Google Paper Alarms Crypto: Quantum Computers Threaten Bitcoin Security in 9 Minutes

• A new Google research paper warns quantum computers could crack Bitcoin and Ethereum blockchain security faster and with fewer resources than previously thought.
• The study suggests fewer than 500,000 physical qubits could break 256-bit elliptic curve cryptography, a 20X drop from earlier estimates.
• Researchers from Google Quantum AI, Ethereum Foundation, and Stanford University highlight a hypothetical 'on-spend attack' where quantum computers could access a Bitcoin private key in 9 minutes.
• The threat categorizes into on-spend, at-rest, and on-setup attacks, all becoming viable as quantum capabilities improve.
• The long-term solution is post-quantum cryptography (PQC), but immediate interim measures like reducing public key exposure and strengthening wallet security are recommended.