Quantum computing startup PsiQuantum has broken ground on a Chicago facility designed to house a 1 million-qubit computer. Scientists suggest a machine of this scale could theoretically crack Bitcoin’s cryptographic security, though the company states it has no plans to attack cryptocurrency networks.
The quantum computing firm PsiQuantum has begun constructing a facility for a 1 million-qubit machine, a scale scientists indicate is powerful enough to break Bitcoin’s encryption. Co-founder Peter Shadbolt shared that 500 tons of steel were erected in six days at the Chicago site.
The company raised $1 billion for the project in collaboration with chip maker Nvidia, aiming to build error-corrected quantum computers. PsiQuantum stated the facility would house computing power equivalent to tens of billions of typical machines to support next-generation AI supercomputers.
Some in the Bitcoin community warn that quantum computing could compromise the network’s cryptography, which currently secures $1.4 trillion. Bitcoin developers are currently discussing potential defensive actions, including a hard fork.
The amount of qubits needed is debated, but a recent scientific paper argued that around 100,000 qubits could break 2048-bit keys. The largest existing quantum computer is 6,100 qubits in size, according to the provided information.
In July, PsiQuantum co-founder Terry Rudolph said the company has no plans to use quantum computers to derive private keys from public keys. “We do not have plans,” Rudolph stated at an event, adding, “You can’t hide this stuff as well; it’s a company of hundreds of people.”
Research from crypto asset manager CoinShares in February found only 10,230 Bitcoin is both quantum-vulnerable and in addresses with visible public keys. CoinShares said a selloff of that amount, worth approximately $728 million, would resemble a routine trade.
