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CoinShares: Quantum Computing Will Affect Only a Small Portion of Bitcoins, 2026/02/09 11:40:16
The head of Bitcoin research at CoinShares, Christopher Bendiksen, claims that the threats posed by quantum computing to the blockchain of the leading cryptocurrency are significantly overstated.
The researcher indicated that only 10,200 BTC on outdated addresses are genuinely at risk from quantum computers. Bendiksen disagreed with the findings of a study conducted in May 2025 by Chaincode Labs analysts Anthony Milton and Clara Shikhelman, who estimated that between 20% and 50% of the circulating bitcoins are vulnerable to quantum computing.
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Bendiksen mentioned outdated Pay-to-Public-Key addresses, where public keys remain visible in blockchain records. Approximately 1.6 million BTC, accounting for 8% of the total coin supply, are held in these addresses, although the vast majority is distributed across more than 32,000 individual outputs, averaging 50 bitcoins each. Accessing these assets would require an extraordinarily long time, even with successful quantum computations, CoinShares noted.
Bendiksen clarified that decrypting a public key within 24 hours would necessitate a fault-tolerant quantum computer with 13 million physical qubits, which is roughly 100,000 times more powerful than the most advanced systems currently available. To crack the key in one hour, a system would need to be 3 million times more powerful than existing equipment. Therefore, Bendiksen believes that a real quantum threat to Bitcoin may not emerge for at least another decade.
CoinShares opposed taking aggressive measures to prepare for quantum threats, particularly the burning of coins vulnerable to quantum attacks through protocol changes. Destroying coins belonging to inactive holders is a severe violation of Bitcoin’s fundamental principles, stated CoinShares. The company recommended a gradual transition to quantum-resistant address formats rather than hasty changes that could lead to critical errors and waste resources on development.
Recently, Bits.media published a detailed article discussing the threats posed by quantum computers, post-quantum scenarios for Bitcoin, and the solutions that various blockchain projects might employ in response to quantum computing.
