Quantum Blockchain remains committed to commercialising disruptive BTC mining tech as losses narrow in FY22
( ), a blockchain R&D company, announced final results for the year ended 31 December 2022 (FY22).
Loss before tax narrowed to €5.2m from €5.4m in FY21. Net current assets grew substantially to €4.4m from -€3.9m a year ago thanks to a rescheduling of the company's bonds' maturity.
As a result of a court ruling in favour of Quantum Blockchain's subsidiary CL17 in its claim against Sipiem, the former was awarded €6.2m in damages and €85k in legal fees, which remain unpaid as of the final results announcement.
Quantum Blockchain's proprietary algorithm "Method B" made headlines last year as it reportedly increased the rate of successful Bitcoin mining by 2.6 times - entirely achieved in software. Method B also claimed to reduce electricity consumption in Bitcoin mining by 4.2%. As a result of these developments, Quantum began early-stage work on commercialisation of its Bitcoin mining products.
Quantum's mining technology is also applicable to other crypto currencies based on SHA-265, such as Bitcoin's sister cryptocurrencies BCH and BSV. This opens additional revenue opportunities for the company at no additional cost.
Looking ahead, Quantum's focus remains on its promising R&D, which offers a quick path to market. Other priorities for the company include seeking further investments in the broader technology sector, managing its legacy portfolio assets where positive outcomes are expected from 's claims, and further reduction of debt.
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