The Quantum Threat to Bitcoin: How a 9-Minute Window Can Compromise Your Cryptocurrency

The security of bitcoin relies on a complex system of cryptography, specifically elliptic curve cryptography, which uses a one-way map to derive a public key from a private key. However, a quantum algorithm known as Shor's algorithm can potentially break this encryption, allowing an attacker to derive the private key and gain control of the associated bitcoin. The recent paper by Google's Quantum AI division has reduced the estimated number of qubits required to run Shor's algorithm, making the threat more feasible. The article delves into the details of how Shor's algorithm works, the current limitations of quantum computers, and the potential attack scenarios, including the 'mempool attack' and the 'at-rest attack', which could compromise approximately 6.9 million bitcoin.