Quantum mining testnet targets post-Bitcoin era

Postquant Labs has launched Quip Network, a blockchain testnet designed to enable cryptocurrency mining using both quantum computers and traditional hardware.

The system replaces Bitcoin-style hashing with optimisation problems based on the Ising model, which are better suited to quantum computing capabilities.

“What we're doing is we're searching for a particular Ising model that matches a particular energy target,”

Said Postquant Labs CTO, Richard Carback.

The network allows miners to earn QUIP tokens by solving these problems, which can then be used to access quantum computing resources.

The project is being developed in partnership with D-Wave, using its quantum systems to support parts of the mining process.

Postquant said the model could significantly reduce energy consumption compared to Bitcoin mining, with quantum systems potentially requiring minimal power per block.

The initiative also aims to monitor progress toward “Q-Day,” when quantum computers could break existing cryptographic systems used by Bitcoin and other blockchains.

At the time of reporting, Bitcoin price was $66,464.80.