C. Comparison with Related Works
II. Background
C. Assumptions and Approximations
IV. Results
V. Discussion, Acknowledgments, and References
It is unlikely that in the near future a quantum computer could pose a security risk solely through dominating the Bitcoin network’s computational power. However, security risks arise in a network with many quantum miners even when no single miner dominates. Our goal is to evaluate the amenability of quantum computing to Bitcoin mining to determine conditions for a quantum computer to outperform a classical computer at mining.
We consider a model in which there is a single quantum miner, and all other miners are classical. This model aligns with our aim because the threshold for useful quantum mining will be crossed if a single quantum computer becomes advantageous against the current network of all classical miners. We assume that the quantum miner’s procedure is to repeat the process of applying K Grover iterations and measuring, where K is some fixed natural number.
Authors:
(1) Robert R. Nerem, Institute for Quantum Science and Technology, University of Calgary, Alberta T2N 1N4, Canada (riley.nerem@gmail.com);
(2) Daya R. Gaur, Department of Mathematics and Computer Science, University of Lethbridge, Alberta T1K 3M4, Canada.
This paper is