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

IBM has unveiled its newest quantum processors, Nighthawk and Loon, which are designed to bring the company closer to achieving fault-tolerant quantum computing by 2029. The Nighthawk processor features 120 qubits and is capable of supporting complex computations through its enhanced connectivity and increased circuit complexity. IBM aims to achieve community-verified quantum advantage by 2026, which would signify a moment when quantum computers can outperform classical computers in specific tasks. While these advancements bring the possibility of eventually cracking the encryption underlying Bitcoin closer, experts caution that practical threats are still years away. Cracking Bitcoin’s elliptic curve cryptography would require a significant advancement in quantum technology, necessitating thousands of logical qubits. IBM’s developments reflect a broader trend in the quantum computing industry, with significant investments and collaborative efforts with partners like Algorithmiq to advance quantum applications. Furthermore, by 2027, IBM plans to expand its computational libraries to aid researchers in modeling complex systems, further solidifying its position in the quantum domain.

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