PsiQuantum has commenced construction on a groundbreaking facility intended to house a staggering 1 million qubits of quantum computing power, a move that could significantly impact Bitcoin's cryptography. Located in Chicago, the site has already seen the erection of 500 tons of steel within just six days, as shared by co-founder Peter Shadbolt on social media.
The company announced in September that it secured $1 billion in funding, partnering with chip manufacturer Nvidia to create a quantum computer capable of functioning even amidst errors. This facility aims to facilitate the development of quantum computing for practical applications, potentially supporting future AI supercomputers.
Concerns have arisen within the Bitcoin community regarding the implications of quantum computing, as some experts suggest it could threaten the network, which currently secures approximately $1.4 trillion. Discussions are ongoing among Bitcoin developers about responding to these potential threats, including the possibility of a hard fork.
While some speculate that about 100,000 qubits could be required to breach Bitcoin's encryption, PsiQuantum has stated it does not intend to target the cryptocurrency. Co-founder Terry Rudolph emphasized at a recent summit that the company has no plans to use its technology for this purpose.