Why can't Grover's algorithm be used for bitcoin mining?

3

2

Similar questions have been asked before:

Can quantum computing improve Bitcoin mining?

Can a Qubit Miner ASIC device be created and what would its impact be on the mining community?

However, none of these answers give me a clear indication as to why Grover's algorithm can't be utilized for bitcoin mining. If the current difficulty of bitcoin mining is about 15,466,098,935,554 (approximately 2^44), which means that it would take about 2^44*2^32=2^76 SHA256 hashes before a valid block header hash is found.

However, by implementing Grover's algorithm, it would take only sqrt(2^76)=2^38 hashes to discover a valid block header hash. A 38-qubit quantum computer should be sufficient in this case. Quantum computers of this size have already been built (the largest quantum computer is 72 qubits, to my knowledge).

Therefore, why isn't it feasible to use a quantum computer to mine bitcoin by implementing Grover's algorithm? Did I get something wrong? I'm not too familiar with encryption and quantum algorithms, so please correct me if I missed something......

Biology nerd

Posted 2020-02-09T15:27:58.220

Reputation: 103

There's no operational quantum computers that can do anything faster than classical computing, you've been deceived by marketing. – Anonymous – 2020-02-09T22:30:58.297

2"it would take only sqrt(2^76)=2^38 hashes to discover a valid block header hash. A 38-qubit quantum computer should be sufficient in this case." You are severely confusing time (hashes) with space (qubits) here. – Martin Schwarz – 2020-02-10T07:38:12.580

No answers