Quantum Blockchain Technologies PLC on Tuesday said that its research and development team found preliminary results, which indicate a 30% improvement in mining speeds without impacting power consumption.

The London-based cryptocurrency technology firm said the results of its Machine Learning Method B and its improved performance were compared to commercially available ASIC chip-based miners.

The results are a part of a wider research and development update on its development of proprietary methods for cheaper, faster and more energy-efficient Bitcoin miners.

Quantum said it has opted to use and acquire existing ASIC miners with the intention of replacing its control software with Quantum’s own proprietary software based on Method B.

This is because the computational requirements to validate both Method A and Method B by testing are challenging at the current level of Bitcoin extraction, the company explained.

Quantum has also appointed Rita Pizzi as its chief research officer. She will be co-ordinating several research teams and assist the Chair & Chief Executive Francesco Gardin with operations. Pizzi will not be joining the board at this time.

Shares in Quantum closed down 12.9% at 1.12 pence in London on Tuesday.

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