Technology
Mining cryptocurrencies like bitcoin could be done using quantum computers, cutting their electricity use by 90 per cent
The Evobits “farm” in Romania mines the Ethereum and Zilliqa cryptocurrencies
Akos Stiller/Bloomberg via Getty Images
Quantum computers could be used to mine existing cryptocurrencies like bitcoin or future, more energy-efficient ones, slashing their electricity use, according to two new analyses.
Cryptocurrencies that rely on a “proof of work” method perform computationally intensive calculations to produce new coins and certify transactions, at great energy cost. Some networks have moved to less power-hungry techniques, like Ethereum’s “proof of stake”, but bitcoin, the world’s largest cryptocurrency, still runs on proof of work and consumes 0.5 per …
