Can Quantum Computing Kill BITCOIN MINING?

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Bitcoins mining is the validation of transactions that have already taken place in the network, in order to guarantee security in transactions. The user who performs this task helps make the network safer and more robust, and in return receives a remuneration accordingly.

If before it was something that could be done with any type of device, increasing the competition makes it necessary to employ more and more resources to find available blocks. But there is one concern that is not unwarranted: can quantum computers stop this process?

See the answer to this question and learn more about it!

WHAT WOULD HAPPEN IF THE INTERNET ENDED?

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Since it came on the market, bitcoin raises a question: what would be the consequence if the internet ended? Because it relies heavily on digital resources, the existence of currency is strongly tied to the global network.

But it is possible to say that, nowadays, the system would not be extinguished with the end of the internet. Of course it is an undesirable situation, but not just for this digital currency system. The effects would be felt on many other issues, such as processing financial data from internet banking or credit card.

Even so, the mining of bitcoins would not be completely extinct, so this is not the most troublesome or dangerous situation.

QUANTUM COMPUTERS ARE THREATS TO BITCOINS MINING?

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Quantum computing is a viable idea for the future. One of its great features is the more intense data processing, in orders much larger than is currently possible.

The point is that this type of resource can directly affect the mining of bitcoins. Because it can process a large amount of information, a quantum computer can theoretically break the encryption key that validates the data blocks.

As the task of mining has the main purpose of attesting the truth of the transactions and making the network safer, the inclusion of devices with such intense processing capacity can lead to information reliability failures.

However, it is important to understand that this is not an exclusivity of the digital currency. All other services involving the use of access keys and encryption would suffer the consequences. Basically all digital transactions would be affected one way or another.

WHAT ARE THE WAYS TO AVOID THIS SITUATION?

Although quantum computers are still far from becoming a definite reality in the current scenario, there are already actions that aim to decrease or even avoid their risks.

Bitcoin programmers are already gearing up for these needs and are starting to look for ways to make codes more secure, complex, and incorruptible. With this, it is possible that, at the time of the availability of this type of resource, the network is much safer.

In addition, some practices also help with security, such as the disposable use of bitcoin portfolios, that is, use a unique address and private key, not reusing it any more.

There is also the possibility to change the size of the key to make it more complex. However, because it is heavier, it affects the scalability of the system, so it is a solution still in the phase of improvement.

Although quantum computers have the potential to affect bitcoin mining, it is a relatively distant possibility and, as of now, includes security actions. So keep informed about the market and follow me here