The prospect of a quantum computer being used to hack Bitcoin has moved out of the realm of theory. Google estimates that a machine with around 1200 logical qubits could break Bitcoin keys in 9 minutes or less, putting 6.9 million BTC in old addresses at risk. The ramifications for assets worth billions have regulators in no mood to be complacent.<\/p>\n
Google\u2019s latest work shows that a quantum computer of sufficient power could pull off a Bitcoin hack in record time; fewer than 1200 logical qubits would be enough to break the cryptography in as little as nine minutes. Pro Blockchain Media Live covered the story in a recent episode, and the news has been making waves in crypto circles given what is at stake: the security of some 6.9 million bitcoins and the hundreds of billions of dollars they represent.<\/p>\n
Then there is the matter of real-world hardware, where the largest key yet broken by a quantum device is a mere 15 bits compared to the 256-bit variety Bitcoin employs. Yet Google\u2019s numbers make it clear that the gap between what is theoretical and what is practical is closing fast. With the push for quantum supremacy in full swing, digital asset security is an ever more pressing concern.<\/p>\n
Regulators are taking note. Back in September, the EU\u2019s financial authorities made their position known with a formal warning to governments that they should have a plan in place to deal with the quantum risk before 2026 is out. They do not want to see current cryptographic defenses rendered obsolete by some overnight quantum advance.<\/p>\n
During a Pro Blockchain Media Live discussion, experts pointed out that the oldest accounts on the network are the most vulnerable, being repositories for coins from Bitcoin\u2019s formative years or simply lost property. Should a quantum attack occur, over 1.7 million of those bitcoins could be gone for good, as one cannot readily move them from such legacy addresses to somewhere more secure.<\/p>\n
The host of Pro Blockchain Media Live argued that to reduce exposure, a migration of assets and an update to the Bitcoin network are necessary. It falls to the individual user to move their coins to an address with the latest cryptographic protections when the opportunity presents itself\u2014a necessity for anyone with a sizeable holding or an older wallet. In the meantime, until protocol upgrades are implemented, the best way to reduce the chance of a private key being exposed is to avoid reusing an address that has received funds and to create a new one for every transaction.<\/p>\n
Every call by Pro Blockchain Media Live and how it played out \u2014 in the BuyCrypt bloggers tracker<\/a>.<\/em><\/p>\n Source \u2014 Pro Blockchain Media Live: https:\/\/www.youtube.com\/watch?v=EgcbQ2MFJxQ<\/a><\/em><\/p>\n <\/p>\n Explore how quantum computing risks could impact crypto trading strategies with our risk-free trading simulator. Quantum threat insights<\/a>.<\/p>\n <\/p>\n