By Michael Susin

Quantum Blockchain Technologies PLC shares rose on Friday after the company said that it will test its faster Bitcoin-mining program in a quantum computer and that it will fill patents following positive results as it expects to put it in use as soon as possible.

Shares were up 32% at 3.05 pence.

The company said that it will start testing its quantum version of a Bitcoin mining algorithm on a quantum computer, following an agreement with a major U.S. technology manufacturer last week.

"Based on data we have recorded to date, we expect to see a higher performance than originally estimated; this is mainly due to the optimizations which will be included in the second patent application, based on the work of our cryptography expert and the coding techniques implemented by our FPGA/ASIC Design Team," Chief Executive Officer Francesco Gardin said.

It added that tests are ongoing to confirm if the company's algorithm and its ASIC chip, which is currently under development by the company, could increase the Bitcoin mining speed.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

March 11, 2022 03:59 ET (08:59 GMT)

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