Quantum Blockchain Technologies Advances Patent Discussions and Mining Hardware Development

Quantum Blockchain Technologies PLC has provided shareholders with an operational update concerning its patent applications, artificial intelligence software implementation and mining hardware developments. Chief executive Francesco Gardin outlined the company’s progress across multiple strategic initiatives during a recent interview.

The AIM-listed firm is currently engaged in discussions with patent examiners regarding its US ASIC Ultraboost patent application. The company’s US patent attorney has arranged a consultation scheduled for the latter half of April to expedite the examination process. Work is underway to provide comprehensive responses to examiner queries, with particular focus on distinguishing the new invention from prior research presented in a 2013 master’s thesis at University College London.

Gardin acknowledged that whilst the process demands considerable resources, the company remains committed to seeing the application through to completion. Management believes a compromise may be reached with examiners through a potential narrowing of the patent claims, whilst maintaining confidence in the innovative nature of the underlying invention.

Regarding artificial intelligence software development, Quantum Blockchain has made progress with its Oracle implementation at the company’s laboratory facility at Milan University. The initial phase has involved establishing control systems for newly acquired equipment, with the ASIC manufacturer providing substantial documentation and software support.

The company announced on 6 March that a Mining Development Kit would be shipped alongside the mining rig. This equipment is currently being dispatched to Oregon for testing before transfer to Milan following the Easter period. The Oracle system is being developed in parallel, with implementation planned on a server infrastructure to facilitate a more efficient development environment. The manufacturer has supplied two MDK units, with one to remain in Oregon for verification and backup purposes by an independent expert.

On the financial front, Quantum Blockchain has scheduled a bondholders meeting for 15 April. The outstanding bond dates back to 2015, when it was assumed as part of measures to prevent corporate insolvency. Gardin noted that bondholder support was secured as a condition of his joining the board, with the understanding that repayment or conversion would occur when circumstances permitted.

The conversion price has been progressively reduced from an initial 15 pence per share. The company previously converted bonds worth nearly £2 million several years ago and continues working to diminish its bond exposure through equity conversion or direct repayment. Management expressed appreciation for the ongoing support provided by the principal bondholder and shareholder throughout this extended process.

The company trades on AIM under the ticker QBT and on the Frankfurt Stock Exchange under the ticker BYA1.