Quantum computing firm PsiQuantum has started construction on a facility designed to host a 1 million-qubit quantum computer, a scale scientists say could theoretically break Bitcoin’s cryptography.
The Chicago site began taking shape this week, with co-founder Peter Shadbolt saying roughly 500 tons of steel were erected within six days to house the machine.
The project follows a $1 billion funding round announced in September to build the facility with chipmaker Nvidia and develop fault-tolerant quantum computers.
PsiQuantum said the system is designed to support next-generation artificial intelligence infrastructure and deliver commercially useful quantum computing.
Some Bitcoin developers and investors have warned that sufficiently powerful quantum computers could eventually compromise Bitcoin’s encryption and expose certain wallets.
Research from CoinShares suggests only about 10,230 Bitcoin currently sit in addresses vulnerable to potential quantum attacks, which would represent roughly $728 million at current prices.
PsiQuantum co-founder Terry Rudolph said the company has no plans to use its technology to target Bitcoin or derive private keys from public addresses.
At the time of reporting, Bitcoin price was $70,370.43.