A recently established Hong Kong company says it is going to use the next generation quantum computing technology to “bring lucrative mining back into Bitcoin industry.”
Quantum technology allows creating “supercomputers capable of processing dense digital information and generating multi-sequential algorithmic solutions 100,000 times faster than conventional computers,” says CoinFac press release published by PRWeb. While a quantum computing server costs as much as $5-10 million, it can generate even greater profits if used for cryptocurrency mining, says Mike Howzer, CEO at CoinFac.
He believes that with the use of quantum technology, bitcoin mining would become 4,000 times faster. By the end of the fiscal year, he hopes to make a profit of $50 million.
On its website, CoinFac promises great advantages to those who will participate in the CoinFac bitcoin cloud mining. It states that, unlike other providers, CoinFac allows to do it anonymously (“with purchase and withdrawal via bitcoin”) with enhanced mining efficiency due to quantum computing processes and, first and foremost, the extraordinary hashing power of 280 TH/s.
However, according to the site, the cloud mining packages with hashing power exceeding 10 TH/s (“Institutional Bitcoin Cloud Miner” and “Expert Bitcoin Cloud Miner”) have already been sold out. The only packages still available are those for “Novice” and “Intermediate” bitcoin cloud miners, for 1 and 10 bitcoins per annum respectively.
While praising quantum computing, neither the press release nor the website provides any substantial technical details.
According to the press release, CoinFac Ltd. is a company established in 2016 and owned by Palantir Technologies Incorporation, an American company from the top 30 list in Silicon Valley, valued at $15 billion in January 2015.
UPDATE: Matt Long from Palantir in his comment to Coindesk denied any involvement with CoinFac. Besides, while the project's “About Us” page lists one Michael Howzeris, an ex-employee of Google, Intel and Oracle, it has been impossible to find any information about the person on the web apart from the CoinFac page. Some consider the whole scheme to be little more than a scam.
Alexey Tereshchenko
Comments
To declare it a scam we needed facts. Now we have them.