Japanese technology multinationals Fujitsu and Riken Research Institute are anticipated to release a potential Bitcoin-defeating quantum computer to businesses in 2023. The computer, which is considerably more potent than Frontier, the fastest supercomputer in the world created by Hewlett-Packard, is anticipated to be initially used for financial forecasting and the development of new pharmaceuticals. The new computer from Fujitsu will make use of so-called superconductor materials, which, when chilled to a temperature close to “absolute zero,” exhibit zero electrical resistance.
A 2022 academic article from Sussex University and the peer-to-peer exchange LocalBitcoins have both issued warnings that quantum computers may be able to defeat the SHA256 algorithm employed by the Bitcoin network.
Unlike Cardano or Ethereum since the merge, in a proof-of-work blockchain system like Bitcoin, miners compete to find a numerical answer to the SHA256 algorithm that surpasses the difficulty, or network goal. The header of a block of Bitcoin transactions and a random number are subjected to so-called hashing operations by miners. Using the SHA256 technique, a certain pattern-following numerical solution can be attained. Often, the miner must complete quadrillions of “hashing” operations per second before he or she can accurately predict the answer. An Application-Specific Integrated Circuit is the preferred type of computer for hashing in the Bitcoin mining process (ASIC). The Bitcoin network’s security, which has been largely impenetrable up until now, is aided by the mathematical complexity of finding the solution. Without it, the network’s security might be compromised.
This innovation by Fujitsu could potentially and easily crack the SHA256 algorithm. That news, alongside the announcement from the Michelle Simmons-led Silicon Quantum Computing, which has designed the world’s first integrated circuit computer created at an atomic scale, means the race for quantum supremacy is heating up. Will a quantum computer crack bitcoin in 2023? Only time will tell. Stay tuned to this blog for updates.
Read more at Riken Research here
Check out Silicon Quantum Computing here