Why Quantum Computers Will Never Break Bitcoin – Palm Beach Research Group
In 1940, one genius completed a puzzle in just 20 minutes that shouldve taken him a million years to solve.
His name is Alan Turing.
You may be familiar with Turings story from the 2014 movie The Imitation Game. Benedict Cumberbatch earned a Best Actor nomination for his portrayal of the genius.
If you saw the movie, you know Turing is considered the father of computer science and one of the most important code-breakers of all time.
When World War II broke out in 1939, Turing was assigned to breaking encrypted messages from the Germans.
This was no easy task, as the Germans held the most sophisticated encryption machine at the time, the Enigma.
Credit: ironypoisoning, via Wikimedia Commons
The Enigmas encryption was far greater than anything before its time.
It became clear cracking the code to the Enigma was going to require an even smarter machine. So Turing built one.
It took Turing and his team nearly a year to build a machine that was powerful enough to decrypt Enigmas messages. It was known as the Bombe, and it helped the Allies crack 84,000 Enigma-coded messages each month.
Decrypting messages went from taking potentially a million years by hand to just 20 minutes.
Heres why were telling you this
Last year, IBM debuted its 1,121-qubit Condor processor. Its the most advanced quantum computer to date.
Quantum computers such as the Condor can perform billions of calculations per second. So they can find patterns in data that are invisible to classic computers. They have the potential to revolutionize everything from medicine to engineering.
Many crypto skeptics believe bitcoins defenses will be broken as quantum computers get more powerful And it will share the same fate as the Enigma.
But theres one key mistake that made the Enigma almost certain to fail. And bitcoin doesnt share that flaw
The reason Enigma failed is because once it was built its creators never improved it.
It was only a matter of time before those looking to crack the Enigma would develop better technology.
While the Enigma stood dead in its tracks, Turing made improvements to his decryption machine every day until it became more powerful than the Enigma.
The lesson here is that you always need to push forward. If you dont, the competition will close the gap.
Its a lesson bitcoin developers took to heart.
The bitcoin network was developed with quantum computing mechanics in mind. To combat this, the difficulty to mine the next bitcoin block increases as more computing power comes online.
Take a look at the chart below. It shows the hash power, or computing power, of the bitcoin mining network.
Every year, the computing power that goes into mining a bitcoin block (in other words, processing a transaction) increases.
As mentioned above, IBM released its 1,121-qubit Condor processor in December 2023.
According to the University of Sussex, youd need a quantum computer with 1.9 billion qubits of processing power to break the bitcoin network.
This means youd need 1.7 million of the most powerful quantum computers built today.
IBM believes it can get to 10,000 qubits by 2026. Even then, itll need nearly 200,000 of these machines to crack the bitcoin network.
How long will it take for companies like IBM to build this many machines? Years? Decades?
Plus, if you want to attack the bitcoin network, you need to control 51% of the networks computing power.
Today, one of the best bitcoin miners, the Bitmain Antminer S19 Pro, will cost you $2,200. This machine can generate 110 terahashes per second (TH/s).
The bitcoin network uses roughly 384.33 million TH/s. That means youd need 1.78 million Antminer S19 Pros to overtake the network. Thats over $3.9 billion.
Youd also need to pay for a storage facility to set up these machines. And youd need to coordinate a massive amount of electricity to the building. These machines consume roughly 3,250 watts per hour.
At an average cost of 23 cents per kilowatt, that would cost about $32 million per day.
But even if you spend nearly $4 billion to take over the bitcoin network, youd never be able to extract all $500 billion of its value. The moment that you overtake the network, its value would race to zero.
Its like pirates buying a $4 billion battleship to commandeer a cargo ship carrying $400 million worth of goods. Its not worth the effort.
And thats why the bitcoin network is considered antifragile. It would cost you more to take over the network than the network would be worth.
Every year that bitcoin exists, it moves further and further out of reach of attackers.
So while you might need 1.9 billion qubits of quantum computing processing power to break the blockchain today Youll likely need 3 billion qubits of processing power next year. And 4 billion the following year and so on.
Thats what separates the fatal flaw of the Enigma from the security of the bitcoin network.
When technology like the Enigma just stands still, competition surpasses you.
Bitcoin, on the other hand, is constantly improving its security. Its never satisfied with where its at. Even if it appears to be unbreakable today, it will still be stronger tomorrow.
So when you see quantum computers gaining ground, know that bitcoin isnt standing still.
Thats why the advances of quantum computers arent a threat to bitcoin for the foreseeable future.
So dont let quantum computing fears stop you from owning a stake in one of the worlds greatest assets.
Palm Beach Research Group
View original post here:
Why Quantum Computers Will Never Break Bitcoin - Palm Beach Research Group
- Quantum Computing 2025 Is it Turning the Corner? - HPCwire - January 1st, 2025 [January 1st, 2025]
- IBM will release the largest ever quantum computer in 2025 - New Scientist - January 1st, 2025 [January 1st, 2025]
- Betting on the Quantum Buzz: Righetti, D-Wave, and QUBTs Option Explosion - Wall Street Pit - January 1st, 2025 [January 1st, 2025]
- "Impossible" quantum teleportation achieved on normal internet cables - Earth.com - January 1st, 2025 [January 1st, 2025]
- It Takes A Village: Top 10 Quantum Partnerships of 2024 - The Quantum Insider - January 1st, 2025 [January 1st, 2025]
- TQIs 2025 Predictions For The Quantum Industry - The Quantum Insider - January 1st, 2025 [January 1st, 2025]
- Future outlook: The impact of quantum computing on financial services - London Daily News - January 1st, 2025 [January 1st, 2025]
- Quantum computing is finally here. But what is it? - Crain's Chicago Business - January 1st, 2025 [January 1st, 2025]
- Google's quantum breakthrough is 'truly remarkable' - but there's more to do - ZDNet - January 1st, 2025 [January 1st, 2025]
- 2025 is the year of quantum computing, expert says - MSN - January 1st, 2025 [January 1st, 2025]
- The Years Biggest Breakthroughs in Science and Tech (Feat.: OK, but Seriously, What Is Quantum Computing?) - The Ringer - January 1st, 2025 [January 1st, 2025]
- Circuit-Knitting Technique Sews Up Nearly 8-Fold Reduction in Quantum Resource Overhead - The Quantum Insider - January 1st, 2025 [January 1st, 2025]
- Three New Error Correction Papers for the End of the Year - Quantum Computing Report - January 1st, 2025 [January 1st, 2025]
- The Quantum Race Heats Up! Is It Time to Bet on Quantum Computing Giants? - Jomfruland.net - January 1st, 2025 [January 1st, 2025]
- This Cryptographer Helps Quantum-Proof the Internet - IEEE Spectrum - January 1st, 2025 [January 1st, 2025]
- Why IBM Stock Offers a Strategic Edge in the Quantum Computing Race - Wall Street Pit - January 1st, 2025 [January 1st, 2025]
- Quantum-Si Isn't A Quantum Computing Company, And Shares Are Overvalued (NASDAQ:QSI) - Seeking Alpha - January 1st, 2025 [January 1st, 2025]
- MicroAlgo Inc. Announces the Launch of FULL Adder Operation Quantum Algorithm Technology Based on CPU Registers in Quantum Gate Computing - Yahoo... - January 1st, 2025 [January 1st, 2025]
- Quantum Breakthrough or Just Hype? Discover the Truth. - Jomfruland.net - January 1st, 2025 [January 1st, 2025]
- Google's quantum computer performs calculation in 5 minutes that would take longer than the universe's existence for a supercomputer - Warp News - December 25th, 2024 [December 25th, 2024]
- IBM to build new quantum computer in state-backed technology park - Daily Herald - December 20th, 2024 [December 20th, 2024]
- IBM and State of Illinois to Build National Quantum Algorithm Center in Chicago with Universities and Industries - IBM Newsroom - December 14th, 2024 [December 14th, 2024]
- Google's Quantum Chip Can Do in 5 Minutes What Would Take Other Computers 10 Septillion Years - PCMag - December 14th, 2024 [December 14th, 2024]
- Googles Willow Chip Has Quantum Developers Weeping With Joy - TechNewsWorld - December 14th, 2024 [December 14th, 2024]
- Google says its new chip may do computation in another universe - The Stack - December 14th, 2024 [December 14th, 2024]
- Google's Willow quantum chip breakthrough is hidden behind a questionable benchmark - Engadget - December 14th, 2024 [December 14th, 2024]
- Google Unveils the 105 Qubit Willow Chip and Demonstrates New Levels of RCS Benchmark Performance and Quantum Error Correction Below the Threshold -... - December 14th, 2024 [December 14th, 2024]
- Will Willow, Google's quantum computing chip, put bitcoin at risk? Here's what you should know - The Economic Times - December 14th, 2024 [December 14th, 2024]
- Google Just Made a Breakthrough in Quantum Computing With Its New Chip - Robb Report - December 14th, 2024 [December 14th, 2024]
- Why Googles Quantum Computer Chip Willow Is A Game Changer - Forbes - December 14th, 2024 [December 14th, 2024]
- Google has unveiled a new quantum computer chip that cracks a '30-year challenge in the field' - Business Insider - December 14th, 2024 [December 14th, 2024]
- Google hits a major milestone: A quantum computer performs 47 years' worth of calculations in seconds - Belles and Gals - December 14th, 2024 [December 14th, 2024]
- China's 504-qubit quantum computer chip marks a new domestic record will be globally available via the cloud - Tom's Hardware - December 14th, 2024 [December 14th, 2024]
- Google's WIllow chip is a big leap towards usable quantum computing but its claim of beating a classical computer by a 'septillion years' is... - December 14th, 2024 [December 14th, 2024]
- Colombias First Quantum Computer: Advancing Education, Research, and Technological Innovation - The Quantum Insider - December 5th, 2024 [December 5th, 2024]
- 100-Qubit Quantum Computer Delivered to Boost European Infrastructure - IoT World Today - December 5th, 2024 [December 5th, 2024]
- Pasqal 100-Qubit Quantum Computer Shipped to Jlich Supercomputing Centre - insideHPC - December 5th, 2024 [December 5th, 2024]
- From sand to superposition: A key step toward a powerful silicon quantum computer - Phys.org - November 28th, 2024 [November 28th, 2024]
- Could Rigetti Computing Become the Next Nvidia? - Yahoo Finance - November 28th, 2024 [November 28th, 2024]
- Computing at the Edge of Reality - Sponsor Content - Google - The Atlantic - November 28th, 2024 [November 28th, 2024]
- Are IONQ, FORM, and IBM Stocks Buys Ahead of the Quantum Revolution? - Yahoo Finance - November 28th, 2024 [November 28th, 2024]
- Telefonica Germany and AWS Collaborate to Test Quantum Technologies for Mobile Networks and 6G Development - The Quantum Insider - November 28th, 2024 [November 28th, 2024]
- Quantum Thanksgiving -- Why You Should Give Thanks (ThanQs?) For Quantum Mechanics During This Season of Gratitude - The Quantum Insider - November 28th, 2024 [November 28th, 2024]
- IonQ to Highlight Recent Quantum Innovations in Live Webinar, "IonQ's Full-Stack Quantum Innovation" - Business Wire - November 28th, 2024 [November 28th, 2024]
- Nobel Prize-Winning AI Breakthrough Paves the Way for Quantum Chemistry - SciTechDaily - November 28th, 2024 [November 28th, 2024]
- The Rise of Quantum Technology: Key Startups and Companies - Bizz Buzz - November 28th, 2024 [November 28th, 2024]
- Quantum Computing: Navigating the path to Q-Day through standards - TechNative - November 28th, 2024 [November 28th, 2024]
- Quantum Technologies Forum navigates present and future of quantum at USC - University of Southern California - November 16th, 2024 [November 16th, 2024]
- New 'gold-plated' superconductor could be the foundation for massively scaled-up quantum computers in the future - Livescience.com - November 16th, 2024 [November 16th, 2024]
- Quantum Technologies Could Have 8 Billion of Impact on UK Transport by 2035 - The Quantum Insider - November 16th, 2024 [November 16th, 2024]
- IBM launches R2 Heron processors that performs 5,000 two-qubit gate operations - Inceptive Mind - November 16th, 2024 [November 16th, 2024]
- Rigetti Computing Reports Third Quarter 2024 Financial Results and Business Updates - GlobeNewswire - November 16th, 2024 [November 16th, 2024]
- Qiskit Fall Fest brings the fun to quantum technology - The Lafayette - November 16th, 2024 [November 16th, 2024]
- Quantum computers touted as AI accelerator at Daesung Haegang Science Forum - The Korea JoongAng Daily - November 16th, 2024 [November 16th, 2024]
- IonQ Strengthens Technical Moat with its Latest Series of Issued Patents - Business Wire - November 16th, 2024 [November 16th, 2024]
- RIKEN, NTT, and Amplify Inc. Introduce General-Purpose Optical Quantum Computer - The Quantum Insider - November 12th, 2024 [November 12th, 2024]
- The Incredible Power of Quantum Memory - WIRED - November 10th, 2024 [November 10th, 2024]
- What Is Quantum AI? Everything to Know About This Far-Out Twist - CNET - November 10th, 2024 [November 10th, 2024]
- IonQ to Increase Performance and Scale of Quantum Computers with Photonic Integrated Circuits in Collaboration with imec - Yahoo Finance - November 10th, 2024 [November 10th, 2024]
- Why IonQ Stock Is Skyrocketing Today - The Motley Fool - November 10th, 2024 [November 10th, 2024]
- Weighty Subject: Is The Universe a Giant Quantum Gravity Computer? - The Quantum Insider - November 10th, 2024 [November 10th, 2024]
- Massachusetts is launching a new quantum computing project. An expert explains why that's a big deal not just for the state but the world -... - November 10th, 2024 [November 10th, 2024]
- IonQ Strengthens Quantum Computing Capabilities through Partnerships with imec and NKT Photonics - The Quantum Insider - November 10th, 2024 [November 10th, 2024]
- Quantum Computing Inc. 3Q Report: Focus on Loss Reduction While Building Partnerships - The Quantum Insider - November 10th, 2024 [November 10th, 2024]
- Chasing Impossible Vortices: Supersolid Discovery and the Future of Quantum Technology - The Quantum Insider - November 10th, 2024 [November 10th, 2024]
- IonQ and Ansys Partner to Integrate Quantum Computing for Accelerating CAE Simulations and Also to Use Ansys Tools for Designing Ions Quantum... - November 10th, 2024 [November 10th, 2024]
- IonQ to Increase Performance and Scale of Quantum Computers with Photonic Integrated Circuits in Collaboration with imec - Business Wire - November 10th, 2024 [November 10th, 2024]
- Calling All Gamers: Valens Games Reimagination of Gaming for a World With LLM, AI, and Quantum Computing - HSToday - November 10th, 2024 [November 10th, 2024]
- IBM, Guarding Against Tomorrows Threats Today - The Quantum Insider - November 10th, 2024 [November 10th, 2024]
- Yonsei University Establishes South Koreas First 127-Qubit Quantum Computing Center for Industry and Research - The Quantum Insider - November 10th, 2024 [November 10th, 2024]
- Building the future of chips in the USA - IBM Research - November 10th, 2024 [November 10th, 2024]
- Chinese superconducting quantum computing power sold to overseas client - Global Times - November 10th, 2024 [November 10th, 2024]
- IonQ's Third-Quarter Results: Revenue Guidance Raised Amid Strategic Acquisitions, Partnerships - The Quantum Insider - November 10th, 2024 [November 10th, 2024]
- ASEAN FinTech funding grew more than 10-fold in past decade, GenAI and Quantum Computing to power new era: FinTech in ASEAN 2024 report - Yahoo... - November 10th, 2024 [November 10th, 2024]
- Ansys and IonQ Are Bringing the Power of Quantum to the $10 Billion Dollar Computer-Aided Engineering Industry - Business Wire - November 8th, 2024 [November 8th, 2024]
- Computer Engineering faculty awarded to advance the compilation process in quantum computing - Rochester Institute of Technology - November 8th, 2024 [November 8th, 2024]
- Ansys and IonQ Are Bringing the Power of Quantum to the $10 Billion Dollar Computer-Aided Engineering Industry - StockTitan - November 8th, 2024 [November 8th, 2024]
- Quantum Machines and Nvidia use machine learning to get closer to an error-corrected quantum computer - TechCrunch - November 4th, 2024 [November 4th, 2024]
- Quantum computers are here but why do we need them and what will they be used for? - Livescience.com - November 2nd, 2024 [November 2nd, 2024]
- Rigetti and Riverlane Achieve Real-Time Quantum Error Correction on 84-Qubit System - The Quantum Insider - November 2nd, 2024 [November 2nd, 2024]