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Experts predict radical changes in the industry.
A new stage comparable to the "atomic age" may begin in the field of bitcoin mining, as quantum computing develops. Even though modern quantum computers are in the experimental stage, recent advances in quantum chip technology and hybrid AI features have led to rapid progress beyond the expectations of many scientists.
One of the main challenges in the industry is the creation of quantum-resistant cryptographic solutions. Fears that quantum computers would be able to break standard ciphers have led to the development of new encryption protocols and standards. However, this is not the only threat that quantum technologies can pose to the blockchain industry.
While it may still be several decades before the creation of a universal quantum computer capable of surpassing supercomputers in most tasks, there are already machines capable of demonstrating quantum supremacy in the execution of specialized algorithms. One such algorithm is Grover's algorithm, which could theoretically be used to mine blockchains.
Bitcoin mining is based on the concept of proof of work, which requires solving cryptographic problems. As computers and mining algorithms become more efficient, the complexity of these tasks increases, maintaining the stability of the blockchain and its decentralization. If you build a computer that can solve all problems too quickly, their complexity will continue to grow.
Theoretically, the upper limit of the complexity of these cryptographic tasks, referred to as "goal" in mining terms, is at level 2 to the power of 256. The laws of physics, as they are known to scientists, do not allow even a universal quantum computer to perform the necessary calculations to solve this problem.
Bitcoin's creators, including Satoshi Nakamoto, envisioned a future in which computers would become more powerful, which could threaten the decentralization of Bitcoin. In response, certain protective mechanisms were introduced.
In 2008, the first block of Bitcoin was mined using a conventional processor equivalent to a Pentium 4. The next block was mined six days later, after which a rule was established that each subsequent block should be mined in about 10 minutes. Over time, miners have moved from processors (CPUs) to graphics processing units (GPUs) and then to application-specific integrated circuits (ASICs) designed to solve the problems associated with SHA-256 encryption.
Despite all these hardware improvements, the network still strives to keep each block's mining time at 10 minutes.
The next frontier in the mining industry may be quantum-classical hybrid installations. Using Grover's algorithm, miners with a sufficiently robust quantum computer could significantly improve their mining efficiency. This would not change the block mining time, but it could render conventional mining hardware useless, just like current ASICs.
However, there are many obstacles on the way to this. First of all, quantum computers have not yet reached the required level of maturity. But mining doesn't require a fully universal quantum computer. It will be enough to use a hybrid installation, where theThe hardware interacts with a quantum chip that performs high-level algorithmic functions.
There are also cloud-based quantum solutions that can remove the need to develop your own quantum computer by offering quantum-as-a-service quantum computing services optimized to run Grover's algorithm.
As such, quantum technologies have the potential to radically change the bitcoin mining industry, but significant technical and scientific challenges remain on the way.
Source
A new stage comparable to the "atomic age" may begin in the field of bitcoin mining, as quantum computing develops. Even though modern quantum computers are in the experimental stage, recent advances in quantum chip technology and hybrid AI features have led to rapid progress beyond the expectations of many scientists.
One of the main challenges in the industry is the creation of quantum-resistant cryptographic solutions. Fears that quantum computers would be able to break standard ciphers have led to the development of new encryption protocols and standards. However, this is not the only threat that quantum technologies can pose to the blockchain industry.
While it may still be several decades before the creation of a universal quantum computer capable of surpassing supercomputers in most tasks, there are already machines capable of demonstrating quantum supremacy in the execution of specialized algorithms. One such algorithm is Grover's algorithm, which could theoretically be used to mine blockchains.
Bitcoin mining is based on the concept of proof of work, which requires solving cryptographic problems. As computers and mining algorithms become more efficient, the complexity of these tasks increases, maintaining the stability of the blockchain and its decentralization. If you build a computer that can solve all problems too quickly, their complexity will continue to grow.
Theoretically, the upper limit of the complexity of these cryptographic tasks, referred to as "goal" in mining terms, is at level 2 to the power of 256. The laws of physics, as they are known to scientists, do not allow even a universal quantum computer to perform the necessary calculations to solve this problem.
Bitcoin's creators, including Satoshi Nakamoto, envisioned a future in which computers would become more powerful, which could threaten the decentralization of Bitcoin. In response, certain protective mechanisms were introduced.
In 2008, the first block of Bitcoin was mined using a conventional processor equivalent to a Pentium 4. The next block was mined six days later, after which a rule was established that each subsequent block should be mined in about 10 minutes. Over time, miners have moved from processors (CPUs) to graphics processing units (GPUs) and then to application-specific integrated circuits (ASICs) designed to solve the problems associated with SHA-256 encryption.
Despite all these hardware improvements, the network still strives to keep each block's mining time at 10 minutes.
The next frontier in the mining industry may be quantum-classical hybrid installations. Using Grover's algorithm, miners with a sufficiently robust quantum computer could significantly improve their mining efficiency. This would not change the block mining time, but it could render conventional mining hardware useless, just like current ASICs.
However, there are many obstacles on the way to this. First of all, quantum computers have not yet reached the required level of maturity. But mining doesn't require a fully universal quantum computer. It will be enough to use a hybrid installation, where theThe hardware interacts with a quantum chip that performs high-level algorithmic functions.
There are also cloud-based quantum solutions that can remove the need to develop your own quantum computer by offering quantum-as-a-service quantum computing services optimized to run Grover's algorithm.
As such, quantum technologies have the potential to radically change the bitcoin mining industry, but significant technical and scientific challenges remain on the way.
Source
