Google Study Says Fewer Quantum Computers Could Easily Decipher Bitcoin

A recent study connected to Google has raised fresh fears in the cryptocurrency world. The research suggests that it may not take as many quantum computers as once believed to break Bitcoin’s security and threaten the entire system.

Scientists from Google Quantum AI, the University of Tokyo, and the University of Chicago were part of the team behind this research. Their findings show that quantum computers could unlock Bitcoin’s encryption much faster than expected. While the study is still waiting for peer review, it gives a serious warning about possible future risks.

Bitcoin currently uses a strong encryption method called the Elliptic Curve Digital Signature Algorithm (ECDSA). This encryption ensures that only the owner of a Bitcoin wallet can send funds. However, the new research points out that if quantum computers become powerful enough, they could find out a private key just by looking at the public key. With that private key, an attacker could take control of the Bitcoin in that wallet.

The study explains that quantum computers use qubits instead of the regular bits used in standard computers. Qubits can process more data and perform multiple tasks at once. This ability makes quantum computers much faster and more effective at solving complex problems.

The researchers ran tests to find out how many quantum computers it would take to break Bitcoin’s encryption. They discovered that a million quantum machines working together could do it in two days. Even if only 10,000 were used, it would still be possible, just slower. That’s surprising, since experts once believed it would take many more computers and much more time to pull off such a task.

At the moment, quantum computers are still in the early stages and not very advanced. But major companies like Google, Microsoft, and IBM are rapidly working to improve them. As progress continues, the threat to cryptocurrencies becomes more serious.

If a hacker were to get access to a strong enough quantum computer, they could steal Bitcoins from wallets that have already shared their public keys. This could lead to a massive loss of trust, a drop in Bitcoin’s value, and possibly shake the entire crypto industry.

Because of these risks, experts are urging Bitcoin developers to take action. They recommend switching to a newer type of encryption that can survive quantum attacks. This newer method is known as post-quantum cryptography. It’s built to remain secure even if quantum computing becomes mainstream.

Some cryptocurrency projects have already started experimenting with post-quantum solutions, but Bitcoin hasn’t fully moved in that direction yet. Updating Bitcoin’s system is complicated as it requires wide agreement from the community. Still, the recent study puts extra pressure on developers to act before it’s too late.

There is one small relief for Bitcoin users right now. Public keys are usually only exposed when someone sends Bitcoin. So, if people keep their coins in wallets and don’t move them, their keys remain hidden. This gives some protection, even if quantum computers get stronger.

But the message is clear: change is necessary. Quantum computers are improving quickly, and the crypto world needs to be ready. The belief that Bitcoin’s encryption is unbreakable may not hold for much longer given the pace at which firms like D-Wave Quantum Inc. (NYSE: QBTS) are improving their quantum computing solutions and hardware.

NOTE TO INVESTORS: The latest news and updates relating to D-Wave Quantum Inc. (NYSE: QBTS) are available in the company’s newsroom at https://ibn.fm/QBTS

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