I hope we will soon see quantum computers doing crypto-currency mining. Quantum computers will provide unprecedented processing power due to the superposition principle. That is instead of either '1' or '0' like in a mundane computer, a quantum computer can be in both '1' and '0' states at the SAME TIME! This is the secret to its super fast processing power. As we discuss, companies like Intel, Microsoft are working on quantum computers and their inception to tackle practical problems ( like mining crypto-currencies ) is not that far away in time.
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wouldn't this be a bad thing? too centralized. hashrate itself is not a good thing.
It is know that bicoin mining it's mostly cetralized in China, Antminers are made in China, but it's not on China's interest to concentrate all the hashing power, that would render Bitcoin value less for the rest of miners / world.
Also Quantum computers are still very far away to be concern of, and the major concern would be that theoretically for a quantum computer it would be very easy to hack all the wallets that hold Bitcoin, ethereum, litecoin... so in these years to come maybe we will see digital coins taking distance of the traditional mining as it is done now, and implementing anti quantum protections.
QRL is quantum resistant. Probably will see quantum computing in 5-10 years, buy now hold til then and be ready for a whole new world:)
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Proud of you King Tre!!
Glad you can finally "touch" them....
👻
if we will see quantum computers, you and me we won't profit. Until they are payable for normal people, thugs like Bill Gates, Mark Zuckerberg, Jeff Bezos, etc. will rob every coin they can get.
It will all go proof of stake! No need!
have you seen this ? https://steemit.com/mining/@vicson/proof-of-work-vs-proof-of-stake-mining-for-babies
Let me know what you think .
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Quantum Computers will be awesome to secure blockchains!
The quantum computers could be very disruptive for cryptocurrencies. Imagine if you are the first to develop computers that could take advantage of extremely fast mining. You could potentially own the market before too long until the next one comes along. Perhaps more ominously, what would happen if they render the technology behind cryptocurrencies obsolete?
That is a great possibility. Crazy to think how quickly they could do it. Too bad I can't build one in my garage.
Wait! Don't get disappointed that fast. Remember there are still LIVING people who used to submit their data on punched cards for analysis into huge room-sized computers! Technology and innovation is progressing at unimaginable speeds, thus a quantum computer for personal use may be not that far out :)
:) I need to get Elon Musk working on it. I'm sure he needs one to power the equipment on Mars.
Electricity on Mars will be prohibitively expensive unless we go with Thorium or at least have Matt Damon using his hamster wheel.
Nice.
Matt Damon can get electricity from potato
sounds like a good idea.
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Getting deep...
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I think the closest thing to this that we have access to is using Amazon or Google's cloud services (particularly Amazon's because they offer machines with better GPUs). While not parallel computing, considering the insanely cheap prices those services cost, especially when you buy a discounted voucher from sites like bitcointalk....it's a very cool method until we get to the days of parallel computing.
Although, come to think of it...parallel computing might actually not be such a game changer. If you have parallel processes working on the same confirmations, the work wouldn't be segmented enough for multiple confirmations to necessarily occur faster. Single confirmations definitely, but multiple would need to use several instances...so I guess if you had several parallel machines hooked up together but with their computing power allocated across different nodes, then such power would be useful...
The increased difficulty levels in mining would accelerate dramatically if this tech were to be implemented and a great deal of miners would be put out of business or be required to spend a ton of money on new hardware...an option that might not be feasible depending on who rolls out such machines first and how aggressively they use it.
Time will tell.
Especially nice to hear they are expanding their X-11 Mining Contracts for they have been sold out for t2 long. Nice to see the proof!
I was thinking about that a long time ago and this is the first time I hear it from somone. Where can I get more info on that?
Yeah, I'm really excited for Quantum gaming! Just think about all the possibilities quantum can open up, exciting times ahead for sure.
So blocks will be both mined and not mined at the same time! :-)
https://steemit.com/cryptocurrency/@the-master/the-age-of-crypto-confusion-and-scams
Could you explain the difference between quantum computer power and GPU mining power? I know that quantum can calculate better than the fastest CPU, but how does it stack up against GPUs?
D-Wave and Google have compared the performance of a 1000+ qubit quantum computer called the D-Wave 2x against typical CPU, GPU clusters and state that the former is capable of solving CERTAIN problems up to 100 Million times faster than the classical systems. Note that these comparisons vary according to algorithms, problem type, scalability, etc.
They are way further then they say they already work with 64,000 qubits and mapped this whole world and know what everything is made out of and even the frequenties of our thoughts...they can even create humans with D-wave(software) combined with the building blocks of life (hardware)
Next thing you'll know, we will find out that the human race has been engineered by some alien race & this planet has Geo-politics written all over it..LOL
And don't get me started on this flat earth thing..
But seriously Tim, they are many years ahead of what we are being led to believe..
But me thinks that a lot of these concepts are mostly theoretic & still being developed in the labs located down in the DUMBs..
911 & frequencies, has a nice ring to it though..
I'm open to discussion Tim.....
To add to your question, how about the cost? Quantum(experimental still) $15-20million GPU/CPU$1K. As well it takes 25 kilowatts to operate, most of which is used keeping it at the proper temperature to in order to run stable enough to operate ~15 millikelvin (-273° C). Quantums will never be used to mine bitcoin in my opinion, because the algorithm auto adjusts to solve blocks at 10mins. Burning 25000watts of energy for 10mins to have the chance to get 12.5BTC (soon to be 6.25) would put the cost to produce a single Bitcoin into the stratosphere. As well, a blockchain only remains secure if there are 1000's of miners distributed across the globe, so as to not make a central point of failure/attack.
Me, personally I agree. I get it...really I do. But hell...If I had the money and the resources I would mine too. It doesn't take away from the fact that other folks would mine on a smaller scale than myself...But mining on a big scale in this case doesn't take away from the fact that it is still decentralized. Look...we need mining and miners. I tell folks all the time when I talk about Bitcoin...Bitcoin is one of the only investments out today that present 4 completely different scenarios for you to make money. You can invest, you can be faucet head, you can mine...or you can simply buy bitcoin and sit on it.
Very true man! I think quantum computers will drive the economy in the near future.
If quantum computer is used, that could be the end of cryptocurrency as every account could be hacked with the power of such computer ! So mining with it will be useless...
Look up the crypto QRL. The development is already underway, and at least one crypto is already a 'Quantum Resistant Ledger'.
why would you want that? that would kill all small miners and leave the mining for the filthy rich! rich would get richer again and poor poorer.
why are some cryptocurrencies minable and not minable, what are the advantages and disadvantages?
That would be pretty cool, some say that quantum computers will be able to crack cryptography.
Look up the crypto QRL. The development is already underway, and at least one crypto is already a 'Quantum Resistant Ledger'.
This place sounds like it is about to take off like the S.H.I.E.L.D Helicarrier. The future of computing is about to be flipped on its head by Quantum computers for sure. I can't wait!
Hi Octechdad. I would like to hear more about quantum computing as it relates to still keeping a decentralized system.
I believe this would be horribly bad for the mining community and for the concurrency itself. the concept and power of the block-chain is that it is spread across a very large amount of users (miners), I like to think of those users as witnesses in a crime scene the more you have the more certain you are of what really happened, If one decides to change the story he would have to convince a lot of people to do so a gain credibility.
In my example a quantum computer is on its own representative of millions of users (miners) because of the equivalent Hash rate power, In other words who ever owns a quantum computer owns a big pool (Group of miners) creating a huge imbalance in the consensus of the network and maybe impose his on own path on the block-chain. There are more reasons why this would be bad for the crypto-network including power consumption of QC and ordinary PC's for the same instructions or affordability, how much will it cost? who would have access to it? Will it create a deeper and wider wedge between the elite and the poor? I believe the QC makes the future of crypto-currency even more uncertain, at least as long as it is based on cryptography.
Guys need your help here, thanks so much.
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