30 September 2021
Quantum Blockchain
Technologies Plc
(“QBT” or “the Company”)
ASIC
UltraBoost:
Filing of the
Company’s first breakthrough patent application on Bitcoin mining
algorithm optimisation
The board of Quantum Blockchain Technologies (AIM: QBT) is
pleased to inform shareholders that, as an initial result of its
new research and development (“R&D”) strategy in respect of
disruptive proprietary techniques for Bitcoin mining, the Company,
following the outstanding research work of its cryptography expert,
has filed an application for its first patent– the ASIC
UltraBoost.
The application made to the UK patent office (then to be
extended internationally while maintaining the priority date, set
via the UK application) represents a major breakthrough in Bitcoin
mining, as a result of a very material optimisation of the mining
algorithm.
The ASIC UltraBoost can be described as an improvement of the
Bitcoin mining process (building on all other existing
optimisations in the market, including ASIC Boost) eliminating
redundant computation of a key part the Bitcoin mining algorithm,
resulting in a faster and more efficient mining process.
The optimisation starts from the initial consideration that
currently, Bitcoin miners attempt to find the winning hash
acceptable to the Bitcoin Network by calculating multiple midstates
(by rolling the Version), passing them through further hashing (by
rolling the Nonce) to obtain a final hash value that is less than
or equal to the Target.
ASIC UltraBoost looks to improve the algorithmic efficiency of
Bitcoin mining by proposing 3 specific variants to the SHA256
message scheduler for the 3 instances of SHA256 in Bitcoin mining.
These Optimal SHA256 Message Schedule Variants result in faster and
more efficient Bitcoin mining by eliminating the redundant
computations within the SHA256 message schedule specific to Bitcoin
mining.
As such, the calculation of the midstates alongside the
calculation of the message digest is significantly
optimised.
ASIC UltraBoost reduces the Message Schedule calculations for
the 3 iterations of SHA256 by approximately 20%.
The SHA256 function being a combination of the message schedule
and the compression function, when considering the optimisations of
ASIC UltraBoost for the entire SHA256 function, the number of
operations across the 3 iterations of SHA256 are reduced by
approximately 7%.
More accurate results, including an overall percentage
improvement will be available when ASIC UltraBoost is implemented
in hardware.
The Company, following the research programme of the
cryptography expert, and other members of QBT’s R&D team, is
working on other findings that are expected to be patentable in the
coming months.
Francesco Gardin, CEO and
Chairman commented: “Filing the ASIC UltraBoost patent
application is the first milestone resulting from our R&D
programme, achieved in just four months. It is the first of many
patents the Company is working on and plans to file. This
breakthrough result, which we believe has the potential to be game
changing, will be used for the deployment of our proprietary FPGA
and ASIC implementations of the Bitcoin mining algorithm.
“A nearly 7% efficiency in running the Bitcoin mining algorithm
can be used to increase mining speed or save energy. On the
massive numbers of iterations involved in mining, this level of
saving represents, either a 7% increase in the mining probability,
or a 7% energy saving at the existing mining probability. In both
cases, for large mining facilities this optimisation corresponds to
significant mining revenues, or saved energy bills, all leading to
increased profit. We are very optimistic on the future results of
our R&D efforts, as this first patent application has
shown.
“Finally, I’d like to thank the whole R&D team of QBT, with
a special mention to our cryptography expert, who has been key to
this first important success of the R&D programme.”
This announcement contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under
Article 17 of MAR.
For further information please
contact:
Quantum Blockchain Technologies
Plc
Francesco Gardin, CEO and
Executive Chairman
+39
335 296573
SP Angel Corporate Finance (Nominated Adviser &
Broker)
Jeff Keating
+44
(0)20 3470 0470
Leander (Financial PR)
Christian Taylor-Wilkinson
+44
(0) 7795 168 157
About Quantum Blockchain Technologies
Plc
QBT (AIM: QBT) is an AIM listed investment company which has
recently realigned its strategic focus to technology related
investments, with special regard to Quantum computing, Blockchain,
Cryptocurrencies and AI sectors. The Company has commenced an
aggressive R&D and investment programme in the dynamic world of
Blockchain Technology, which includes cryptocurrency mining and
other advanced blockchain applications.
Glossary of Terms:
AsicBoost: AsicBoost is a patent-pending method
to speed up Bitcoin mining by a factor of approximately 20%.
The performance gain is achieved through a high level optimization
of the Bitcoin mining algorithm (SHA256) which allows for a drastic
reduction in gate count on the mining chip.
Hash function: A hash is, in general, a mathematical
function that converts an input of arbitrary length into an
encrypted output of a fixed length. Thus, regardless of the
original amount of data or file size involved, its unique hash will
always be the same size
Message Schedule: Is a function that generates sixty-four
words from 16 words input message block (a word is represented by
32 bit, hence a total of 512 bit). The message scheduler is a key
part of the bitcoin mining algorithm: it is computed three times
for each winning hash generation attempt, i.e., trillions of times
per second.
Nonce: The Nonce is a random whole number, which is a
32-bit, which is adjusted by the miners, so that it becomes a valid
number to be used for hashing the value of a Block.
A typical Miner tests and discards trillions of Nonce per second
until they find that Golden Nonce which is valid. In order to
complete the verification faster than other miners, miners compete
with each other using their computer hashing power. Once the Golden
Nonce is found, they can complete the Block and add it to the Block
Chain and there by receive the Block reward, i.e., reward
bitcoins.
SHA256: Secure Hashing Algorithm (SHA) -256 is the hash
function and mining algorithm of the Bitcoin protocol, referring to
the cryptographic hash function that outputs a 256 bits long
value.
Version rolling: Miners can inspect the nVersion field
(32 bit) of a block, by rolling the nVersion field. A
typical Miner tests and discards more than a billion of random
bits activated by the rolling, until a winning hash is found.
The method is also referred as Overt-AsicBoost.