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Proof-of-Work (PoW) is a fundamental underlying technology behind most majorblockchain cryptocurrencies. It has been previously pointed out that quantumdevices provide a computational advantage in performing PoW in the context ofBitcoin. Here we make the case that this quantum advantage extends not only toall existing PoW mechanisms, but to any possible PoW as well. This has strongconsequences regarding both quantum-based attacks on the integrity of theentirety of the blockchain, as well as more legitimate uses of quantumcomputation for the purpose of mining Bitcoin and other cryptocurrencies. Forthe first case, we estimate when these quantum attacks will become feasible,for various cryptocurrencies, and discuss the impact of such attacks. For thelatter, we derive a precise formula to calculate the economic incentive forswitching to quantum-based cryptocurrency miners. Using this formula, weanalyze several test scenarios, and conclude that investing in quantum hardwarefor cryptocurrency mining has the potential to pay off immensely.

Quantum Advantage on Proof of Work