Quantum Blockchain raises £350k on Bitcoin mining tech progress

Quantum Blockchain Technologies LON:QBT is strengthening the financial and technical foundations of its Bitcoin mining technology programme, raising £350,000 while making further progress towards commercial deployment of its artificial intelligence-based mining software.

The AIM-listed research and development company said on Wednesday it had raised the funds through a placing of 140mn new ordinary shares at 0.25p each. The proceeds will support continued development and testing of its proprietary Bitcoin mining technologies, including its Method C AI Oracle, as well as work to commercialise its recently granted US patent for ASIC Ultra Boost.

The placing comes as QBT seeks to turn years of research into deployable technology. The company said the proceeds would also fund porting and integration work with mining hardware and software environments, commercial development with prospective industry partners and general working capital.

Following admission of the new shares, expected around September 8, QBT will have 1.748bn shares in issue. The financing gives the company additional resources 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.