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

• URL: http://arxiv.org/abs/2401.10902v1
• Date: Sat, 30 Dec 2023 23:37:34 GMT
• Title: The lower energy consumption in cryptocurrency mining processes by SHA-256 Quantum circuit design used in hybrid computing domains
• Authors: Ahmet Orun and Fatih Kurugollu
• Abstract summary: 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.
• Score: 1.000779758350696
• License: http://creativecommons.org/licenses/by-nc-nd/4.0/
• Abstract: 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.

Related papers

• QuantumSEA: In-Time Sparse Exploration for Noise Adaptive Quantum Circuits [82.50620782471485]
  QuantumSEA is an in-time sparse exploration for noise-adaptive quantum circuits. It aims to achieve two key objectives: (1) implicit circuits capacity during training and (2) noise robustness. Our method establishes state-of-the-art results with only half the number of quantum gates and 2x time saving of circuit executions.
  arXiv  Detail & Related papers  (2024-01-10T22:33:00Z)
• Quantum Blockchain Miners Provide Massive Energy Savings [0.0]
  Bitcoin alone was reported to be consuming 150 terawatt-hours of electricity annually; more than many entire countries. We show that the transition to quantum-based mining could incur an energy saving, by relatively conservative estimates, of about roughly 126.7TWH.
  arXiv  Detail & Related papers  (2023-06-06T00:22:06Z)
• Is quantum computing green? An estimate for an energy-efficiency quantum advantage [0.0]
  We show that the green quantum advantage threshold depends on (i) the quality of the experimental quantum gates and (ii) the entanglement generated in the QPU. We compute the green quantum advantage threshold for a few paradigmatic examples in terms of algorithms and hardware platforms.
  arXiv  Detail & Related papers  (2022-05-24T14:14:00Z)
• HDCoin: A Proof-of-Useful-Work Based Blockchain for Hyperdimensional Computing [2.7462881838152913]
  This paper introduces HDCoin, a blockchain-based framework for an emerging machine learning scheme: the brain-inspired hyperdimensional computing (HDC) Under the HDC scenario, miners are competing to obtain the highest test accuracy on a given dataset. The winner has its model recorded in the blockchain and are available for the public as a trustworthy HDC model.
  arXiv  Detail & Related papers  (2022-02-07T06:21:29Z)
• Quantum thermodynamic methods to purify a qubit on a quantum processing unit [68.8204255655161]
  We report on a quantum thermodynamic method to purify a qubit on a quantum processing unit equipped with identical qubits. Our starting point is a three qubit design that emulates the well known two qubit swap engine. We implement it on a publicly available superconducting qubit based QPU, and observe a purification capability down to 200 mK.
  arXiv  Detail & Related papers  (2022-01-31T16:13:57Z)
• Conditions for Advantageous Quantum Bitcoin Mining [0.0]
  We determine the speed and energy efficiency a quantum computer needs to offer an advantage over classical mining. We develop a closed-form approximation for the probability that the quantum miner successfully mines a block. We show that, for a quantum miner that is "peaceful", this success probability is maximized if the quantum miner applies Grover iterations for 16 minutes before measuring.
  arXiv  Detail & Related papers  (2021-10-02T21:08:07Z)
• Quantum-resistance in blockchain networks [46.63333997460008]
  This paper describes the work carried out by the Inter-American Development Bank, the IDB Lab, LACChain, Quantum Computing (CQC), and Tecnologico de Monterrey to identify and eliminate quantum threats in blockchain networks. The advent of quantum computing threatens internet protocols and blockchain networks because they utilize non-quantum resistant cryptographic algorithms.
  arXiv  Detail & Related papers  (2021-06-11T23:39:25Z)
• Quantum Advantage on Proof of Work [0.0]
  We make the case that quantum devices provide a computational advantage in performing Proof-of-Work (PoW) in the context of Bitcoin. 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.
  arXiv  Detail & Related papers  (2021-05-05T01:27:31Z)
• Quantum Multi-Solution Bernoulli Search with Applications to Bitcoin's Post-Quantum Security [67.06003361150228]
  A proof of work (PoW) is an important cryptographic construct enabling a party to convince others that they invested some effort in solving a computational task. In this work, we examine the hardness of finding such chain of PoWs against quantum strategies. We prove that the chain of PoWs problem reduces to a problem we call multi-solution Bernoulli search, for which we establish its quantum query complexity.
  arXiv  Detail & Related papers  (2020-12-30T18:03:56Z)
• Generation of High-Resolution Handwritten Digits with an Ion-Trap Quantum Computer [55.41644538483948]
  We implement a quantum-circuit based generative model to learn and sample the prior distribution of a Generative Adversarial Network. We train this hybrid algorithm on an ion-trap device based on $171$Yb$+$ ion qubits to generate high-quality images.
  arXiv  Detail & Related papers  (2020-12-07T18:51:28Z)
• Quantum Gram-Schmidt Processes and Their Application to Efficient State Read-out for Quantum Algorithms [87.04438831673063]
  We present an efficient read-out protocol that yields the classical vector form of the generated state. Our protocol suits the case that the output state lies in the row space of the input matrix. One of our technical tools is an efficient quantum algorithm for performing the Gram-Schmidt orthonormal procedure.
  arXiv  Detail & Related papers  (2020-04-14T11:05:26Z)

This list is automatically generated from the titles and abstracts of the papers in this site.

This site does not guarantee the quality of this site (including all information) and is not responsible for any consequences.