PsiQuantum starts 1M-qubit facility as Bitcoin risks debated
Quantum computing firm PsiQuantum has begun building a 1 million-qubit facility in Chicago, moving closer to its objective of delivering what it describes as the first practical quantum computer. Researchers have noted that a system of this scale could be capable of breaking the cryptography underpinning Bitcoin (BTC).
Co-founder Peter Shadbolt posted a photo of the site on X on Thursday, saying 500 tons of steel were erected over six days to accommodate the machine.
The company said in September that it raised $1 billion to develop the facility in collaboration with Nvidia, with a design intended to allow quantum computers to operate even in the presence of errors.
PsiQuantum has stated the site is planned to support 1 million qubits of computing capacity, which it equates to the power of tens of billions of conventional computers, with the goal of making quantum computing commercially useful and supporting “next-generation AI supercomputers.”
Members of the Bitcoin community have warned that advances in quantum computing could jeopardize Bitcoin’s cryptography. Some argue that such progress could endanger the network, which currently secures $1.4 trillion, while others, including Blockstream CEO Adam Back, contend that quantum computers are unlikely to pose a significant threat to Bitcoin for at least a decade.
Bitcoin developers are discussing potential measures against quantum risks, including whether to proceed with a hard fork and what changes it might require.
The BTC considered most exposed to a quantum attack are unspent transaction output (UTXO) wallets, or coins associated with addresses that have never been spent, many of which trace back to Bitcoin’s earliest years.
Estimates of the qubit count needed to derive Bitcoin private keys vary and have been trending lower as research progresses. A preprint released last month suggested around 100,000 qubits may be sufficient to break 2048-bit keys, while Bitcoin relies on 256-bit keys. The largest quantum computer at the California Institute of Technology currently has 6,100 qubits.
PsiQuantum says it does not intend to target Bitcoin
In July, PsiQuantum co-founder Terry Rudolph said the company does not plan to use quantum computers to derive private keys from public keys. “We do not have plans,” Rudolph said at the Presidio Bitcoin-hosted Quantum Bitcoin Summit. “You can’t hide this stuff as well; it’s a company of hundreds of people.”
Only 10,000 BTC at immediate risk: CoinShares
Even if quantum computers become capable of breaking Bitcoin’s cryptography, research from crypto asset manager CoinShares in February estimated that only 10,230 BTC are both quantum-vulnerable and held at addresses with publicly visible cryptographic keys.
CoinShares said that the sale of 10,230 BTC, equal to $728.2 million at current market prices, would “resemble a routine trade.”
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