Hut 8 Mining Corp (HUT), a cryptocurrency mining company, saw its stock plummet 5.13% in the pre-market session on Monday. This sharp decline can be attributed to growing concerns over the potential threat posed by quantum computing to the security and value of Bitcoin.
According to reports, advances in quantum computing technology could one day allow hackers to break the encryption that keeps Bitcoin secure, enabling them to steal coins from supposedly secure digital wallets. While researchers estimate that a quantum computer powerful enough to crack Bitcoin's encryption is still a decade or more away, the looming risk has raised alarms among cryptocurrency investors.
As a major player in the Bitcoin mining industry, Hut 8 Mining Corp's fortunes are closely tied to the future of the cryptocurrency. The possibility of a quantum hack, which could undermine the integrity and value of Bitcoin, has likely spooked investors, leading to the sell-off in HUT's stock.
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