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.
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?
11-21 16:13 - '"It took 200 secs for Quantum computers to do a calculation of what it would have taken current supercomputers 10,000 years to accomplish." Does this mean that Quantum computers can speed up Bitcoin mining?' (youtube.com) by /u/axle_gallardo removed from /r/Bitcoin within 19-29min
How To Use A Quantum Computer For Bitcoin Mining? By Sumedha Bose. Quantum Computers are the next generation of computers, which have astounded everyone with their potential for solving large number of extremely complicated calculations, parallelly. But can they be used for Bitcoin Mining? To answer it simply, yes. The kind of power that Quantum computers possess, can be very easily used for a ... Die Existenz von Quantencomputern könnte rein theoretisch und unter Anbetracht der aktuellen Gegebenheiten auf der Gegenseite die Existenz des Bitcoin zerstören, weil das Mining damit nicht mehr sinnvoll wäre: Die notwendigen Berechnungen, die beim Bitcoin auf dem SHA-256 Algorithmus basieren, wären damit theoretisch unmittelbar lösbar. Jemand, der im Besitz eines solchen Quantencomputers ... Quantencomputer werden nach und nach Wirklichkeit. Die Folgen für Bitcoin und andere Kryptowährungen können dramatisch sein - sind aber längst nicht unbeherrschbar. Ein Team von Wissenschaftlern beschreibt, was Quantencomputer bei Bitcoin anrichten, und wie der Übergang zu quantensicheren Algorithmen gelingen kann. If one user gains access to a quantum computer, they could produce hashes very quickly and gain dominance over the Bitcoin mining network, potentially exposing the network to a 51% attack. But many developers believe this is not a serious problem. As long as multiple users have access to a quantum computer, no single quantum computer will gain dominance over Bitcoin mining. Alternative proof ... Bitcoin mining has evolved since the inception of BTC in 2009. Initially, bitcoin mining required an ordinary classical computer (CPU). However, with the increased load in the number of miners joining every day, these computers have been unable to provide neither the power nor the timeliness required in order to perform the computational ...
Werden Quantencomputer Bitcoin zerstören? Teil 16 Kryptographie Crashkurs
A lot of people are concerned about the impacts quantum computing will have on bitcoin. With a super-fast super-cooled computer, the bitcoin blockchain could be hacked, my passwords could be brute ... No. Sources: We’re Close to a Universal Quantum Computer, Here’s Where We're At https://www.youtube.com/watch?v=6yaY4Fw-ovM&t=403s McAfee Interview - ICO Shi... In meinen Videos geht es um Bitcoin, Ethereum, Blockchain und Kryptowährungen generell, um Scam, Abzocke und Betrug besonders im Mining keinen Platz zu geben. Ich spreche darüber, wie du schlau ... Ich habe nun damit angefangen, mich mit Bitcoin auseinander zu setzen und möchte meine Erfahrungen mit Dir teilen! Im heutigen Video sprechen wir über die Frage, ob Quantencomputer die ... Who generates the nonce? What makes it random? How is nonce-guessing important to the competitive process of mining? What happens if the hashing algorithm (SHA-256) was compromised? Is quantum ...