Challenges
Datasets
Workspaces
Papers
Discussions
Leaderboard
Log inSign up
Challenges
Datasets
Workspaces
Papers
Discussions
Leaderboard
Blog
Job Board
Q3AS

© 2026 Aqora Quantum S.A.S.

TermsPrivacyLegal Notice

Quantum 2.0 Conference and Exhibition

Cryptocurrency mining with quantum computers

Maximus Liu, Khadijeh Najafi, Michael Dubrovsky, Mikhail Y. Shalaginov

Published Jan 1, 2023• 1 citation
Publisher

Abstract

We devised a quantum-computer compatible proof-of-work cryptographic algorithm and verified it on superconducting quantum processors. The algorithm enables a noticeable speedup when executed on quantum hardware while it is still verifiable on classical computers.
DOI
10.1364/quantum.2023.qtu3a.2

Related papers

Quantum Proof of Work with Parametrized Quantum Circuits

Mikhail Y. Shalaginov, Michael Dubrovsky

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 focused on demonstrating computations that cannot be accomplished on a classical computer at all, a difficult and controversial target. Quantum advantage (a speedup over classical computers) is a more practical milestone for today's modest quantum processors. In this work, we proposed a scheme for quantum-computer compatible proof of work (cryptographic mechanism used in Bitcoin mining) and verified it on a 4-qubit superconducting quantum node.

arXiv:2204.10643•Apr 22, 2022•4 citations

Quantum Attacks on Bitcoin, and How to Protect Against Them

Divesh Aggarwal, Gavin K. Brennen, Troy Lee +2 more

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 is cryptocurrencies, a market currently worth over 100 billion USD. We investigate the risk posed to Bitcoin, and other cryptocurrencies, by attacks using quantum computers. We find that the proof-of-work used by Bitcoin is relatively resistant to substantial speedup by quantum computers in the next 10 years, mainly because specialized ASIC miners are extremely fast compared to the estimated clock speed of near-term quantum computers. On the other hand, the elliptic curve signature scheme used by Bitcoin is much more at risk, and could be completely broken by a quantum computer as early as 2027, by the most optimistic estimates. We analyze an alternative proof-of-work called Momentum, based on finding collisions in a hash function, that is even more resistant to speedup by a quantum computer. We also review the available post-quantum signature schemes to see which one would best meet the security and efficiency requirements of blockchain applications.

arXiv:1710.10377•Ledger•Oct 17, 2018•231 citations

Quantum advantage on proof of work

Dan A. Bard, Joseph J. Kearney, Carlos A. Pérez-Delgado

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. Here we make the case that this quantum advantage extends not only to all existing PoW mechanisms, but to any possible PoW as well. This has strong consequences regarding both quantum-based attacks on the integrity of the entirety of the blockchain, as well as more legitimate uses of quantum computation for the purpose of mining Bitcoin and other cryptocurrencies. For the first case, we estimate when these quantum attacks will become feasible, for various cryptocurrencies, and discuss the impact of such attacks. For the latter, we derive a precise formula to calculate the economic incentive for switching to quantum-based cryptocurrency miners. Using this formula, we analyze several test scenarios, and conclude that investing in quantum hardware for cryptocurrency mining has the potential to pay off immensely.

Array•Jul 6, 2022•25 citations

Quantum Advantage on Proof of Work

Dan A. Bard, Joseph J. Kearney, Carlos A. Pérez-Delgado

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. Here we make the case that this quantum advantage extends not only to all existing PoW mechanisms, but to any possible PoW as well. This has strong consequences regarding both quantum-based attacks on the integrity of the entirety of the blockchain, as well as more legitimate uses of quantum computation for the purpose of mining Bitcoin and other cryptocurrencies. For the first case, we estimate when these quantum attacks will become feasible, for various cryptocurrencies, and discuss the impact of such attacks. For the latter, we derive a precise formula to calculate the economic incentive for switching to quantum-based cryptocurrency miners. Using this formula, we analyze several test scenarios, and conclude that investing in quantum hardware for cryptocurrency mining has the potential to pay off immensely.

arXiv:2105.01821•May 5, 2021•2 citations

Quantum-Assisted Blockchain

D. A. Sapaev, D. A. Bulychkov, Farid Mansurovich Ablayev +2 more

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.

arXiv:1802.06763•Feb 19, 2018•3 citations

The lower energy consumption in cryptocurrency mining processes by SHA-256 Quantum circuit design used in hybrid computing domains

Ahmet Orun, Fatih Kurugöllü

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 cryptographic hashing function, by using the alternative quantum computers, hybrid quantum computers or more larger quantum computing devices like quantum annealers, it would be possible to reduce the mining energy consumption with a quantum hardware's low-energy-operation characteristics. Within this work we demonstrated the use of optimized quantum mining facilities which would replace the classical SHA-256 and high energy consuming classical hardware in near future.

arXiv:2401.10902•Dec 30, 2023•2 citations
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 focused on demonstrating computations that cannot be accomplished on a classical computer at all, a difficult and controversial target. Quantum advantage (a speedup over classical computers) is a more practical milestone for today's modest quantum processors. In this work, we proposed a scheme for quantum-computer compatible proof of work (cryptographic mechanism used in Bitcoin mining) and verified it on a 4-qubit superconducting quantum node.
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 is cryptocurrencies, a market currently worth over 100 billion USD. We investigate the risk posed to Bitcoin, and other cryptocurrencies, by attacks using quantum computers. We find that the proof-of-work used by Bitcoin is relatively resistant to substantial speedup by quantum computers in the next 10 years, mainly because specialized ASIC miners are extremely fast compared to the estimated clock speed of near-term quantum computers. On the other hand, the elliptic curve signature scheme used by Bitcoin is much more at risk, and could be completely broken by a quantum computer as early as 2027, by the most optimistic estimates. We analyze an alternative proof-of-work called Momentum, based on finding collisions in a hash function, that is even more resistant to speedup by a quantum computer. We also review the available post-quantum signature schemes to see which one would best meet the security and efficiency requirements of blockchain applications.
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. Here we make the case that this quantum advantage extends not only to all existing PoW mechanisms, but to any possible PoW as well. This has strong consequences regarding both quantum-based attacks on the integrity of the entirety of the blockchain, as well as more legitimate uses of quantum computation for the purpose of mining Bitcoin and other cryptocurrencies. For the first case, we estimate when these quantum attacks will become feasible, for various cryptocurrencies, and discuss the impact of such attacks. For the latter, we derive a precise formula to calculate the economic incentive for switching to quantum-based cryptocurrency miners. Using this formula, we analyze several test scenarios, and conclude that investing in quantum hardware for cryptocurrency mining has the potential to pay off immensely.
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. Here we make the case that this quantum advantage extends not only to all existing PoW mechanisms, but to any possible PoW as well. This has strong consequences regarding both quantum-based attacks on the integrity of the entirety of the blockchain, as well as more legitimate uses of quantum computation for the purpose of mining Bitcoin and other cryptocurrencies. For the first case, we estimate when these quantum attacks will become feasible, for various cryptocurrencies, and discuss the impact of such attacks. For the latter, we derive a precise formula to calculate the economic incentive for switching to quantum-based cryptocurrency miners. Using this formula, we analyze several test scenarios, and conclude that investing in quantum hardware for cryptocurrency mining has the potential to pay off immensely.
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 cryptographic hashing function, by using the alternative quantum computers, hybrid quantum computers or more larger quantum computing devices like quantum annealers, it would be possible to reduce the mining energy consumption with a quantum hardware's low-energy-operation characteristics. Within this work we demonstrated the use of optimized quantum mining facilities which would replace the classical SHA-256 and high energy consuming classical hardware in near future.