The British company Quantum Blockchain Technologies said that it has developed new approaches to the mining algorithm that improve the performance of the equipment.
Quantum Blockchain began experimental bitcoin mining on its own platform a year ago using the standard version of the SHA-256 algorithm. In real time, the company’s specialists collected data on the mining parameters of the first cryptocurrency. Then the received information arrays were transferred for processing using machine learning tools and big data analysis.
The results of almost a year of research work led to the deployment of the first two algorithms (method “A” and method “B”). According to the research team, during testing, method “A” significantly improved the performance of the equipment in terms of speed and power consumption compared to the existing approach for mining cryptocurrencies. The second mining method, based on the “B” method, achieves the planned parameters after the improvement of the ASIC chip design. The company did not disclose other details.
Quantum Blockchain plans to patent both methods of optimizing the bitcoin mining algorithm by increasing speed and energy efficiency in the near future.
In early May, MicroStrategy CEO Michael Saylor criticized the New York State Parliament’s two-year moratorium on launching new mining farms, calling it senseless.
