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- Quantum computers cannot help in Bitcoin mining, in the currently scenario
- A shift towards the quantum computrer cannot effect the the mining speed, as the mining difficulty will also increase with soaring priices
- Indeed, the launch of quantum algorithms will risk out thetreaditional encrypting system
Bitcoin, is the cryptocurrency which works on blockchain technology. It is known that a blockchain is an online decentralized public ledger, and it consists of blocks which contain a group of transactions. Mining is what is required to introduce a cryptocurrency into the system. Indeed, the process of mining works on cryptographic hash functions. Notably, the above brief explanation concludes that to mine a Bitcoin faster the miner needs to identify what the correct nodes is, before anyone else.
Can quantum computers help identify the correct nodes faster?
According to Anastasia Marchenkova, a quantum computing researcher, currently there are no known quantum algorithms that can undo the SHA-256 hash function. As we know, to mine a Bitcoin the miners needs to identify a 80-bytes long string, after identification they need to compare the hash with the target. If the hash is then similar with the target then it means a block has been mined. Anastasia explained further that quantum computers do not brute force or paralize finding the nodes to find a quantum algorithim that can undo the hash. However, as currently we are not having any such algorithm, quantum computers cannot help us in mining.
Quantum computers impacts on Bitcoin mining
In the current scenario we don’t have such a quantum algorithm, but what if we discover that in the future. As we know that Bitcoin is designed to identify the mining speed, and likewise it increases its mining dificulty. Means after finding the algorithm the difficulty will get more complex.
Indeed, mining with normal computers is not practically possible now, so miners use ASIC chips to mine Bitcoins. Currently there are two kinds of encryption used, RSA and Elliptic curve cryptography. Indeed, both of these methods of encryptions are vulnerable with quantum computers. Accoridng to Anastasia, we only need 2500 cubits to break the algorant break EC and around 4000 is needed to break RSA.
Hackers can identify Bitcoin wallet addresses
In the current scenario, a hard fork is not possible, as many users have lost their wallet address and coins. Now the concerning factors are that quantum computers can easily help track those lost wallets and the hackers can use such computers to decrypt and gain such lost coins.
However, the major concern is the research for quantum computers. The entry of such computer systems will bring encrypto system at risk. The system could be a destroyer of Bitcoins.
