Although there are a lot of controversies around Bitcoin, one of them is Can Quantum Computers hack Bitcoin? So, we have decided to address this question. Can Bitcoin Be Hacked By Quantum Computers if you also want to know? Then stay tuned because this article is specially designed for you.
Can Bitcoin Be Hacked By Quantum Computers?
According to scientists, computers with 13 million qubits might overcome Bitcoin’s protective encryption in less than a day.
Today, the Bitcoin network’s security, which employs a cryptographic technique called SHA-256, would be impossible for a machine to hack. However, quantum computing has the potential to alter this within the next decade. According to scientists at the University of Sussex, quantum computers will be strong enough to breach the security that safeguards Bitcoins within the next decade. New scientists initially reported on the research.
Bitcoin is built on a blockchain, which effectively records who owns what and is safeguarded by the SHA-256 algorithm. You could change ownership of a Bitcoin if you could break the key disclosed during Bitcoin transactions.
According to the Sussex scientists, led by Mark Webber, each Bitcoin transaction is issued a cryptographic key that is susceptible for a limited period, which may range from 10 minutes to an hour to a day.
The researchers estimate that it would take a quantum computer with 1.9 billion qubits to unlock Bitcoin’s encryption in 10 minutes. A computer with 317 million qubits would be needed to complete the feat in one hour. However, if you had a whole day to attempt to penetrate the security, a device with just 13 million qubits could do the job.
The most powerful quantum computer, created by IBM, has 127 qubits. We are a long way from computers with 13 million qubits being accessible, and as things stand, a 317 million+ qubit system is a far better chance in practical Bitcoin cracking.
The Sussex researchers believe that with the current rate of progress, sufficiently powerful quantum computers would not be achieved for “possibly over a decade,” placing us firmly in the 2030s.
Any predicted disastrous D-Day for Bitcoin is a changing target. The researchers point out that the Bitcoin network “This vulnerability may be mitigated by conducting a soft fork onto a quantum-safe encryption scheme, but there may be substantial scale implications connected with the transition.
“On the opposite side of the tug of war, advances in quantum computing might rapidly expedite progress toward hacking Bitcoin security. The possibility of trapped ion-based quantum computers, for example, is mentioned by the researchers.
Indirect Attacks Are Growing in Popularity
While absorbing the huge numbers discussed by the scientists, as well as pondering concepts such as quantum supremacy and quantum advantage, it is easy to overlook the fact that the current tech news landscape is littered with reports of various cryptocurrencies and exchanges being hacked or investor or speculator funds being otherwise stolen. How is this possible with such robust encryption in place?
As the recent Wormhole crypto attack taught us, every safe system is only as secure as its weakest link. Wormhole, one of the most famous bridges between the Ethereum and Solana blockchains, was alleged to have exposed $320 million to hackers earlier today. Blockchain protocols such as Wormhole are required by the system for cross-currency transactions and other uses but have been a hot target in recent months.