Quantum computing, could it be used to mine bitcoin?

[Holyghost23]

could it be used to mine bitcoin? if it can be used for simulation and ai programming.. im sure it could mine.. and if so how fast?

[ethebigd]

3 minutes ago, Holyghost23 said:

could it be used to mine bitcoin? if it can be used for simulation and ai programming.. im sure it could mine.. and if so how fast?

Not profitable ... the cost of liquid nitrogen to cool down the machine plus the electricity needed would destroy any profit...

[Holyghost23]

3 minutes ago, ethebigd said:

Not profitable ... the cost of liquid nitrogen to cool down the machine plus the electricity needed would destroy any profit...

 even if it could make 100 bitcoins an hour at current price?,
how much does 1 hour of quantum computing at full capacity cost. vs the potential hashrate per second..is there a way to even math this out?

[Holyghost23]

Just now, Name Taken said:

Brute force everyone else's wallet.

with recent news it looks like that may have been done a few times.. theres like over 900 million in bitcoin that just dropped off the blockchain recently. and im not talking about the 300 million that guy deleted.

[AresKrieger]

Doubtful, quantum computation is niche in terms of use cases it is possible that mining operations is a potential case, and even if it could do it you'd need someone to program that functionality which there are so few people who could, and you'd need to have the funds to make said computer.

 

Essentially you're delivering a fedex package with a Saturn 5 rocket, could it be done sure I suppose but it's stupid to do so

1 minute ago, Name Taken said:

Brute force everyone else's wallets.

This is more practical ^

[Holyghost23]

1 minute ago, AresKrieger said:

Doubtful, quantum computation is niche in terms of use cases it is possible that mining operations is a potential case, and even if it could do it you'd need someone to program that functionality which there are so few people who could, and you'd need to have the funds to make said computer.

 

Essentially you're delivering a fedex package with a Saturn 5 rocket, could it be done sure I suppose but it's stupid to do so

This is more practical ^

wouldnt you think a company that has one wouldn't be working on trying to invent some kind of coin a quantum computer could make?  like google or intel or microsoft or lockheed or dwave or ect..

[Holyghost23]

2 minutes ago, Name Taken said:

Source?

this is one of them. im talking totals..
https://www.coindesk.com/62-million-gone-cryptocurrency-mining-market-nicehash-hacked/

 

[Arika]

No because it would be so locked down due to the fact that only quantum computers can mine it and no one else. Would be next to worthless

[AresKrieger]

5 minutes ago, Holyghost23 said:

wouldnt you think a company that has one wouldn't be working on trying to invent some kind of coin a quantum computer could make?  like google or intel or microsoft or lockheed or dwave or ect..

Why? The benefit of bitcoin is the collective computation, a quantum computer based coin would simply waste power for no reason as the general public can't mine for it and thus don't care, in addition bitcoin is in essence a stock with no backing where as those companies have stocks to sell already.

[LogicalDrm]

Or maybe they should fold with it. No, wait. They already do. Why waste resources for something that is useless in the end? Rather than researching cancer cure or weather patterns or life in space.

[Catsrules]

14 minutes ago, Holyghost23 said:

this is one of them. im talking totals..
https://www.coindesk.com/62-million-gone-cryptocurrency-mining-market-nicehash-hacked/

 

This was just a normal hack. We don't know all of the details yet. Many speculate it was an inside job. I would guess it was either inside job, social engineering, or a vunerability on their servers.  I would bet it has nothing to do with brute forcing a bitcoin wallet. 

[Holyghost23]

8 minutes ago, Name Taken said:

Quantum computers are still in the research phase and you're asking for mining benchmarks and rental cost?

What do you mean by "dropped off the blockchain"? That goes against the whole idea of blockchain technology.

they found it apparently
https://news.bitcoin.com/chainalysis-says-theyve-found-the-missing-1-7-billion-dollar-mt-gox-bitcoins/

[TheNight]

45 minutes ago, Holyghost23 said:

wouldnt you think a company that has one wouldn't be working on trying to invent some kind of coin a quantum computer could make?  like google or intel or microsoft or lockheed or dwave or ect..

Companies wouldn't want to use money, to make a quantum computer, to mine something so unstable. I mean, doubtfully, maybe if BitCoin was a lot more stable currency, it would be a possibility, but still a very slim chance that a company would do it.

 

On the other hand, what if nVidia and AMD are running hundreds of mining machines and buying up their own GPU's in order to increase the price and make more money?!?!?

 

[Holyghost23]

1 hour ago, TheNight said:

Companies wouldn't want to use money, to make a quantum computer, to mine something so unstable. I mean, doubtfully, maybe if BitCoin was a lot more stable currency, it would be a possibility, but still a very slim chance that a company would do it.

 

On the other hand, what if nVidia and AMD are running hundreds of mining machines and buying up their own GPU's in order to increase the price and make more money?!?!?

 

if they did that my vega card would have better block chain drivers.

[Syntaxvgm]

Say it could do some crazy hash rate for a second (It wouldn't be able to)

Bitcoin crashes due to the sudden flood of them. 

The difficulty goes way up to where Quantum computers are the only profitable thing to mine on, forget silicon based ASICs. 

Bitcoin stabilizes. 

 

[mad dudy]

2 hours ago, Holyghost23 said:

if they did that my vega card would have better block chain drivers.

why would they give you good drivers when they can keep it to them self?

[LogicalDrm]

7 hours ago, Holyghost23 said:

if they did that my vega card would have better block chain drivers.

As above. Flawed logic. Why would you give away advantage if you are using it yourself?

[Holyghost23]

okay so after talking to people that actually know how to program a quantum computer.. there is technically a way to get them to understand classical computing with  python and assembly. in fact there is a few websites that allow you to program with python and input into a quantum computer.

, they said a hash algorithm for bitcoin would be so simple for a quantum computer, as its much like encryption  it could destroy the market, if someone was to invest the time to make a quantum program for it. something equal to billions of  bit coins per second. they said to think of a quantum computer has having the answer before you ask it..

they said it would at a minimum 50 years before we get to that point of understanding for programming though, and being able to form a unified quantum language.. more likely 80 years.. unless we get an Einstein of quantum understanding and programming.

the thing i find most disturbing is that we invented something that we don't really know how to use....did we actually reverse engineer something and instead are trying to under stand it from that point of view..

[ethebigd]

On 08/12/2017 at 6:10 PM, Holyghost23 said:

 even if it could make 100 bitcoins an hour at current price?,
how much does 1 hour of quantum computing at full capacity cost. vs the potential hashrate per second..is there a way to even math this out?

considering the cost of the machine (millions) plus you can go look the price of liquid nitrogen... even 100 bitcoins/hrs would be profitable... And I trully believe the hash (minnig) doesnt return close to 100 ...