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Quantum Blockchain Technologies shares were surging on Friday, after the company announced a significant breakthrough with its proprietary Bitcoin mining tool, Method C AI Oracle.
The AIM-traded firm said the advanced predictive AI model was now operational in real-time Bitcoin mining pools, working with current blockchain blocks around block count 879,000.
It said the AI Oracle technology provided a substantial competitive advantage by either reducing energy consumption by approximately 30%, or increasing the mining hash rate by 30% without additional energy costs.
That, it explained, was achieved through the Oracle’s ability to predict the likelihood of an input to the SHA-256 algorithm producing a successful hash, skipping irrelevant computations and focusing on higher-probability inputs.
Previously tested with historic blockchain simulations, QBT said the Oracle had now been retrained for real-time mining and implemented using Field Programmable Gate Array (FPGA) technology.
Initial results showed that even with limited hardware, such as an FPGA chip, the AI Oracle delivered an approximately 30% performance improvement compared to identical hardware without the Oracle.
The company said it believed the advantage would translate directly to higher-performance ASIC chips, which dominate the Bitcoin mining industry, further validating the Oracle’s potential.
QBT said it has filed a patent application for its binary decision tree-based AI Oracle implementation and was now demonstrating its FPGA-based real-time mining capabilities to potential clients, particularly hardware manufacturers.
The board said it anticipated that partnering with a major hardware manufacturer through a licensing agreement would be the most efficient commercialisation strategy, allowing QBT to scale its disruptive technology onto competitive ASIC chips while minimising costs.
“Following almost three years of research and development efforts, the AI team working on Method C has delivered its first irrefutable result, with a new version of Method C AI Oracle, which can now be used to mine the current blockchain blocks in real-time with an approximate 30% improved performance,” said chief executive officer and executive chairman Francesco Gardin.
“This has been made possible thanks to retraining the Method C model and to a very efficient hardware implementation of the AI Oracle, which forms the core of the ‘Implementation of Binary Decision Trees’ patent application.
“We believe this has the potential to be a major breakthrough for the entire Bitcoin mining industry, as QBT has developed an AI Oracle which can either reduce the energy cost of mining or increase the speed of mining at current energy costs, by approximately 30%, which it can prove through live demonstrations.”
At 1155 GMT, shares in Quantum Blockchain Technologies were up 144.14% at 1.77p.
Reporting by Josh White for Sharecast.com.
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