The lower energy consumption in cryptocurrency mining processes by SHA-256 Quantum circuit design used in hybrid computing domains

TL;DR

This paper explores how quantum computing can significantly reduce energy consumption in cryptocurrency mining by replacing classical SHA-256 hashing with optimized quantum circuits in hybrid computing systems.

Contribution

It proposes a novel approach using optimized quantum circuits to replace classical SHA-256 in mining, aiming to lower energy use in hybrid quantum-classical systems.

Findings

Quantum circuits can perform SHA-256 hashing with lower energy consumption.

Hybrid quantum-classical mining systems are feasible for future implementation.

Potential for substantial energy savings in cryptocurrency mining.

Abstract

Cryptocurrency mining processes always lead to a high energy consumption at considerably high production cost, which is nearly one-third of cryptocurrency (e.g. Bitcoin) price itself. As the core of mining process is based on SHA-256 cryptographic hashing function, by using the alternative quantum computers, hybrid quantum computers or more larger quantum computing devices like quantum annealers, it would be possible to reduce the mining energy consumption with a quantum hardware's low-energy-operation characteristics. Within this work we demonstrated the use of optimized quantum mining facilities which would replace the classical SHA-256 and high energy consuming classical hardware in near future.