Less than 3 million Bitcoin (BTC) remain to be mined, with the process expected to take around 121 years. Some allege however, that Google’s quantum computer, Sycamore, could do it in “less than 2 seconds”. But is that really possible? Vitalik Buterin shared, “My one-sentence impression of recent quantum supremacy stuff so far is that it is to real quantum computing what hydrogen bombs are to nuclear fusion. Proof that a phenomenon and the capability to extract power from it exist, but still far from directed use toward useful things.”
Andreas Antonopolous also addressed the concerns of Google’s new quantum processor on the crypto mining industry; stating that the potentially damaging application of Sycamore does not just apply to Bitcoin’s system, but to every system in the world. “The problem isn’t really Bitcoin. If we get quantum computers that can do thousands of qubits without a correction and consistent results, we have a much bigger problem. The bigger problem we have is that the entire world’s classified communications, confidential communications, financial systems etc, all depend on cryptography today. We would need to update all of that to make it quantum resistant”
In other Crypto news today, the BTC price failed to set a higher high and break above its previous all-time high, signaling that the bear market isn’t yet over. A massive descending triangle marked the peak of the 2019 rally. Now analyst AkiraMax opines that after an impending death cross, BTC could drop as low as $1,000.