David Duong, Coinbase’s Head of Investment Research, said that quantum computing advances could not only threaten Bitcoin wallets, but also its economic model and security as they could be used for mining Bitcoin blocks more efficiently.
Quantum computing continues to be debated As a possible threat to the crypto-industry, it has been suggested that more advanced computers with the ability to break encryption could expose user keys and sensitive data.
Duong said A LinkedIn post from Monday revealed that a new issue may be approaching. He believes that the main risks are on “Q-day” There are quantum computers with cryptographic relevance running “Shor’s and Grover’s Algorithms to undermine bitcoin’s cryptographic signature.”
“That is, bitcoin’s security relies primarily on two cryptographic pillars: the Elliptic Curve Digital Signature Algorithm (ECDSA) for transaction signatures and SHA-256 for the proof-of-work mining processes,” He said.
“That means quantum computers actually pose two separate threats. They could potentially break the cryptographic security of private keys, allowing attackers to steal funds from vulnerable addresses, and they could potentially mine blocks more efficiently, disrupting Bitcoin’s economic and security model.”
Increased computing power can upset the balance of mining
Bitcoin miners utilize computational power Energy is used to solve mathematical problems that are complex, adding transaction blocks to the system. According to some theories, quantum computers would be faster than existing computers.
A 51% attack is one example of an attack. require A massive amount of computing power This could enable one miner, or even a small group of miners to manipulate the Blockchain and control over half of Bitcoin’s total computing power.
“That said, we think quantum mining itself remains a lower-priority concern for now given scaling constraints, making signature migration the central issue,” Duong said.
“Overall, we do not view quantum computing as an imminent threat because today’s machines are orders of magnitude too small to break Bitcoin’s cryptography. That said, we are glad that the open-source community remains vigilant about engineering post-quantum migration paths.”
Related: Quantum computing in 2026: No crypto doomsday, but time to prepare
The threat of quantum computing to the future is still decades away, according to skeptics
Adam Back and other cypherpunks are examples of skeptics. argue the threat posed by quantum computing The technology will not be viable for decades.
Charles Edwards the founder and CEO of Capriole Digital Asset Fund, a quantitative Bitcoin fund, is on the opposite side of this debate. argue that the threat is more imminent It is important to take action sooner rather than later to ensure the security of your network.
Magazine: Bitcoin vs. the quantum computer threat: Timeline and solutions (2025–2035)
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Source: cointelegraph.com
