According to recent reports, CoinFac, a technology company established this year, has just introduced a next generation quantum computing tech, meant for digital currency mining. In return, this will supposedly allow bitcoin and altcoin miners from all around the world to get a 4,000x speed increase.

To put things better into perspective, quantum computing is currently being looked at as the next generation of computers, able to process information and solve algorithms 100,000 times faster than conventional PCs. Do keep in mind the fact that normally, a quantum computer server costs around $5-10 million, so the price tag will make the CoinFac computers affordable only for the richest miners. Reports indicate that the computers will be able to mine at the amazing hash speed of 280,000 GH/s, thus enabling miners who invest into these servers to achieve unmatchable profits.

In a recent press statement, Mike Howzer, the CEO of CoinFac Limited stated that: “We envisioned cryptocurrency to be the game changer in most developed country’s economy within the next 5 years. Reliance of quantum computing technology expedites the whole process, and we will be recognised 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”.

The announcement comes as a positive surprise, considering the fact that this summer, the bitcoin halving event will occur, thus making mining less profitable. However, if more blocks are mined with the help of better technology, then certain miners will be able to remain in business, in case no value increase takes place.

CoinFac Limited won’t focus on cryptocurrency mining, however. In fact, they have been in close talk with the folks at Google, Microsoft and NASA for possible quantum computer integration.

Source: PRWeb

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.