Google’s quantum researchers have published a new paper revealing that quantum computers can break the security systems of Bitcoin and Ethereum with minimal computational power. Using approximately 1,200 to 1,450 high-quality qubits, Google’s Quantum AI team indicates that the private keys of Bitcoin can be discovered within 9 minutes. Google aims to develop an effective quantum system by 2029, putting pressure on the cryptocurrency industry to swiftly transition to post-quantum security protocols.
This groundbreaking study challenges the previous assumption that cracking Bitcoin’s encryption would require millions of qubits. Instead, the research demonstrates that fewer than 500,000 qubits could suffice for the task. According to Google’s Quantum AI team, private keys could be retrieved within 9 minutes, posing a potential 41 percent risk of hackers compromising transactions before they are confirmed.
The Bitcoin ‘Taproot’ update completed in 2021 enhanced privacy and efficiency, but also introduced new security challenges. Currently, roughly 6.9 million Bitcoins remain in wallets whose public keys have been partially or fully exposed. Although faster transaction time in cryptocurrencies like Ethereum has somewhat mitigated the risk of such real-time attacks, the overall threat posed by quantum computing remains significant. Google employed zero-knowledge proof technology to publicly share these sensitive findings, verifying the accuracy of the research without disclosing detailed hacking methods.
