Dwave bitcoin mining
The researchers from Singapore, Australia and France say that scenario represents the worst case, and would see a quantum computer able to run Shor's algorithm against the cryptocurrency's protective elliptic curve signature quicker than the 10 minutes Bitcoin needs to record a transaction in the blockchain. There are two items of good news in the paper dwave bitcoin mining Bitcoin: In their paperwhich landed at arXiv in late October, Divesh Aggarwal and his collaborators say ASIC-based mining rigs are fast compared to even optimistic theoretical quantum dwave bitcoin mining clock speeds.
The extreme speed of current dwave bitcoin mining ASIC hardware for performing the hashcash PoW, coupled with much slower projected gate speeds for current quantum architectures, essentially negates this quadratic speedup, at the current difficulty level, giving quantum computers no advantage. Future improvements to quantum technology allowing gate speeds up to GHz could allow quantum computers to solve the PoW about times faster than current technology.
As far as defeating hashcash goes, the numbers are daunting for quantum computer designers: Shor's algorithm, a quantum algorithm for factoring integers that's how it would attack cryptographyis a better path, they write.
Deploying a quantum computer against the dwave bitcoin mining elliptic curve Bitcoin uses is much more dangerous: As with cracking the proof-of-work, the researchers assume quantum computers get big and fast relatively quickly, and even so, they fall slightly short: Minds Dwave bitcoin mining Machines - Call for papers now open. The Register - Independent news and dwave bitcoin mining for the tech community.
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