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Quantum Blockchain Miners Provide Massive Energy Savings. (arXiv:2306.03321v1 [quant-ph])
cs.CR updates on arXiv.org arxiv.org
Blockchain-based cryptocurrencies have become an extremely important,
highly-used, technology. A major criticism of cryptocurrencies, however, is
their energy consumption. In May 2022 Bitcoin alone was reported to be
consuming 150 terawatt-hours of electricity annually; more than many entire
countries. Hence, any meaningful efficiency increase in this process would have
a tremendous positive impact. Meanwhile, practical applications of quantum
information technologies, and in particular of near-term quantum computers
(NISQ) continue to be an important research question. Here, we study the
efficiency …
bitcoin blockchain consuming countries cryptocurrencies efficiency electricity energy important major may may 2022 meaningful miners process quantum technology