Francesco Gardin of Quantum Blockchain Technologies: Our algorithm increases the rate of successful bitcoin mining by 2.6 times
Episode 1412, May 11, 2023, 08:57 AM
Francesco Gardin, Chairman and CEO of Quantum Blockchain Technologies #QBT discusses how their algorithm theoretically increases the rate of successful bitcoin mining by 2.6 times.
HIGHLIGHTS
Quantum Blockchain Technologies plc has now completed a key testing phase of its proprietary bitcoin mining search algorithm and is pleased to announce satisfactory results. The test results show that QBT's algorithm, known as Method B, has theoretically increased the rate of successful bitcoin mining by 2.6 times compared to standard bitcoin mining industry practices widely used over the same time period.
The research results and the statistical methodology used to validate them give the Company confidence that the research approach being used has uniquely identified some properties of the SHA-256 space that other research teams have not detected.
The Company's algorithm also theoretically reduced electricity consumption by 4.3%. To illustrate this, a mining farm - with 100,000 miners - would save up to $4.5 million per year when applying Method B and only considering the impact of the reduced energy consumption.
To read the full RNS click here
HIGHLIGHTS
Quantum Blockchain Technologies plc has now completed a key testing phase of its proprietary bitcoin mining search algorithm and is pleased to announce satisfactory results. The test results show that QBT's algorithm, known as Method B, has theoretically increased the rate of successful bitcoin mining by 2.6 times compared to standard bitcoin mining industry practices widely used over the same time period.
The research results and the statistical methodology used to validate them give the Company confidence that the research approach being used has uniquely identified some properties of the SHA-256 space that other research teams have not detected.
The Company's algorithm also theoretically reduced electricity consumption by 4.3%. To illustrate this, a mining farm - with 100,000 miners - would save up to $4.5 million per year when applying Method B and only considering the impact of the reduced energy consumption.
To read the full RNS click here