Juliet BBitcoin mining has already taken a costly and complicated turn. Lately, the energy consumption of bitcoin has been strongly singled out. With the adjustment of difficulty rates, the machines needed to mine the new Bitcoin have evolved beyond simple GPUs on home PCs to ASIC developed by large groups.
Recently, IBM inaugurated its first European quantum computer, “Q System One” of 27 qubits in collaboration with the Fraunhofer research institute.
This news raises a crucial question: How Can Advances in Computing Power Affect the Bitcoin Mining Industry? More precisely, how could the advent of quantum computers change the situation? Is it that cryptocurrencies based on artificial intelligence will compete for the sector?
That’s good, that’s the topic of the day.
By the way, what is a quantum computer?
THEquantum computing is a very complex discipline which takes up ideas theorized in the field of quantum physics. Quantum physics describes the notion that parallel worlds exist and that every decision human beings make can result in multiple realities. st parallel worlds and that each decision taken by human beings can give rise to multiple realities. This is often called the “quantum probability wave”. This may remind you somewhat of the paradox of chat Schrodinger ? Without getting into the complexities of quantum physics, this is often called the “quantum probability wave”.
If these notions are more fantasy than reality, they are likely to revolutionize the way we design computers. Quantum computers would greatly simplify difficult problems. Processing power is distributed across all of these realities. This technology will be particularly useful in applications requiring brute force to find solutions.
The use of quantum computing in mining
The principle of bitcoin mining is based on the resolution of a complex algorithm. A computer that attempts to solve a mathematical problem (defined by the Bitcoin protocol) is then a device that mines bitcoin. These computers make millions of guesses by adjusting the input in order to solve this mathematical problem.
The more the number of blocks mined increases, the more the computational difficulty increases and the more the growth in the supply of Bitcoin tends to dry up. If we used a quantum computer to carry out these calculations, the solution would emerge much more quickly. The quantum computer will execute the brute force calculations in different “states.”
The result of quantum computer mining would be incredible. It would be possible to mine Bitcoin and release blocks in a radically less fraction of the time required by the mining hardware we know. In short, an antminer would be only a fraction of the power of a single quantum computer.
Quantum mining coming soon?
Despite the fascinating nature of the fictional quantum mining setup imagined by bitcoin miners, we must admit that many technical challenges must be overcome before it is possible to consider it.
Regardless, the simple fact that we can come up with theoretical constructs that illustrate Bitcoin mining using quantum computing is an impressive advancement in itself.
Moreover, in this article we are talking about bitcoin mining but know that this is possible for all cryptocurrencies (especially those based on proof-of-work).
Technology has progressed by leaps and bounds over the past twenty years, and our smartphones are a hundred times more powerful than our state-of-the-art computers 5 years ago.
We can then rationally imagine that tomorrow we will be able to mine with a quantum computer, in fact.
Nothing stops progress, especially imagination.
I was wondering, the timing is impeccable! THANKS