Bitcoin Q-Day on the Horizon? New IBM Quantum Chip Expected to Hit Another Milestone

IBM has introduced new processors aimed at leading the way toward fault-tolerant quantum computing. The recently unveiled Nighthawk processor features 120 qubits, capable of supporting circuits with up to 5,000 two-qubit gates, inching closer to IBM's target of community-verified quantum advantage by 2026 and fault tolerance by 2029. Despite these advancements, experts believe that practical threats to Bitcoin's encryption are still distant, as an estimated 2,000 logical qubits would be necessary to crack Bitcoin's elliptic curve cryptography. The first Nighthawk systems are set to be available by the end of 2025, with plans for future iterations to exceed 1,000 connected qubits by 2028. IBM's ongoing efforts in this area are critical, especially following Google's recent achievements with quantum speed-up on its own Willow processor. The competition between tech giants has escalated concerns over potential vulnerabilities in Bitcoin’s security, highlighting the need for ongoing vigilance and advancement in the field of quantum computing.

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