Quantum computing may solve Bitcoin mining centralization problem

The huge amount of energy consumed by Bitcoin mining and its adverse impact on the environment are areas of concern, especially the continuous consumption of electricity. However, the development of quantum computing research makes it possible to significantly reduce energy consumption in the near future.

Bitcoin Mining and Energy Consumption

In addition to the block size issue, other controversial topics surrounding Bitcoin include the high energy consumption of mining and its impact on the environment.

Mining is the foundation of Bitcoin services. Without miners, the Bitcoin network would collapse. During the mining process, miners must connect to the Bitcoin network and synchronize with other miners or nodes. The miners' task is to verify each transaction, create and process all historical blocks, and negotiate which blocks to pack into the blockchain.

Miners receive 12.5 bitcoins for each block they pack as a reward for their work.

Miners' work involves multiple SHA-256 hash calculations, and completing such tasks requires a lot of energy.

Since the early days of Bitcoin, miners have tried various types of technology and hardware to reduce energy consumption. For example, individual miners first used central processing units (CPUs) to mine. Later, miners used graphics processing units (GPUs), field programmable arrays (FPGAs), and application-specific integrated circuits (ASICs).

Although each use of new technology has increased computing speed and greatly improved the computing power of the entire network, the cost of these special hardware and energy consumption still makes individual mining unprofitable.

As a result, the mining industry has gradually moved away from individual miners and towards industrial-scale mining centers.

Energy consumption is key

No matter how technology develops, energy consumption is always a serious problem. "The three major issues to consider when setting up a mining center are: climate, electricity costs, and network conditions. In particular, you need a cold climate to reduce air conditioning costs. You need cheap electricity resources." said Arind Narayanan.

Therefore, many Bitcoin mining companies set up data centers in cold regions or countries with relatively cheap electricity. For example, Bitcoin Group, "Electricity is the largest cost in the Bitcoin mining process. In order to minimize this cost, we seek to operate in countries with low electricity costs. Cheap electricity is usually found in China, which is why Bitcoin Group is based here." Bitcoin Group also operates in Iceland.

Quantum computing and Bitcoin mining

• Electrons have both wave and particle characteristics

• Objects can exist in multiple places at the same time

• Objects can remain connected even when separated by large distances. This feature is called quantum entanglement.

These features make quantum computing more secure, digital transactions can be completed instantly using quantum encryption communications, and it can solve difficult computing problems. In addition, quantum computing can reduce the energy consumption of computing.

Fédérale de Lausanne of the Ecole Polytechnique in Paris predicts: "By 2017, quantum physics will have significantly reduced the energy consumption of computers and mobile phones, thanks to the quantum tunneling effect."

"Quantum tunneling is an evanescent wave coupling effect that occurs in quantum mechanics. The right wavelength combined with the right tunnel junction can allow signals to travel faster than the speed of light, reversing time," Anderson College explains.

Google is also exploring new ways to create a full-fledged quantum computer, and many believe that the quantum computer era will soon arrive thanks to Google's progress.

According to a report in MIT Technology Review, "Google researchers may be able to demonstrate a truly powerful quantum computer by the end of next year."

Quantum computing will soon become a reality, which will reduce the electricity consumption of Bitcoin mining and benefit environmental protection. Of course, this will also have an impact on the benefits of mining, and more and more individuals will join in mining, which will increase the degree of decentralization. These may be what Satoshi Nakamoto expected.

Original link: Quantum Computing: The Answer to Bitcoin Mining Centralization?

Original author: Julio Gil-Pulgar

Media source: Bitcoin.com

Disclaimer: This article is translated by the BTC.com team and may not be reproduced without permission. If you need to reprint, please contact QQ843586524.