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.
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. Quantum computing and Blockchain  QC attacks . The most dangerous attack by quantum computers is against public-key cryptography. On traditional computers, it takes on the order of 2 128 basic operations to get the Bitcoin private key associated with a Bitcoin public key. This number is so massively large that any attack using traditional computers is completely impractical. How Does Quantum Computing Affect Bitcoin? Quantum computers are exceptionally skilled at solving cryptographic calculations. To fully understand the threat that this poses to Bitcoin (and other cryptocurrencies), we should first rehash public keys, private keys, and how Bitcoin links the two together. A Quick Bitcoin Refresher. Every Bitcoin wallet has a private key and a public key. Your ... 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. This process is called Bitcoin mining, and for the most part, it’s currently done through Bitcoin mining farms around the world. But what happens when Quantum Computing enters the equation? With the use of quantum mechanical phenomena, this type of computing could have applications that you’ve never even imagined. Fortunately, there are many people in the field of quantum computing that ...
Quantum Computing The Biggest Threat to Bitcoin?? (Must Watch)
Watch how quantum computers are here and if it's qubits can do anything with ECDHA keys as the crypto algo is of the following formula P=NP which reminds quantum computing. Can the Google Quantum Computer Hack Bitcoin? Trade Genius Stock Market News. Loading... Unsubscribe from Trade Genius Stock Market News? Cancel Unsubscribe. Working... Subscribe Subscribed ... Is quantum computing a threat to Bitcoin? How can Bitcoin become more secure against a quantum computing attack? Will this upgrade require moving coins to ne... Subscribe for daily crypto videos : https://goo.gl/zm1G9x Bitcoin will be the new store of value and crypto will be the new technology evolution and I want to be a part of that trough this channel ... Quantum computers are coming online this year - and they might pose a threat to bitcoin, ethereum, and even modern cryptography. Find out what they can do an...