Related papers: Conditions for Advantageous Quantum Bitcoin Mining

Grover's algorithm confers on quantum computers a quadratic advantage over classical computers for searching in an arbitrary data set, a scenario that describes Bitcoin mining. It has previously been argued that the only side-effect of…

We present a strategy for a single quantum miner with relatively low hashing power, with the same ramifications as a 51% attack. Bitcoin nodes consider the chain with the highest cumulative proof-of-work to be the valid chain. A quantum…

Bitcoin already faces a quantum threat through Shor attacks on elliptic-curve signatures. This paper isolates the other component that public discussion often conflates with it: mining. Grover's algorithm halves the exponent of brute-force…

Despite all the progress in quantum technologies over the last decade, there is still a dearth of practical applications for quantum computers with a small number of noisy qubits. The effort to show quantum supremacy has been largely…

Bitcoin and blockchain in general is a hot topic nowadays. In the paper we propose a quantum empowering of this technology and show how to speed-up the mining procedure using the modified Grover's algorithm.

Quantum computing promises the ability to compute properties of quantum systems exponentially faster than classical computers. Quantum advantage is achieved when a practical problem is solved more efficiently on a quantum computer than on a…

Quantum advantage is the core of quantum computing. Grover's search algorithm is the only quantum algorithm with proven advantage to any possible classical search algorithm. However, realizing this quantum advantage in practice is quite…

The search problem is to find a state satisfying certain properties out of a given set. Grover's algorithm drives a quantum computer from a prepared initial state to the target state and solves the problem quadratically faster than a…

Grover's algorithm is a primary algorithm offered as evidence that quantum computers can provide an advantage over classical computers. It involves an "oracle" specified for a given application whose structure is not part of the formal…

We propose a blockchain architecture in which mining requires a quantum computer. The consensus mechanism is based on proof of quantum work, a quantum-enhanced alternative to traditional proof of work that leverages quantum supremacy to…

Bitcoin is a "crypto currency", a decentralized electronic payment scheme based on cryptography which has recently gained excessive popularity. Scientific research on bitcoin is less abundant. A paper at Financial Cryptography 2012…

Cryptocurrency mining processes always lead to a high energy consumption at considerably high production cost, which is nearly one-third of cryptocurrency (e.g. Bitcoin) price itself. As the core of mining process is based on SHA-256…

Molecular simulations are widely regarded as leading candidates to demonstrate quantum advantage--defined as the point at which quantum methods surpass classical approaches in either accuracy or scale. Yet the qubit counts and error rates…

Technological advancements of Blockchain and other Distributed Ledger Techniques (DLTs) promise to provide significant advantages to applications seeking transparency, redundancy, and accountability. Actual adoption of these emerging…

A longstanding goal in quantum information science is to demonstrate quantum computations that cannot be feasibly reproduced on a classical computer. Such demonstrations mark major milestones: they showcase fine control over quantum systems…

Blockchain-based cryptocurrencies have become an extremely important, highly-used, technology. A major criticism of cryptocurrencies, however, is their energy consumption. In May 2022 Bitcoin alone was reported to be consuming 150…

Proof-of-Work (PoW) is a fundamental underlying technology behind most major blockchain cryptocurrencies. It has been previously pointed out that quantum devices provide a computational advantage in performing PoW in the context of Bitcoin.…

We investigate how hardware specifications can impact the final run time and the required number of physical qubits to achieve a quantum advantage in the fault tolerant regime. Within a particular time frame, both the code cycle time and…

The key cryptographic protocols used to secure the internet and financial transactions of today are all susceptible to attack by the development of a sufficiently large quantum computer. One particular area at risk are cryptocurrencies, a…

Mining in proof-of-work blockchains has become an expensive affair requiring specialized hardware capable of executing several megahashes per second at huge electricity costs. Miners earn a reward each time they mine a block within the…