methods to create cheaper, faster and more energy efficient bitcoins. (“BTC”) miners.

Peculiarities

  • Preliminary results of machine learning method “B”, indicating a 30% improvement over commercially available miners based on ASIC chips,

  • The patterns identified in the SHA-256 algorithm mark progress towards potential patent filings.

  • Exploring the Potential of a Third-Party Licensing Strategy to Generate First Revenues

  • Appointment Dr. Rita Pizzi as chief researcher

Machine learning and AI

First results from two of the company’s three machine learning (ML) teams regarding the development of the company’s first two knowledge-based algorithms (described in the company’s RNS by May 23, 2022 as method “A” and method “B”) refer to a prototype of a proprietary BTC mining software accelerator that is currently in a state of intensive testing.

The computational requirements to validate both method A and method B by testing at the current BTC mining difficulty level are very complex. The company does not exclude the use of a supercomputer for such tests, but a more pragmatic approach in the short term is based on the use of existing ASIC miners on the market. The company has already acquired several ASIC miners with the intention of replacing the control software on the ASIC miners with their own QBT software based on Method B.

Additional miners will be purchased to test the performance of both method A and method B at the current mining difficulty.

Interesting preliminary lab results have been obtained to date with method B, which is based on two different combined machine learning methods, indicating a statistical improvement of up to 30% over existing commercially available ASIC chip-based BTC miners. That is, regardless of the performance of the ASIC chip used by the miner, the company’s proprietary software can statistically increase mining speed by up to 30% without affecting the power consumption of the miner.

Provided that the performance of the Method A and/or Method B algorithms is proven, the goal is to run them on existing commercial miners to improve their performance as above by replacing proprietary control software with QBT’s own control software. . software. Based on current test data, we expect to see an immediate improvement in the overall performance of the mining rig without any additional investment in hardware.

To ensure the success of this approach, the Company is also working on changing the operating system control software of the miner.

quantum computing

While the Company believes that its approach to quantum computing has great potential, it also believes that it will be several years before sufficiently powerful quantum computers become available for the Company to take full advantage of its approach.

Meanwhile, QBT continues to improve the quantum algorithm it developed.

SHA-256Optimization

The company continues to work closely with its crypto expert, who has been advising QBT for 18 months. Our recent results on local improvements to SHA-256 computations are currently being compared to reach a critical mass that (continuing May 23, 2022 RNS) could potentially justify a new patent application relating specifically to a proprietary ASIC implementation.

FPGA/ASIC

Pending confirmation of the consolidated results from both the cryptography expert and the machine learning R&D teams, the FPGA/ASIC I/O interface and intra-ASIC communication protocols are being developed.

At the same time, several performance evaluations of various architectures that can be included in the ASIC design implementation of method “B” have been preliminary evaluated, and the result is expected to prove the effectiveness of this hardware implementation method.

IT infrastructure

Over the past few months, the IT research platform has been improved to reach nearly 100,000 GPU cores. In addition, the first set of ASIC miners with a capacity of 100 TH / s was purchased, which will soon be equipped with ML Method A and Method B mining software.

As mentioned above, it is likely that more ASIC miners will be acquired in the near future in order to speed up the testing of methods “A” and “B”.

Chief Researcher

QBT has recently appointed Dr. Rita Pizzias chief researcher. Dr. Pizzi is a former senior fellow and professor of artificial intelligence and data analysis in the Department of Computer Science. Milan University (http://pizzi.di.unimi.it/CV.html). Dr. Pizzi will be responsible for coordinating several study groups, working closely with Francesco Gardin, Chairman and CEO of QBT. Dr. Pizzi will not be on the board for the time being.

Dr. Pizzi has been with the company for about 18 months.

R&D tax Relief

The Company has received £109,000 from HMRC, net of commissions and advisory fees, as part of the Company’s 2021 research and development expenses under HMRC’s Research and Development Tax Relief scheme. A similar application will be made for 2022 R&D costs in early 2023.

Francesco GardinCEO and Executive Chairman of QBT, commented: Byest. The company is still considering direct field development, which is a faster and less capital-intensive approach. is use mining income with an existing BTC miner who will be licensed to use the company’s method B management software. The company is currently the study this route.

“We are engaged in extremely demanding research and development to achieve competitive results. The volume of information processed to achieve these goals is huge, the search and analysis of patterns in data spaces of large orders. Verification testing of hypotheses of the discovered patterns is is extremely demanding, hence the discrepancy between the timing of the confirmation of the results between the discovery and its confirmation.

“Therefore, I am very pleased that, despite the long time to test this approach, such patterns and correlations have been identified. Moreover, being able to control commercial ASIC mining chips with our machine learning methods could provide a tactical short cut to generate revenue. This will allow us to continue to work on our proprietary ASIC chip and work on our Questionwantum FROMcalculation algorithm waiting for the presence dwantum Withcomputers with sufficient qyoubits to run our software.”

For more information please contact:

Quantum Blockchain Technologies Plc
Francesco GardinCEO and Executive Chairman +39 335 296573

IP Angel Corporate Finance (appointed adviser and 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 investment company that recently refocused its strategic focus on technology-related investments, with a focus on the quantum computing, blockchain, cryptocurrencies and artificial intelligence sectors. The company has launched an aggressive research and development and investment program in the dynamic world of blockchain technology, which includes cryptocurrency mining and other advanced blockchain applications.

Glossary of terms

ASIC: An ASIC is an integrated circuit chip that is tailored for a specific use and not designed for general use. ASICs are typically manufactured using metal-oxide-semiconductor (MOS) technology as MOS integrated circuit chips.

FPGA: A field-programmable gate array is an integrated circuit designed to be tuned by a customer or designer after manufacturing, hence the term “user-programmable”. An FPGA is typically configured using a hardware description language (HDL) similar to that used for an application specific integrated circuit (ASIC).

GP: A graphics processing unit (GPU) is a computer chip that processes graphics and images by performing fast mathematical calculations.

Hash: A hash is a mathematical function that converts an arbitrary length input into a fixed length encrypted output.

SHA-256: Secure Hash Algorithm (SHA)-256 is a hash function and bitcoin protocol mining algorithm related to a cryptographic hash function that outputs a value of 256 bits.

qubit: Classical bit can be in two states, it can be either zero or one. A quantum bit or qubit, however, can be both in the zero state and in the one state at the same time. This situation is called a superposition of (quantum) states. Qubits have some very specific properties: for example, it is impossible to make copies of qubits.

Written by khirou

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