Quantum Computing Poses a Growing Threat to Bitcoin Security
A recent study by Google Quantum AI researcher Craig Gidney has sounded the alarm on the potential for quantum computers to break current encryption systems, including those used to secure Bitcoin. This breakthrough could be 20 times closer than previously thought.
Key findings from the study include:
- Quantum computers may be able to break RSA encryption more easily than anticipated.
- Bitcoin’s security could be at risk, as quantum computers are now estimated to be 20 times closer to breaking its encryption.
- Bitcoin uses elliptic curve cryptography (ECC), which is also vulnerable to quantum attacks.
- While no computer currently has the capability to perform such a task, the findings suggest that the timeline for potential threats is shorter than previously thought.
For decades, the security of cryptocurrencies and digital information has relied on encryption systems considered virtually unbreakable with conventional technology. However, Gidney’s study has reignited concerns about the potential for quantum computers to undermine the foundations of Bitcoin.
Gidney’s research estimates that breaking RSA encryption could require up to 20 times fewer quantum resources than previously assumed. This significant decrease accelerates the arrival of real threats. The investigator explicitly quantified the advance, stating, “This is a 20-fold decrease in the number of qubits compared to our previous estimate.”
While the research does not specifically mention Bitcoin or other cryptocurrencies, the findings could represent a paradigm shift, altering all known digital security projections and implying a race to adapt protection for digital assets.
Understanding Quantum Computing and its Threat
Quantum computing exploits the principles of quantum mechanics, using quantum bits (qubits) instead of traditional bits. Qubits can represent both 0 and 1 simultaneously due to phenomena like superposition and entanglement, allowing quantum computers to perform multiple calculations simultaneously.
Gidney’s mathematical breakthrough implies that the time until a concrete threat arrives is potentially shorter than previously thought, putting pressure on cryptographers and cryptocurrency holders to find post-quantum solutions.
Experiment to Break Bitcoin
Although no quantum computer can currently break Bitcoin transactions or wallets, some are trying. The Project 11 group, focused on quantum research, has launched a public challenge with a 1 BTC reward ( equivalent to approximately $110,000) for anyone who can break small ECC keys (1-25 bits) using real quantum hardware.
While these key sizes are insignificant and not used in real operations, the goal is to have a concrete measure of how close labs are to challenging current security systems.
What’s Next?
The crypto industry is seriously discussing the future of encryption. New standards, such as post-quantum cryptography, are being developed to preserve public and private data security even if advanced quantum computers become available.
Meanwhile, it’s essential not to sound the alarm just yet. While Gidney’s research presents a much closer scenario for the obsolescence of traditional keys, no bank or exchange is currently at risk. The report contributes to the debate and motivates the search for robust solutions.