Quantum computing boost for IBM but Bitcoin stays safe https://decrypt.co/16211/quantum-computing-boost-for-ibm-but-bitcoin-stays-safeIBM has doubled the power of its quantum computer but Bitcoin's encryption is still far from being broken.
"IBM has doubled the power of its quantum computer. At yesterday's CES 2020 conference, the company announced it had successfully achieved a Quantum Volume of 32 using its
28-qubit quantum computer known as Raleigh."
"As a network built entirely around cryptographically secured transactions, it stands to reason that a sufficiently powerful quantum computer could eventually crack the encryption used to generate Bitcoin private keys. However, according to a June 2017 paper by Martin Roetteler and several co-authors, such as a machine would need to command approximately
2,500 qubits of processing power to break the 256-bit encryption used by Bitcoin."
There's a lot of time to update Bitcoin to an even stronger encryption.
I expect that by the time some company finally reaches 2,5k people in China will already be mining Bitcoin on quantum miners and the network security and encryption will double. We had vital updates to Bitcoin in the past and we can have them in the coming years.