Last month, Google made a shocking announcement: that it had developed a supercomputer that could potentially solve very long and complicated mathematical equations. For some analysts, this meant only one thing: that bitcoin was about to become obsolete.
A Supercomputer that Makes BTC Obsolete?
Data pertaining to the computer was eventually published to NASA’s website, though the information was ultimately taken down potentially because it had not yet been confirmed.
As we all know, bitcoin mining occurs through the solving of complex mathematical equations. Those who solve these problems are typically able to cash in on new coins and add to their growing financial rewards. However, Google’s computer can allegedly solve problems that are often too difficult to handle with traditional computers.
Bitcoin miners’ big claim to fame is that they are the only ones “smart enough” to solve the computations behind crypto mining, but this new computer seems capable of so much more, and its “quantum supremacy” status likely means that it can perform in 200 seconds what another supercomputer would require 10,000 years to perform. Thus, bitcoin mining equations could probably be solved rather easily, putting bitcoin miners out of business.
The computer, according to some figures in the crypto industry, may spell the end of the crypto mining world as we know it. Thus, they are suggesting that miners – should they wish to protect themselves – begin taking certain steps and action against Google’s computer.
Charles Hayter, chief executive of the crypto website Crypto Compare, suggests that all cryptocurrencies can, in fact, be enhanced with quantum resistance tech. He suggests adding these qualities to digital assets so that miners can potentially keep their jobs in the coming years. He states:
Cryptocurrencies can be updated with quantum resistance tech. This is just a continuation of the age-old arms race between crackers and enciphers.
Describing the capabilities and properties of the computer, Dragos Ilie – a quantum computing and encryption researcher at London’s Imperial College – states:
Google’s supercomputer currently has 53 qubits… In order to have any effect on bitcoin or most other financial systems, it would take at least 1500 qubits and the system must allow for the entanglement of all of them.
According to Ilie, the supercomputer may not be as powerful as originally thought, and he’s warning miners to stay calm until they learn more. Qubits – short for “quantum bits” – are the units of energy a supercomputer utilizes to store and process data.
Maybe It’s Not That Far Ahead…
Continuing, Ilie refers to scaling quantum computers as a “huge challenge.” He explains:
As you add more qubits, the system becomes more and more unstable… [though] researchers can try different approaches for solving these issues, so maybe there are ways to mitigate these problems, but right now, we are quite far from breaking bitcoin… Don’t dump your bitcoins yet.