As time passes, bitcoin mining becomes significantly harder due to the way that bitcoin is built. In fact, the profitability of the business has the risk of decreasing substantially in case bitcoin’s worth does not increase once the halving process occurs this summer.
This is one of the main reasons why a company known by the name of CoinFac has recently announced their offer of next generation quantum computing mining technology that will reportedly increase the speed of miners by up to 4,000 times.
To put things better into perspective, the company, which was funded earlier this year in Hong Kong, has managed to get their hands on quantum computing technology. For those that do not know, the tech is often regarded as the future generation of super computers, thanks to the fact that they have the ability of processing dense digital information, while also solving complex algorithms around 100,000 times faster than conventional computers. While the technology doesn’t come cheap, chances are that investing into it may be worth it, especially for the true believers and supporters of the digital currency era. A quantum computing server, which currently costs around $5-10 million, can potentially allow miners to get an unbeatable hashing speed of 280,000 GH/s, thus granting them major advantages over other mining farms.
According to a recent press statement of CoinFac’s CEO, Mike Howzer, “We envisioned cryptocurrency to be the game changer in most developed country’s economy within the next 5 years. Reliance of quantum computing technology expedite the whole process, and we will be recognized as the industry leader in bringing about this tidal change. We aren’t the only institution fathom to leverage on this technology. Other Silicon big boys are already in advance talks of a possible tie up (…)Through the use of quantum computing, usual bitcoin mining processes are expedited by a blazing speed of 4,000 times. We bring lucrative mining back into Bitcoin industry, all over again”.
However, it’s worth keeping in mind that CoinFac does not aim to use the quantum computers for bitcoin mining only. In fact, companies such as NASA, Microsoft and Google have reportedly been in close talk with the company’s developers, to find ways of integrating the technology into their existing platforms.
For those that do not know, CoinFac Limited is currently owned by Palantir Technologies Incorporation, an American software and services company that specializes in technological software research and data analysis. Palantir, which was founded in 2004, currently represents one of the top 30 most valuable companies situated in Silicon Valley, with a net worth of around $15 billion.
Based on everything that has been outlined so far, the ability to mine digital currencies at such a hashing speed will definitely change the mining business once and for all. What are your personal thoughts on the CoinFac computers? Let us know your thoughts in the comment section below.