Quantum computing benchmark for Bitcoin, Ethereum attack halved by researchers

quantum computing benchmark — Researchers have significantly lowered the estimated quantum computing resources required to perform a key operation that could threaten Bitcoin and Ethereum‘s security.

The new benchmark, which involves breaking the widely used Elliptic Curve Digital Signature Algorithm (ECDSA), is less than half the level previously reported by Google. The research, detailed in a paper titled ‘Estimating the cost of generic quantum pre-image attacks on SHA-256,’ focuses on the resources needed to find a hash collision, a foundational step in a potential attack.

While the two research efforts use different accounting methods, the new findings suggest the computational threshold for a practical quantum attack on these blockchains may be lower than prior industry estimates. This operation is considered a critical vulnerability for cryptocurrencies that rely on ECDSA, including Bitcoin and Ethereum.

The development underscores the ongoing need for the crypto industry to prepare for post-quantum cryptography, though a machine capable of executing such an attack is not expected to be built for many years.