Quantum Computer Mines Cryptocurrency with Far Less Energy

[Frost Gary]

New Scientist covered the Postquant Labs and D-Wave experiment that has been running since April, and it is generating a lot of interest. The Quip Network testnet replaces Bitcoin-style hashing with optimisation problems based on the Ising model, a mathematical framework that maps problems to finding the lowest-energy arrangement of interacting binary variables. It is genuinely a better fit for what quantum annealers like D-Wave's Advantage2 are good at. The energy numbers being claimed are striking. Postquant's Colton Dillion says the Advantage2 uses roughly 100 times less energy to secure a block compared to classical systems, around 12.5 watts versus 1,334 watts for traditional mining setups.

D-Wave's CEO Alan Baratz noted at a June presentation that the Advantage2 is only on the Quip network for about five minutes per day, competing on roughly a third of blocks and winning 92 percent of them. That is a significant competitive advantage within Quip's proof-of-work environment, though it is worth stressing this is a testnet with a purpose-built consensus mechanism, not Bitcoin. The system is not attacking existing cryptocurrency security, it is demonstrating that proof-of-work can be redesigned around problems where quantum hardware has a natural advantage. Whether QUIP tokens earn enough to justify the cost of quantum hardware access is a different question, but as a demonstration of quantum-native blockchain design it is genuinely interesting.

https://www.newscientist.com/article/2529973-quantum-computer-quickly-mines-cryptocurrency-while-using-less-energy/www.newscientist.com

[Leo70]

The 92 percent win rate competing on only a third of blocks is remarkable. If that holds up under adversarial conditions rather than controlled testnet conditions it is a real result