Quantum Leap: New Study Proposes Energy-Efficient Blockchain Mining

Researchers from the University of Kent, UK, have proposed quantum computing solutions for blockchain mining. Their study reveals a potential energy saving of 126.7 TWH, equivalent to Sweden’s total energy consumption in 2020, according to the Cointelegraph.

Presently, Bitcoin mining operations use more than 150 terawatt hours per year. Therefore, quantum-based systems could revolutionize the industry with their increased energy efficiency.

The researchers compared three quantum mining systems with an Antminer S19 XP ASIC miner. Despite quantum computing being in its infancy, it shows promise in blockchain mining, which requires only a single task performance.

Interestingly, quantum-based systems can be fine-tuned over time for better accuracy and efficiency. This ability is not possible with classical systems.

However, there are hurdles. The proposed quantum computing system, known as a “noisy intermediate-scale quantum” (NISQ) system, currently operates only with 50-100 qubits. This limit is far from the researchers’ suggested 512 qubits for substantial energy savings.

Notably, only D-Wave and IBM offer client-facing systems in this range. However, these come with significantly high costs for building and maintenance, making them prohibitive for most organizations. Thus, while the prospect of quantum computing in blockchain mining seems promising, practical challenges remain.

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