Canaan Inc., a leading manufacturer of Bitcoin mining equipment, saw its stock price plummet by 5.17% in intraday trading on Monday. The decline comes amidst growing concerns over the long-term security of Bitcoin, which could pose significant risks to companies dependent on the cryptocurrency's success.
At the heart of these concerns lies the potential threat posed by quantum computing, a revolutionary technology that could render current encryption methods obsolete. As per a recent report, quantum computers powerful enough to crack the encryption that secures Bitcoin are likely a decade or more away.
However, the mere possibility of such an event has raised alarms within the cryptocurrency community. A successful quantum attack on Bitcoin could enable hackers to swipe coins from digital wallets, potentially triggering a massive sell-off and causing catastrophic losses across crypto and traditional financial markets.
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