A new blockchain testnet called Quip Network allows mining with quantum computers or traditional hardware, replacing Bitcoin-style hashing with optimization problems based on the Ising model. The system lets participants mine cryptocurrency using quantum computers and GPUs. Instead of competing to solve hash-based calculations, they compete to solve optimization problems that are more difficult for classical computers but achievable for quantum systems.
Postquant Labs launched Quip Network, a blockchain testnet that uses quantum computing to speed up mining processes. The network replaces Bitcoin-style hashing with optimization problems based on the Ising model. This allows participants to mine cryptocurrency using quantum computers and GPUs.
The first quantum subnet was built in consultation with D-Wave Quantum Inc., leveraging their advanced Advantage2 annealing quantum computers. Quip Network is open source and invites participation from anyone looking to earn rewards by solving optimization problems.
Successful miners will receive QUIP tokens, which are intended to be used to rent time on quantum computers connected to the network. The model also aims to reduce energy consumption required for mining a block, using about 13 watts per block, compared to 130 watts for traditional mining methods.
While quantum hardware is less accessible than conventional equipment, Postquant Labs’ goal is to use Quip Network to track progress toward breaking Bitcoin’s cryptography and benchmark its post-quantum wallets.
Source: https://decrypt.co/363148/quantum-powered-crypto-mining-here-wont-help-you-mine-bitcoin