Bitcoin Security Consortium Aims to Mitigate Quantum Computing Risks
A group of prominent companies has formed the Bitcoin Security Consortium to address potential risks related to quantum computing. The consortium, comprising BlackRock, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy, has pledged a total of $15 million over three years to support research and development focused on quantum defense.
The funds will be used to coordinate work among wallets, exchanges, miners, and users to address the potential risk. Currently, approximately 6.9 million BTC, valued at around $45 billion, are stored in addresses that could be affected by a future quantum computer capable of breaking Bitcoin's cryptography.
Robert Mitchnick, Head of Digital Assets at BlackRock, emphasized the importance of this work, stating 'Core developers are undertaking important work, and we will provide more funding to ensure Bitcoin’s long-term security.'