Quantum computers and Bitcoin mining – Explained – TechNative

Quantum computers mining to 21m quicker than we expected? (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

AI vs Quantum computing for mining (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

What'll be the impact of quantum computers on bitcoin mining?

submitted by officialnyabuto to Bitcoin [link] [comments]

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.
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[Discussion: QComputing] How efficient is a quantum computer to mining bitcoin and any crypto coin?

submitted by iciq to QuantumInformation [link] [comments]

How will quantum computing affect Bitcoin mining?

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?
submitted by 1MightBeAPenguin to btc [link] [comments]

[Discussion: QComputing] Can a quantum computer be used for bitcoin mining?

submitted by iciq to QuantumInformation [link] [comments]

Can quantum computers mine bitcoin? If so, wouldn't it be able to find a block in less than a second, turning the mining difficulty algorithm basically useless?

submitted by edudafa to Bitcoin [link] [comments]

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

"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?
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Author: axle_gallardo
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How would something like Quantum computing affect the the mining of bitcoin or the ecosystem in general?

submitted by deiay_ to Bitcoin [link] [comments]

What effect will quantum computing have on bitcoin mining?

submitted by ThotGod1 to AskReddit [link] [comments]

Bitcoin Mining with Quantum Computers

Would quantum computers be able to mine bitcoin more efficiently than classical computers? D wave apparently is selling a 2000 qubit machine.
submitted by MetalStorm01 to BitcoinMining [link] [comments]

Quantum computers and Bitcoin mining

This is an open question, I am a big fan of Bitcoin, but I am wondering how Quantum computers will affect its mining and the security of Bitcoin? Any answers negative or positive would be appreciated
submitted by Freshsekac to Bitcoin [link] [comments]

Quantum computers and Bitcoin mining – Explained

Quantum computers and Bitcoin mining – Explained submitted by izumi3682 to Futurology [link] [comments]

How would a Quantum Computer do mining Bitcoin?

submitted by tamplife to AskReddit [link] [comments]

Quantum computers and mining /r/Bitcoin

Quantum computers and mining /Bitcoin submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Are quantum computers good at mining bitcoins? /r/Bitcoin

Are quantum computers good at mining bitcoins? /Bitcoin submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Couldnt IBM, Microsoft or another company with one of those supercomputers (and even the one company with the quantum computer) be mining A LOT of coin? /r/Bitcoin

Couldnt IBM, Microsoft or another company with one of those supercomputers (and even the one company with the quantum computer) be mining A LOT of coin? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin Mining with Quantum Computers /r/BitcoinMining

Bitcoin Mining with Quantum Computers /BitcoinMining submitted by BitcoinAllBot to BitcoinAll [link] [comments]

So what happens when the first quantum computers come online? Is it possible that they could mine all of the bitcoins until they're gone in a very short amount of time?

I may be completely uneducated on the topic, but that's why I thought I would ask. Hopefully some of your responses will help me understand both quantum computing and bitcoin mining better. Thanks!
submitted by dkey1983 to Bitcoin [link] [comments]

Hypothetically if everyone currently mining using a quantum computer how fast would it solve the mathematical puzzles and would the difficulty decrease a lot? /r/Bitcoin

Hypothetically if everyone currently mining using a quantum computer how fast would it solve the mathematical puzzles and would the difficulty decrease a lot? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

If a quantum computer was used for Bitcoin mining, you still wouldn't make a profit.

submitted by SirBreadSticks to Showerthoughts [link] [comments]

Will Quantum Computing Destroy Bitcoin? Werden Quantencomputer Bitcoin zerstören?  Teil 16 Kryptographie Crashkurs Will Quantum Computer KILL Bitcoin?!? Realistically... Bitcoin Q&A: Nonces, mining, and quantum computing SIND QUANTENCOMPUTER FÜR DEN BITCOIN EINE GEFAHR?

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 ... 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 ... 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. Timeline / plausibility. Creating a quantum ... 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. So this brings us to how I used the quantum computer to solve the bitcoin mining problem. If you have 9 qubits, you can try out all the values from 1 to 511 simultaneously. If you had 64 bits, you could try out the hash algorithm for all possible values of x to figure out which ones when input into function f(x) lead to a result of y, or in the case of bitcoin mining, less than some target ...

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Will Quantum Computing Destroy Bitcoin?

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 ... 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 ... 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...

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