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Most quantum-vulnerable Bitcoin sits in wallets holding under 100 Bitcoin, with CoinShares claiming it could take a millennium to compromise each one.Digital asset manager CoinShares has brushed aside concerns that quantum computers could soon shake up the Bitcoin market, arguing that only a fraction of coins are held in wallets worth attacking.
) of 1.63 million Bitcoin sit in wallet addresses with publicly visible cryptographic keys that are vulnerable to a quantum computing attack. A little over 7,000 Bitcoin are held in wallets with between 100 and 1,000 BTC, while roughly 3,230 Bitcoin are held in wallets with 1,000 to 10,000 BTC, equating to $719.1 million at current market prices, which Bendiksen said could even resemble a routine trade. The remaining 1.62 million Bitcoin are held in wallets with holdings under 100 BTC, which Bendiksen claimed would each take a millennium to unlock, even in the “most outlandishly optimistic scenario of technological progression in quantum computing.”The CoinShares researcher said these “theoretical risks” stem from quantum algorithms such as Shor’s, which could break Bitcoin’s elliptic-curve signatures, and Grover’s, which could weaken the Secure Hash Algorithm 256-bit . However, he argued neither quantum algorithm could alter Bitcoin’s 21 million supply cap or bypass proof-of-work, two of the Bitcoin network’s most foundational features. Quantum fears have been among the many drivers of Bitcoin FUD in recent months, with critics warning that any compromise of its cryptography could threaten a network that currently secures $1.4 trillion in value. The Bitcoin at risk are unspent transaction output wallets, which are chunks of Bitcoin tied to wallet addresses that have not been spent. Many of these Bitcoin wallets at risk date back to theBendiksen shares those views, stating that Bitcoin is “nowhere near dangerous territory,” noting that cracking its cryptography would require millions of fault-tolerant qubits — currently far beyond the 105 qubits achieved by Google’s latest quantum computer, Willow. “Recent advancements, including demonstrations by Google and others, represent progress but fall short of the scale needed for real-world attacks on Bitcoin.”quantum computing as a potential “existential threat” to Bitcoin, arguing that an upgrade is needed now to strengthen network security.Edwards said Bitcoin could be repriced significantly higher once a solution is implemented, which some, like Blockstream researcher Jonas Nick,Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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