Quantum Blockchain Technologies PLC on Friday said it has discovered a new bitcoin mining algorithm that is promising enough to file a patent application.

Quantum shares jumped 29% to 2.96 pence each in London on Friday morning.

The London-based cryptocurrency researcher and investor said testing of the new algorithm is set to kick off soon.

‘The use of [artificial intelligence] techniques (mainly machine learning) to speed up the successful mining of [bitcoin], has been studied by the R&D team. As part of the testing process, these techniques have been partially applied across different levels of the entire [bitcoin] mining process. As soon as quantitative results are available the company will build prototype,’ Quantum explained.

Quantum also said that its IT infrastructure is now fully operational.

Quantum will provide the results of these tests once testing has been completed.

Chair & Chief Executive Francesco Gardin said: ‘We are also conducting internal and independent performance measures to help us assess mining speed and energy consumption within the ASIC line of research, which is now at the simulation stage. Based on data we have recorded to date, we expect to see a higher performance than originally estimated; this is mainly due to the optimisations which will be included in the second patent application, based on the work of our cryptography expert and the coding techniques implemented.’

ASIC is a bitcoin mining device that has high power consumption. It stands for application-specific integrated circuit.

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