Quantum computer solves Bitcoin's algorithm for the first time in history, BTC drops 20% in minutes

New research team has built a quantum machine with 13 million qubits that cracked Bitcoin encryption.

Scientists from the University of Sussex in the UK have built quantum systems with 13 million qubits, which was sufficient enough to break the cryptographic algorithm (SHA-256) that secures the Bitcoin blockchain within the space of 24 hours.

The ability to break the encryption protecting the Bitcoin network allows researchers to catch transactions and reroute coins into their own wallet.

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As noted by Mark Webber, lead researcher on the project, advances in quantum computing are inevitably rendering modern encryption redundant, it was a mistake to assume that information encrypted today would remain secure tomorrow.