Bit Digital, Inc. (BTBT), a leading bitcoin mining company, saw its stock soar 6.03% during Wednesday's trading session, riding the wave of optimism surrounding the cryptocurrency industry. The surge came as advancements in quantum computing technology, particularly Google's newly unveiled quantum Willow chip, proved less threatening to Bitcoin's encryption than initially feared.
Experts have weighed in, suggesting that while Google's Willow chip is groundbreaking in its computational power, it is still "lightyears away" from being able to crack Bitcoin's encryption. This revelation alleviated concerns about the potential risks posed by quantum computing to the security of cryptocurrencies like Bitcoin, bolstering confidence in the industry.
Himanshu Maradiya, the CEO of CIFDAQ, a blockchain ecosystem company, emphasized that the Willow chip lacks the millions of qubits (quantum computing power units) necessary to challenge Bitcoin's security. Furthermore, crypto organizations are actively working on security solutions to prevent such an event, further reinforcing the industry's resilience.
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