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Re:All Bitcoin private keys are on this website by HPsquared on Tuesday December 21, 2021 @06:25AM (#29636301)
That's what mining is too, basically. It's just that a mining rig can "buy a lot more tickets".
Re:All Bitcoin private keys are on this website by shawabawa3 on Tuesday December 21, 2021 @08:31AM (#29637170)
It's not at all what mining is

Miners aren't brute forcing keys to existing wallets and stealing the bitcoin, as that's effectively impossible even for the biggest mining rig (like, a mining rig the size of the sun couldn't do it in a trillion years)

Re:All Bitcoin private keys are on this website by aqme28 on Tuesday December 21, 2021 @07:20AM (#29636652)
Well that's a different lottery system with much better odds than this.

Technically miners could start mining by trying to guess private keys, but there's no reason to because the expected value is so so much worse.

Re:All Bitcoin private keys are on this website by satronaut on Tuesday December 21, 2021 @09:17AM (#29637557)
They really can't though. Asics are designed to do the SHA2(SHA2()) function over and over again. A private key is any number between 1 and 2^256 power. An ASIC arguably couldn't even perform the operations to query the Bitcoin blockchain and see how many unspent UTXO's the private key's corresponding public key controls.
Re:All Bitcoin private keys are on this website by bhouston on Tuesday December 21, 2021 @07:38AM (#29636782)
Has someone done the expected cost to find a usable BTC address as well as the expected value of a BTC address? What is the ratio?
Re:All Bitcoin private keys are on this website by garmaine on Tuesday December 21, 2021 @07:55AM (#29636900)
Astronomical. You could convert every computer into existence into hunting for used private keys, and run them for the lifetime of the universe, and you’d be unlikely to find even one used key.
Re:All Bitcoin private keys are on this website by bhouston on Tuesday December 21, 2021 @08:02AM (#29636936)
What is the expected speed up if using quantum techniques?

Can quantum techniques allow one to more effectively search for a specific private key to a BTC account?

Re:All Bitcoin private keys are on this website by shawabawa3 on Tuesday December 21, 2021 @08:30AM (#29637158)
Quantum computers can be used to crack public keys for a bitcoin account yes, but an addresses public keys are only published when a transaction is made

Best practice for secure bitcoin accounts is to always send the entire balance when making a transaction, and have the "change" go back to a new address

Re:All Bitcoin private keys are on this website by garmaine on Tuesday December 21, 2021 @10:46AM (#29638474)
Not anymore. With taproot the key used is published on the blockchain when the output is created.
Re:All Bitcoin private keys are on this website by shawabawa3 on Thursday December 30, 2021 @11:06AM (#29737837)
That doesn't make sense.

I haven't published the public key to my bitcoin wallet. If someone sends to my address how do they publish the public key?

There are new output formats with taproot but they aren't mandatory and you can still send to addresses with no published public key

Re:All Bitcoin private keys are on this website by robbiep on Tuesday December 21, 2021 @08:12AM (#29637021)
Well, theoretically, instantly. But that’s kind of like asking what if I had this potion that instantly cured every disease known to man and then some, what would happen. What sort of quantum computer are you talking about? How many qubits?
Re:All Bitcoin private keys are on this website by shawabawa3 on Tuesday December 21, 2021 @08:28AM (#29637151)
not exactly true

BTC addresses that have never sent BTC are not vulnerable to quantum computers as the public key is only sent when a transaction is made. The address you send to is a hash of the public key and irreversible even with quantum computers

Re:All Bitcoin private keys are on this website by garmaine on Tuesday December 21, 2021 @10:47AM (#29638480)
This is no longer the case with Taproot, btw.
Re:All Bitcoin private keys are on this website by robbiep on Tuesday December 21, 2021 @10:12AM (#29638090)
The more you know. Thankyou
Re:All Bitcoin private keys are on this website by lvass on Tuesday December 21, 2021 @08:22AM (#29637106)
I think it's square root of classical computing time, using Grover's algorithm.
Re:All Bitcoin private keys are on this website by HPsquared on Tuesday December 21, 2021 @11:46AM (#29639146)
How do the units work there? The dimensions would be time^(1/2)... That isn't a physical time.

It's it the number of operations which is the square root? (Presumably the different types of computer don't take the same amount of time per operation)

Re:All Bitcoin private keys are on this website by garmaine on Tuesday December 21, 2021 @10:48AM (#29638493)
That’s reversing hashes. Finding the private key for a given public key would be basically instant if your quantum computer was large enough.
Re:All Bitcoin private keys are on this website by MarkPNeyer on Tuesday December 21, 2021 @07:52AM (#29636875)
This isn’t true at all.

Mining involves guessing a salt which, when added to data for a single block’s with of transactions, makes the hash have a certain sum of zeros.

They are only the same in that they are using randomness to search for some number satisfying a given criteria. But, for example, you couldn’t use mining hardware to search for wallets with open balances. The mining hardware is specially optimized for one thing only.

Re:All Bitcoin private keys are on this website by kosinus on Tuesday December 21, 2021 @06:47AM (#29636446)
Make me wonder, at what point does brute forcing private keys become more lucrative than mining?
Re:All Bitcoin private keys are on this website by IronIvan on Tuesday December 21, 2021 @06:56AM (#29636502)
Re:All Bitcoin private keys are on this website by echelon on Tuesday December 21, 2021 @11:03AM (#29638656)
You're assuming the crypto is flawless and forever hard, even with new computational paradigms.

We've shown time and time again that our undefeatable algorithms aren't.

Would you be comfortable if the Blockchain was frozen in time for a hundred years, after which you could withdrawal your balance? Would it be impervious over that time frame?

Re:All Bitcoin private keys are on this website by temp0826 on Tuesday December 21, 2021 @07:01AM (#29636533)
I mean...btc will eventually hit the supply limit. Sort of hilarious if all mining hardware was repurposed at that point to work on brute forcing instead
Re:All Bitcoin private keys are on this website by MereInterest on Tuesday December 21, 2021 @07:39AM (#29636789)
The supply limit is irrelevant in this case. In order to remain secure, the cost to attack Bitcoin must be proportional to the value represented by Bitcoin. Currently, when proof of work is performed, it is funded in large part by increasing a ledger value without a corresponding decrease elsewhere (aka "minting"). In the future, when proof of work is performed, transaction fees will need to increase in order to provide a similar incentive.

If the sum of the block reward and the transaction fees decreases, then that would result in fewer groups willing to perform proof of work calculations, and would be followed by a decrease in the proof of work difficulty in order to maintain ~1 block every ten minutes. That lowered difficulty then results in a lower cost to attack Bitcoin.

So, there must always, always be profit in running proof of work calculations. Not only that, but to maintain the security of the ledger, any increase in Bitcoin valuation must result in a proportional increase in proof of work expenditure across the entire network. It's an absolute disaster of a system.

Re:All Bitcoin private keys are on this website by Pennycade on Tuesday December 21, 2021 @08:06AM (#29636983)
What effect would this have on transaction fees, has this been modelled somewhere?
Re:All Bitcoin private keys are on this website by tromp on Tuesday December 21, 2021 @07:30AM (#29636737)
Transaction fees will dominate the block subsidy long before that. Probably within the next 2 decades (in which the subsidy drops 32x).
Re:All Bitcoin private keys are on this website by patrickthebold on Tuesday December 21, 2021 @06:57AM (#29636512)
Yes but, mining is set up to be easier/winnable because adding blocks is necessary.

The opposite is true of finding private keys.

Re:All Bitcoin private keys are on this website by theden on Tuesday December 21, 2021 @06:28AM (#29636316)
Solo mining yeah definitely, but with pool mining one can at least generate some fraction of a BTC.
Re:All Bitcoin private keys are on this website by nyadesu on Tuesday December 21, 2021 @09:00AM (#29637422)
I would say "it can solve very big sudokus way too fast"