By Matteo Castia

Quantum Blockchain Technologies PLC’s shares rose Wednesday after the company said it signed a one-year service contract with an undisclosed cryptography expert who specializes in blockchain optimizations for cryptocurrency mining.

The cryptocurrency investment company believes there are tangible and disruptive optimizations that can be made at multiple levels within the end-to-end Bitcoin mining process, which could result in faster execution and energy savings.

The first package of measures will be ready for testing in the coming weeks, it said.

“The aim of this work is to improve the efficiency of Bitcoin mining, with a significant reduction in energy consumption and faster hash processing, which increases the likelihood of successful mining,” the company said.

Shares rose 0.15 pence, or 12%, to 1.43 pence at 0710 GMT after rising nearly 25% at the start of the session.

The advisor was granted stock options for 10 million new common shares at an exercise price of 5 pence (7.1 cents) each, which can be exercised between February 15, 2022 and August 15, 2022, announced Quantum Blockchain.

Write to Matteo Castia at matteo.castia@dowjones.com