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 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]
- Quantum Computing Announces Strategic Partnerships and Pre-Orders Ahead of 2025 Foundry Opening - Yahoo Finance - November 2nd, 2024 [November 2nd, 2024]
- Where Will IonQ Be in 3 Years? - The Motley Fool - November 2nd, 2024 [November 2nd, 2024]
- In the Fight Against Noisy Quantum Computing, CVaR Proves a Worthy Opponent - The Quantum Insider - November 2nd, 2024 [November 2nd, 2024]
- Riverlane CEO Asks: What Will We Do With Error-Corrected Quantum Computers? - The Quantum Insider - November 2nd, 2024 [November 2nd, 2024]
- Gulf bets on a quantum computing leap - Arabian Gulf Business Insight - November 2nd, 2024 [November 2nd, 2024]
- Fully Operational Rigetti QPU Included in UKs Recently Opened National Quantum Computer Centre - GlobeNewswire - November 2nd, 2024 [November 2nd, 2024]
- Guest EditorialQuantum Computing: A Beacon of Transformation for the Oil and Gas Industry - Society of Petroleum Engineers (SPE) - November 2nd, 2024 [November 2nd, 2024]
- A Race to The End of Time - Brown Political Review - November 2nd, 2024 [November 2nd, 2024]
- Study observes a phase transition in magic of a quantum system with random circuits - Phys.org - November 2nd, 2024 [November 2nd, 2024]
- Securing tomorrow: What you should know about protecting data in the future - Clemson News - November 2nd, 2024 [November 2nd, 2024]
- Heres the paper no one read before declaring the demise of modern cryptography - Ars Technica - November 2nd, 2024 [November 2nd, 2024]
- Rigetti and Riverlane Progress Towards Fault Tolerant Quantum Computing with Real-Time and Low Latency Error Correction on Rigetti QPU - StockTitan - November 2nd, 2024 [November 2nd, 2024]
- NIST approves 14 new quantum encryption algorithms for standardization - Nextgov/FCW - November 2nd, 2024 [November 2nd, 2024]
- ORCA Computing Unveils The PT-2: Delivering Quantum-Enhanced Generative AI Capabilities - The Quantum Insider - November 2nd, 2024 [November 2nd, 2024]
- UK quantum computer cluster opens on site of Cold War atomic "holy of holies" - The Stack - November 2nd, 2024 [November 2nd, 2024]
- D-Wave Announces Appointment of Two New Board Members - Business Wire - November 2nd, 2024 [November 2nd, 2024]
- IonQs Quantum Surge: Ride the Wave or Cash Out? - MarketBeat - November 2nd, 2024 [November 2nd, 2024]
- D-Wave Deemed Awardable Vendor for US Department of Defense Chief Digital and Artificial Intelligence Offices Tradewinds Solutions Marketplace -... - November 2nd, 2024 [November 2nd, 2024]
- Challenges and opportunities in quantum optimization - Nature.com - November 2nd, 2024 [November 2nd, 2024]
- Quantum Computing, Inc. Announces Strategic Partnerships and Pre-Orders Ahead of 2025 Quantum Photonic Chip Foundry Opening - PR Newswire - November 2nd, 2024 [November 2nd, 2024]
- Bridging Cities with Quantum Links in Pursuit of the Quantum Internet - The Quantum Insider - November 2nd, 2024 [November 2nd, 2024]
- Quantum Computing, Inc. Announces Strategic Partnerships and Pre-Orders Ahead of 2025 Quantum Photonic Chip Foundry Opening - StockTitan - November 2nd, 2024 [November 2nd, 2024]
- UK's Newly Opened National Quantum Computing Centre Designed to Push The Boundaries of What is Possible With Quantum - The Quantum Insider - November 2nd, 2024 [November 2nd, 2024]
- Scientists build the smallest quantum computer in the world it works at room temperature and you can fit it on your desk - Livescience.com - October 24th, 2024 [October 24th, 2024]
- No, China Isnt a Decade Ahead of The U.S. in Quantum Computing (Probably) - The Quantum Insider - October 24th, 2024 [October 24th, 2024]
- Quantum Computing, Inc. to Host Third Quarter 2024 Shareholder Call on Wednesday, November 6, 2024 - StockTitan - October 24th, 2024 [October 24th, 2024]
- Quantum Computing, Inc. to Host Third Quarter 2024 Shareholder Call on Wednesday, November 6, 2024 - Quantisnow - October 24th, 2024 [October 24th, 2024]
- One Skyrmion to Rule Them All: Noise Resilience and Data Storage Solutions for Quantum Computing and Spintronics - The Quantum Insider - October 24th, 2024 [October 24th, 2024]
- Plotting the inevitable rise of quantum computing - Business Weekly - October 24th, 2024 [October 24th, 2024]
- The Netherlands to host an EU quantum computer in Amsterdam - DutchNews.nl - October 24th, 2024 [October 24th, 2024]
- Qubits Manipulated on the Fly - Physics - October 24th, 2024 [October 24th, 2024]
- Quantum Computing, Inc. to Host Third Quarter 2024 Shareholder Call on Wednesday, November 6, 2024 - WV News - October 24th, 2024 [October 24th, 2024]
- Scientists build the smallest quantum computer in the world it works at room temperature and you can fit it on your desk - MSN - October 24th, 2024 [October 24th, 2024]
- Scalable Silicon Spin Qubits Achieve Over 99% Fidelity for Quantum Computing with CMOS Technology - The Quantum Insider - October 24th, 2024 [October 24th, 2024]
- Multiverse Computing Expands to US with New San Francisco Office to Drive Quantum AI Adoption - HPCwire - October 24th, 2024 [October 24th, 2024]
- LUCI in The Surface Codes With Drop Outs: Google Quantum AI Researchers Report Framework Could Help Reduce Errors - The Quantum Insider - October 24th, 2024 [October 24th, 2024]
- Chinese scientists claim they broke RSA encryption with a quantum computer but there's a catch - Livescience.com - October 23rd, 2024 [October 23rd, 2024]
- Riverlanes Quantum Error Correction Report: Defining the Path to Fault-Tolerant Computing and the MegaQuOp Milestone - The Quantum Insider - October 23rd, 2024 [October 23rd, 2024]
- Quantum Computing, Inc. Enters Final Stage of Commissioning Quantum Photonic Chip Foundry in Tempe, Arizona - Yahoo Finance - October 23rd, 2024 [October 23rd, 2024]
- Why experts are warning businesses to prepare for quantum now or face critical cyber risks when it arrives - ITPro - October 23rd, 2024 [October 23rd, 2024]
- Quantum Computers Expected to Be Useful by 2026, Survey - IoT World Today - October 23rd, 2024 [October 23rd, 2024]
- ParTec AG and HZDR to Build AI Supercomputer Supporting Research in AI, Quantum Computing, and HPC - The Quantum Insider - October 23rd, 2024 [October 23rd, 2024]
- Pete Shadbolt on Tackling the Challenges of Quantum Computing & Its Future Impact on Everyday Life - The Quantum Insider - October 23rd, 2024 [October 23rd, 2024]
- How to build a quantum computer that's actually useful - Space Daily - October 23rd, 2024 [October 23rd, 2024]
- Quantum Algorithms for Faster Pattern Matching in Genomics and Text Processing, and Data-Intensive Applications - The Quantum Insider - October 23rd, 2024 [October 23rd, 2024]
- 2025 Tech Trends Report: New Insights on IT Investment in AI, Quantum Computing, and Cybersecurity Published by Info-Tech Research Group - PR Newswire - October 23rd, 2024 [October 23rd, 2024]
- Next Quantum Computer Comes To Netherlands - Mirage News - October 23rd, 2024 [October 23rd, 2024]