Quantum Blockchain Technologies Shares Rise on Bitcoin Mining Optimization Agreement

By Matteo Castia

Quantum Blockchain Technologies PLC shares rose on Wednesday after the company said it had entered into a one-year service agreement with an undisclosed crypto expert who specializes in optimizing the cryptocurrency mining blockchain.

The cryptocurrency investment firm said it believes there are tangible and disruptive optimizations that can be done at multiple levels in the end-to-end Bitcoin mining process, which could result in execution. faster and energy saving.

The first set of measures will be ready for testing in the coming weeks, he said.

“The goal of this work is to improve the efficiency of Bitcoin mining, targeting a hardware reduction in power consumption and faster hash processing, which will increase the likelihood of successful mining. extraction, ”the company said.

Shares at 7:10 a.m. GMT were up 0.15 pence, or 12%, to 1.43 pence, after jumping nearly 25% earlier in the session.

The consultant has been granted stock options on 10 million new ordinary shares at an exercise price of 5 pence each (7.1 cents), which can be exercised between February 15, 2022 and August 15, 2022, Quantum Blockchain said.

Write to Matteo Castia at matteo.castia@dowjones.com

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