Quantum Computer Mines Cryptocurrency with 92% Win Rate

A team of researchers led by Colton Dillion at Postquant Labs has successfully used a superconducting quantum computer, called Advantage2, to mine an experimental cryptocurrency called Quip. This experiment marks the first time a quantum computer has been actively involved in mining a blockchain.

The Quip blockchain network is designed to test the potential of quantum computing for solving complex optimization problems. The researchers set up a decentralized system where conventional computers and the Advantage2 quantum processing unit compete to solve these problems, mirroring real-world challenges like delivery scheduling or building investment portfolios.

While the Advantage2 computer competes on about one-third of the network's blocks, it wins 92 percent of them, demonstrating its clear advantage over classical machines. Preliminary data indicates that the quantum computer consumes around 12.5 watts to win a block, compared to 100 watts for conventional computers.

D-Wave CEO Alan Baratz highlighted that even with limited allocation, only five minutes daily, the Advantage2 still demonstrates substantial efficiency gains. He emphasized that 'quantum computing is energy-efficient computing for solving hard computational problems.'