Bit Digital, Inc. (BTBT), a leading bitcoin mining company, saw its stock soar 5.10% in pre-market trading on Wednesday. The surge comes amid growing optimism surrounding the cryptocurrency industry, particularly with the advancements in quantum computing technology proving less threatening to Bitcoin's encryption than initially feared.
In a recent development, Google's newly unveiled quantum Willow chip, while groundbreaking in its computational power, is still considered "lightyears away" from being able to crack Bitcoin's encryption, according to industry experts. This alleviated concerns about the potential risks posed by quantum computing to the security of cryptocurrencies like Bitcoin.
Himanshu Maradiya, the CEO of CIFDAQ, a blockchain ecosystem company, emphasized that while Google's Willow chip is impressive, it lacks the millions of qubits (quantum computing power units) necessary to challenge Bitcoin's security. Crypto organizations are also actively working on security solutions to prevent such an event, further bolstering the industry's resilience.
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