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Quantum Blockchain Technologies PLC on Wednesday reported a wider loss in the first half of the year, but insisted it was ‘in a position of growing strength’. The London-based investment company focused on bitcoin mining research & development posted a €1.5 million pretax loss for the six months ended June 30, widened from €1.1 million a year prior. Loss attributable to owners of the parent was €1.5 million, widened from €1.3 million. This was due to €1.5 million in administrative expenses for the first half, up from €1.1 million on-year. However, the firm held €1.7 million in cash at June 30, up from €600,000 at December 31. Quantum Blockchain noted a patent application submitted in January for hardware to implement Method C AI Oracle, its main bitcoin mining strategy. The company says its method is up to 30% more efficient in mining live bitcoin blocks, according to its own tests. The R&D firm added that it is working with application-specific integrated circuit makers to assess ‘to evaluate the implementation of the AI Oracle directly onto their chip architecture’ with the possible licence deals and long-term partnerships on the horizon. Separately, Quantum Blockchain noted that ‘enforcement procedures are ongoing’ as it attempts to recover assets from former directors and auditors of Sipiem in Fallimento Srl. Back in 2024, a Venice court ruled that Sipiem owed around €6.2 million in damages to Clear Leisure 2017 Ltd, a subsidiary of Quantum Blockchain. Sipiem lodged an appeal in January 2025, which Quantum Blockchain said could last at least 3 years. The bitcoin mining firm maintained that it ‘enters the second half of 2025 in a position of growing strength...poised to transition from R&D validation to commercialisation.’ Quantum Blockchain shares rose 3.6% to 0.70 pence on Monday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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