• Researchers from University of Kent compared three quantum systems to an ASIC miner and found that quantum-based mining could incur massive energy savings.
• Bitcoin mining operations alone consumed more than 150 terawatt hours annually (as of May 2022).
• The research paper suggests that the transition to quantum-based mining could result in an energy saving of 126.7 TWH, which is equal to Sweden’s total energy consumption in 2020.
Quantum Miners Could Yield ‘Massive’ Energy Savings for Blockchain
Researchers from the University of Kent’s School of Computing have conducted a study comparing energy consumption rates for current ASIC-based miners to proposed quantum-based solutions. According to their preprint research paper, the systems utilizing quantum computing demonstrably outperformed standard mining rigs in energy efficiency, with potential savings as high as 126.7 TWH— equivalent to Sweden’s total energy consumption in 2020.
Current Bitcoin Mining Consumption Rates
Bitcoin mining operations alone consumed more than 150 terawatt hours annually (as of May 2022), per the paper, putting into perspective the potential impact the proposed quantum-based systems could have.
Comparative Study Between Classical and Quantum Systems
The pair’s conclusions were based on experiments comparing three different quantum mining systems to an Antminer S19 XP ASIC miner: one featuring a single layer of fault tolerance; one with two layers; and one without any dedicated error-correction features. As the researchers point out, blockchain mining is one of the few areas of quantum computing where error correction isn’t such a big deal— classical success rates are still relatively low at 0.000070%. Additionally, unlike classical systems, quantum-based systems can be fine-tuned over time for increased accuracy and efficiency.
Potential Impact on Energy Consumption
While quantum computing technology is still considered to be in its infancy, transitioning blockchain technology towards a more efficient system by utilizing these technologies has been shown by this experiment as feasible and beneficial on a large scale— reducing worldwide electricity consumption significantly while also increasing overall computational power available for use within blockchains.
Conclusion
In conclusion, this experiment shows promise for using advanced technologies such as those based off of Quantum Mechanics in order to reduce world wide electricity consumption while also increasing computational power available within blockchains — furthering development within this important sector and allowing us all access greater levels of data security