Forgive me, because I don't have a lot of knowledge on computers, but from what I know, quantum computers can get a lot of information through 0-1 bit duality, and Grover operations. From this it seems like cryptography could potentially be cracked. Are we going to end up with cryptography being attacked with cryptocurrencies, or are quantum computers just going to significantly increase hashrate efficiency? Will we end up with "Quantum" ASICs?
Can a quantum computer be used for bitcoin mining?
This has been bothering me for a while. I'm a newbie in computer science, and I just found out about Grover’s algorithm, which can only be implemented on a quantum computer. Supposedly it can achieve a quadratic speedup over a classical computer, brute-forcing a solution to a n-bit symmetric encryption key in 2^n/2 iterations. This led me to think that, by utilizing a quantum computer or quantum simulator of about 40-qubits that runs Grover's algorithm, is it possible to mine bitcoins this way? The current difficulty of bitcoin mining is about 15,466,098,935,554 (approximately 2^44), which means that it would take about 2^44*2^32=2^76 SHA256 hashes before a valid block header hash is found. However, by implementing Grover's algorithm, we would only need to sort through 2^76/2=2^38 hashes to discover a valid block header hash. A 38-qubit quantum computer should be sufficient in this case - which means the 40-qubit quantum computer should be more than enough to handle bitcoin mining. Therefore - is it possible to use quantum computers to mine bitcoins this way? I'm not too familiar with quantum computers, so please correct me if I missed something....... NOTE: I am NOT asking whether it is possible to use quantum computers to break the ECDSA secp256k1 algorithm, which would effectively allow anyone to steal bitcoins from wallets. I know that this would require much more than 40 qubits, and is definitely not happening in the near-future. Rather, I'm asking about bitcoin mining, which is a much easier problem than trying to break ECDSA secp256k1.
What are the implications of quantum computing for Bitcoin mining?
I want to preface this by saying I am by no means an expert in either quantum computing or cryptography, but I understand that quantum computers theoretically would have a lot of advantages in terms of decrypting modern cryptographic systems. What are the implications of this for the difficulty of mining bitcoin? I have a lot of hope for Bitcoin as an alternative to current fiat currencies, so I'm very curious what effect the advent of true quantum computers will have on it's functionality.
While I won’t go through the bitcoin mining in detail, the final solution involved a bit of regular computing (assembling transactions into a block, calculating the merkle root of the proposed block, getting the previous block), the quantum computer was useful for the “hard part”, which is to find the nonce, if one exists, that will produce an output less than the difficulty. Quantum computing in bitcoin mining is no longer a fantasy. Google Researchers envisage the unveiling of this technology by the end of year 2018. It will no longer be an issue of concern that more miners are introduced into the network every day. Advantages of Quantum computing over Classical computing . 1. The ability to immensely save on energy consumption. With the application of the ... Quantum computing is typically feared due to its potential to render bitcoin obsolete by cracking its cryptographically secured public keys. However, one analyst alleges that there may be a much simpler way to do it: by beating bitcoin at its own game. But there is one opportunity for quantum computing. Touching the Bitcoin network would almost certainly be a touch of death. Even if a quantum computer mined merely 2016 blocks, in theory this would raise the difficulty so high that regular mining equipment would take an impossibly long time to create another 2016 blocks and reduce difficulty. If quantum computers grow in speed and shrink in price over time, then their inherent per-operation advantage in mining might allow them to out-compete classical computers in Bitcoin mining at some point, probably far in the future; this is comparable to the historic move from CPUs to GPUs to ASICs in Bitcoin's past, and would not be an issue.
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