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First time "cracking" Bitcoin with a quantum computer?
Research company Project Eleven once made headlines by offering a reward of 1 BTC to anyone who could decrypt Bitcoin within a year. As a result, researcher Giancarlo Relli succeeded in breaking a 15-bit encryption using a quantum computer.
This achievement is considered the largest quantum attack on elliptic curve (ECC) encryption to date – the core security foundation of Bitcoin.
But Bitcoin remains secure (for now)
However, Project Eleven emphasizes that Bitcoin uses 256-bit encryption, which is much stronger than the 15-bit level in the experiment. Comparing these two levels is not appropriate, and it cannot be concluded that Bitcoin is immediately threatened.
Nevertheless, an important point is that about 6.9 million BTC are stored in wallets with public keys visible on the blockchain – this group could become targets if quantum technology becomes sufficiently powerful in the future.