Many are looking to quantum computing to take cryptocurrency to the next level, though integrating these two emerging spaces will not come without risk and challenges. Many experts believe that quantum computers could potentially be used to crack the cryptography behind crypto, leaving them — and the blockchain on which they are recorded — vulnerable to cyber attacks.

While that is certainly a significant danger to the crypto space, merging these two emerging technologies would also carry a host of potential benefits, and crypto mining is probably the area that would carry the most potential space for evolution. If quantum computers were able to significantly increase the computation power of hardware and software, then theoretically, crypto mining could be taken to a whole new level. Quantum computers, in theory, could be used to scale up the computational power of crypto miners while at the same time scale down the associated energy consumption, leading to a significantly better cost to profit ratio.

However, due to quantum computing being so expensive to develop, this would mean that crypto mining could essentially become a centralized phenomenon, with a small handful of major corporations and government sectors performing 99 percent of crypto mining.

It is important to note that as of the present time, quantum computing is in its infancy, and it is not yet clear whether this type of computing will become a threat or a friend to crypto. Nevertheless, some researchers and developers in the crypto space area are already actively working on implementing quantum-resistant technology that could help prevent quantum cyber attacks.

Like many other technologies, quantum computing appears to be a double-edged sword. Offering a plethora of advantages, it also comes with new potential threats. Ultimately, the impact of quantum computing on crypto, assuming there will be one, will depend on how the people behind the technology choose to utilize it.