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Google says its Willow chip cut errors about 40-fold when preparing “magic states,” a resource needed for quantum calculations that could one day threaten bitcoin wallets, and the result was published in Science. The approach reached about 99.99% fidelity for states that passed inspection, but only about 8% of preparation attempts succeeded and scaling remains difficult. The article stresses this does not make a bitcoin attack 40 times cheaper, as one modeled attack would still need roughly 500,000 reliable magic states per second. Some of bitcoin's oldest holdings have had their public keys exposed since they were mined, giving an attacker more time; for example, 100.02 BTC untouched since July 2010 moved on 7 October, worth about $8.5 million.
- Google’s Quantum Breakthrough Puts Bitcoin in Trouble? Analyst Says Not Today, but ‘Gap Is Getting Smaller’
Market research platform Bull Theory said that progress in quantum computing has narrowed Bitcoin's (BTC) long-term security gap. However, no existing machine can currently threaten the network; the comments were made in an X post reacting to news involving Alphabet.
- Zohran Mamdani Says Quantum Is Poised to Become a ‘Multi-Trillion Dollar Industry’ and New Yorkers Should ‘Share in That Profit’
New York City Mayor Zohran Mamdani said the city will receive 15% of intellectual property proceeds from the Quantum Fabrication Facility (QFab) being built by New York University (NYU) in Manhattan, along with three seats on the project's Executive Advisory Board. NYU is contributing $255 million of the $284 million total, while the city will award $29.2 million, and the lab is expected to open in 2030. A city statement estimates quantum technology could generate up to $2.7 trillion in economic value by 2035. The article also notes the Trump administration has made government equity stakes a recurring tool, holding 9.9% of Intel Corp. and committing $2 billion to nine quantum computing companies in exchange for equity stakes.
- Zohran Mamdani Says Quantum Is Poised to Become a ‘Multi-Trillion Dollar Industry’ and New Yorkers Should ‘Share in That Profit’
New York City will receive a 15% share of intellectual property proceeds from NYU's Quantum Fabrication Facility (QFab), plus three seats on its Executive Advisory Board. The city is awarding NYU $29.2 million to help build the lab, which NYU is funding with $255 million of the $284 million total, and it is expected to open in 2030. Mayor Zohran Mamdani said quantum is poised to become a multi-trillion dollar industry and that New Yorkers should share in the profit, citing a city estimate of up to $2.7 trillion in economic value by 2035. Separately, Google Quantum AI said it reduced errors on its Willow chip by 40-fold while producing 'magic states', a key bottleneck, though the technique still needs to be shown at larger scale.
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