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A Google researcher has drastically reduced the estimated quantum computing power needed to break Bitcoin’s encryption, raising concerns over the cryptocurrency’s long-term security. The findings suggest that quantum threats may materialize sooner than previously thought, prompting financial institutions like BlackRock to flag risks. However, experts believe the crypto industry still has time to adapt with quantum-resistant solutions.
- Google researcher Craig Gidney reduced the qubit requirement for breaking Bitcoin's encryption from 20 million to under 1 million due to algorithmic improvements.
- BlackRock's Bitcoin ETF disclosure now lists quantum computing as a material risk, citing potential threats to cryptographic security.
- Analysts predict a future Bitcoin fork into a quantum-resistant version (QRB) and a legacy chain, mirroring Ethereum's split with Ethereum Classic.
📎 Related coverage from: cryptoslate.com