Quantum computing research lowers barriers to breaking Bitcoin cryptography

Recent research from Google Quantum AI and IonQ has lowered the estimated resource requirements for quantum computers to break the elliptic curve cryptography used by Bitcoin.

Google's research team, including Ryan Babbush and Hartmut Neven, released a whitepaper suggesting that a superconducting quantum computer with fewer than 500,000 physical qubits could potentially break the discrete logarithm problem on elliptic curves within minutes. This represents a significant reduction in the estimated resources needed compared to previous projections. Google plans to transition to quantum-resistant procedures by 2029.

In a separate study, IonQ researchers utilized Shor's algorithm to simulate a realistic engineering scenario. Their findings suggest that a machine equipped with 19,397 physical qubits could theoretically solve the secp256k1 mathematical problem in approximately 25.7 days, accounting for error corrections during the quantum calculation. While these studies highlight growing vulnerabilities, experts note that the hardware required to execute such attacks does not yet exist.