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.
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? ... The reality: ASIC miners are, and will be for at least ten years, much more efficient at mining than quantum computers. There’s little to no risk of a quantum computer sabotaging the Bitcoin network through a 51% attack. The real threat lies in a quantum computers ability to deride private keys ... As long as multiple users have access to a quantum computer, no single quantum computer will gain dominance over Bitcoin mining. Alternative proof-of-work mining schemes can also prevent quantum dominance, and some studies have found that ASIC devices, which are already faster than normal computers, can reduce the quantum advantage over mining. This is why bitcoin mining pools have cropped up where a large number of computers are working in parallel to find the solution to the problem — if one of them finds the solution then the pool gets the reward, sharing it with all the other miners. How Quantum Computing Works: An even Briefer overview 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.
Quantum Computers and Threat to Crypto - Google Quantum Supremacy - Hindi
Vitalik Buterin talks about the influence of quantum computers on bitcoin encryption and the block chain! For full video see link below. https://www.youtube.... Quantum Computing to destroy BTC? FUD TV. ... Bitcoin, Silicon Valley, & The Future of Money (w/ Tim Draper & Mike Green) - Duration: 56:20. Real Vision Finance 49,572 views. ... 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... For more on blockchain & cryptocurrency, visit https://www.finder.com/cryptocurrency?utm_source=youtube&utm_medium=video&utm_campaign=tdx&utm_content=yt-desc... Having left his role as a quantum physicist to work on Bitcoin, Stepan is ideally placed to discuss the topic. Stepan explains the weird world of quantum mechanics, the status of quantum computing ...