“Our strategy for Bitcoin mining is knowledge intensive, rather than capital intensive,” said chief executive Francesco Gardin
() () said the team of 13 experts assembled for its Crypto Mining research and development project are now fully operational.
The main goal of the R&D project is to develop Bitcoin mining tools and techniques that significantly outperform existing mining equipment in terms of faster speeds and lower energy consumption.
The team members have been selected from across the UK and Italy and includes highly skilled professionals, Ph.D students and university professors, with expertise in quantum computing, machine learning, cryptography and algorithms optimisation theory.
Any intellectual property and patents developed during the R&D project will belong exclusively to Quantum Blockchain Technologies (QBT).
“Assembling a new team and taking this project to operational status within four months has been a difficult challenge and has required a tremendous effort,” said chief executive and executive chairman Francesco Gardin. “However, thanks to our exceptional team, we have been able to achieve this.”
“Over the past few months we have resisted the temptation to mine for cryptocurrencies using ‘standard’ methods as it is not part of our current strategy. QBT is looking to be a highly disruptive influence in the circa £75 billion market of approximately 2.21m Bitcoins yet to be mined and we believe that the past few months of intensive R&D will be crucial to achieving this.
“Our strategy for Bitcoin mining is knowledge intensive, rather than capital intensive, based on the unique, combined interaction between our human experts and our innovative AI systems.”
A number of working groups have been formed to address the key technologies at the core of QBT’s crypto mining strategy, the AIM-listed company said.