Quantum Blockchain Technologies jumps on strategy announcement
By Neil Dennis
09:13, 2 June 2021
Shares in Quantum Blockchain Technologies were up 20% after the announcement of a strategic partnership with a company that specialises in bitcoin mining optimisation.
Quantum has embarked on an aggressive programme of research and development investments, including in bitcoin mining and blockchain applications.
In its latest announcement on Wednesday, the company said it had entered into a one-year service agreement with a UK-based international cryptography expert.
Optimising bitcoin mining
The company said the partnership would create "tangible and disruptive" optimisations in the bitcoin mining industry which could result in faster execution and reduced energy consumption.
"The aim of this work is to improve the efficiency of bitcoin mining, targeting a material reduction in energy usage and faster hash processing, which will increase the probability of successful mining," the AIM-listed company said in an RNS filing to the London Stock Exchange.
Quantum said it expected to develop and apply for several patents during the course of the partnership.
Name change
The company – which traded as Clear Leisure until a change of name four weeks ago – held investments in crowdfunding and tech assets.
The change of name, however, also marked a change of investment strategy to focus on cryptocurrencies, blockchain and advanced technologies such as artificial intelligence and quantum computing.
Shares in Quantum were up 17.7% in mid-morning trade in London on Wednesday at 1.503p.
Read more: How much energy does bitcoin use?
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