Quantum Blockchain develops new variant of Bitcoin mining method

(Sharecast News) - Quantum Blockchain Technologies said on Thursday it has developed a new mathematical variant of its Method B bitcoin mining technology that the company believes can improve the generation of winning hashes without requiring the learning phase used to guide ASIC mining strategies. The AIM-traded company said the approach applies chaos mathematics to identify hidden structures within the SHA-256 algorithm, enabling it to pinpoint input blocks with a higher density of winning hashes.

Following six months of modelling and successful offline testing, QBT has begun live testing of the new Method B variant using a Bitaxe Gamma miner based on the Bitmain BM1370 ASIC, with testing on the manufacturer's Mining Development Kit hashboard planned if successful.

Chief executive Francesco Gardin said the development demonstrated the creativity of the company's research team in tackling the challenge of making predictions on the SHA-256 algorithm that underpins bitcoin mining.

At 1041 BST, shares in Quantum Blockchain Technologies were down 2.78% at 0.35p.

Reporting by Josh White for Sharecast.com.

See latest RNS on Investegate