A pair of scientists from the University of Kent’s School of Computing in the United Kingdom recentlya study comparing energy consumption rates for current ASIC-based miners to proposed quantum-based solutions.
Bitcoin mining operations alone consumed more than 150 terawatt hours annually , per the paper, putting into perspective the potential impact the proposed quantum-based systems could have. As the researchers point out, blockchain mining is one of the few areas of quantum computing where error correction isn’t such a big deal. In most quantum functions, errors create noise that functionally limit a computing system’s ability to produce accurate computations.
Ultimately, the researchers conclude that it should be possible to build miners using existing quantum technologies that demonstrate quantum advantage over classical computers.
“We show that the transition to quantum-based mining could incur an energy saving — by relatively conservative estimates — of about roughly 126.7 TWH, or put differently the total energy consumption of Sweden in 2020.”