Quantum Blockchain Secures £350k for AI Mining Tech Push

Quantum Blockchain Technologies (LON:QBT) has secured £350,000 in funding to support its development of artificial intelligence-based Bitcoin mining software. The company plans to use the proceeds from a placing of 140 million new ordinary shares at 0.25p each to continue testing and commercializing its proprietary technologies.

The funds will also be used for porting and integration work with mining hardware and software environments, as well as commercial development with industry partners. This comes as QBT seeks to turn years of research into deployable technology.

CEO Francesco Gardin stated that the placing provides the company with additional working capital to support its development and testing activities. The financing is expected to give QBT a boost at a critical stage in its development programme, with management focused on moving its AI Oracle from laboratory and development-kit testing towards deployment on commercial mining hardware.

QBT has made progress in adapting its Method C software to the operating system and rolling architecture of an ASIC manufacturer's mining rig. Experiments following the adaptation produced a consistent AI Oracle advantage over traditional mining across test windows evaluated so far.