Bitcoin encryption may be cracked by quantum computers with 13 million qubits, according to a new study.
quantum computers that can break the encryption used by Bitcoin might be developed within the next ten years, according to new study.
The cryptographic method (SHA-256) that protects the Bitcoin blockchain, according to scientists from the University of Sussex in the UK, can be broken in less than 24 hours by quantum computers with 13 million qubits.
The current record for quantum computer performance is a meagre 127 qubits, but experts believe that major advancements over the next 10 years might lead to quantum machines with enough horsepower. Modern quantum computers are far from this level of speed.
Finding a way to break the Bitcoin code
An attacker may hijack transactions and redirect funds to their own wallet if they were able to crack the encryption safeguarding the Bitcoin network. Suppose an assault were to occur, and it became evident that the market was under attack. This would result in the loss of hundreds of billions of dollars in value.
With present technology, breaking the SHA-256 algorithm is difficult, however, that won’t remain the case for the foreseeable future.
While IBM’s most powerful quantum machine is billed as the first that cannot be successfully copied by a conventional computer, it falls short of the 13 million qubits needed to crack Bitcoin.
However, the world’s leading technology corporations are doing substantial study into all elements of quantum computing. However, researchers are also looking at ways to increase the number of qubits on a quantum processor, as well as exploring the possibility of combining quantum and conventional computing, as well as developing novel methods of cooling.
However, even though it’s very unlikely that Bitcoin would ever use a quantum-safe encryption mechanism, the study highlights an important issue regarding the long term viability of encryption methods.
As the project’s principal researcher, Mark Webber, points out, it’s a fallacy to believe that information encrypted today would stay safe in the future because of developments in quantum computing.
The fact that encrypted communications can be saved and decrypted in the future has already caused concern, according to Webber. Changing our encryption methods now is urgently needed due to concerns that they will no longer be safe in the future.