Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL), the subsidiary of Googlehas unveiled its next-generation “Willow” quantum chip, sending shockwaves through the tech world, with its ultra-fast computing capabilities stoking concerns about Bitcoin (CRYPTO:BTC) and other cryptocurrencies.
What happened
The new chip, developed at the company’s quantum lab in California, can solve a benchmark calculation in less than five minutes, a task that would take the world’s fastest supercomputers 10 quadrillion, or 10^25, years to solve.
The fear is that it could break Bitcoin’s much-vaunted security.
For a frame of reference, Bitcoin’s decentralized, trustless structure is fueled by cryptography, a practice of encoding information to keep it secure and readable only by the intended recipient.
The X user followed by many, known by the pseudonym John Trades MBA, made a general statement about the impact of the new chip on Bitcoin.
“If the Google Quantum Chip Willow is really that good, they could mine all the remaining Bitcoin. There are 1.1 million Bitcoins left to be mined, valued at $110 billion.”
If $Google quantum chip Willow is really that good they could mine all the remaining bitcoin
1.1 Million Bitcoins are left to be mined worth $110 Billion pic.twitter.com/zrfN5jNV43
— John Trades MBA (@JPATrades) December 9, 2024
However, his claims were quickly verified, with users pointing out that the hashing algorithm used in Bitcoin to verify transactions and public addresses is resistant to quantum computing.
Users also highlighted Bitcoin’s difficulty adjustment algorithm that ensures new blocks are mined approximately every 10 minutes, regardless of the number of miners or the amount of computing power they use.
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The renowned internet entrepreneur Kevin Rose He also decided to dispel fears.
“Estimates indicate that compromising Bitcoin encryption would require a quantum computer with about 13 million qubits to crack it in a 24-hour period,” Rose explained. “In contrast, Google’s Willow chip, although a significant advance, consists of 105 qubits.”
Q: Can Google’s Willow crack Bitcoin?
Estimates indicate that compromising Bitcoin’s encryption would require a quantum computer with approximately 13 million qubits to achieve decryption within a 24-hour period.
In contrast, Google’s Willow chip, while a significant…
— Kevin Rose (@kevinrose) December 9, 2024
Tyleranother X user with a large following, made the same argument highlighting Bitcoin’s flexibility to fork and upgrade at any time to keep up with advancing technology.
Willow has 105 Qubits.
To crack Bitcoin you need between 200-400million Qubits.
It can also be forked at anytime and upgraded.
Fantasizing about Bitcoin dying just because you were too brain dead to buy in and make money is the real tweet. https://t.co/HOM0naWG0k pic.twitter.com/WeABK7h8Kv
—Tyler (@TylerDurden) December 10, 2024
another user, Pablo Lacasiawho described himself as a technology enthusiast, took a more balanced stance, acknowledging the risk involved.
“The consensus from the available information is that although there is a risk, it is not immediate, and the crypto community is aware of the need to take proactive measures,” Lacasia stated.
While #quantum computers pose a theoretical threat to Bitcoin’s current security model, the actual impact depends on the advancement of quantum technology versus the readiness and adaptability of Bitcoin’s protocol to new cryptographic standards. #Bitcoin could potentially…
— Pablo Lacasia (@LacasiaPablo) December 9, 2024
He added that although Bitcoin could potentially survive by transitioning to quantum computing-resistant algorithms, the process would be “a challenge.”
Photo courtesy of Shutterstock
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