Google published the math showing a quantum computer could steal Bitcoin. It is not publishing the code.
The team used a zero-knowledge proof — a mathematical attestation that lets anyone verify a computation without seeing how it was done — to demonstrate that a quantum computer with fewer than 500,000 qubits could derive a Bitcoin private key in under 23 minutes, per the Google Research Blog. Multiple outlets covered the threat numbers when the preprint appeared in March. The proof itself, and why Google chose to publish math without blueprints, has not been covered anywhere else. The paper, co-authored with the Ethereum Foundation and Stanford, describes two Shor circuit variants for secp256k1 — one optimized for low qubit count, one for low gate count — cutting hardware requirements roughly 20-fold from the prior estimate of roughly nine million qubits, per PostQuantum. No quantum computer of this scale exists. The paper describes what one would do if it did.
The real threat is not the quantum computer described in the paper. It is the encrypted financial data being collected today.
Nation-states and criminal groups are almost certainly harvesting encrypted traffic from financial networks now, storing it, and waiting for quantum hardware powerful enough to decrypt it retroactively. This is the harvest-now-decrypt-later problem that makes the timeline urgent. The data has value today; the quantum computer that unlocks it is years away.
A separate paper from Caltech and the University of Chicago proposes a different path: roughly 26,000 neutral-atom qubits — an atom-based quantum computing design that does not yet exist — could break elliptic curve cryptography in 10 to 264 days, according to Wheatstones. The approach depends on quantum low-density parity-check codes at roughly 30 percent encoding rate, a more efficient error-correcting scheme that has not been experimentally demonstrated. The paper title specifies 10,000 qubits for Shor's algorithm in general; the ECC-256-specific count is an interpretation, not a primary result.
On attack probability: Shor's algorithm has two phases. The first depends only on fixed curve parameters and can be precomputed before any target is chosen. Once a public key is observed, the second phase takes roughly nine minutes on a fast-clock superconducting machine. Bitcoin's average block time is 10 minutes, per PostQuantum. Under idealized conditions, Google estimates a 41 percent probability that a primed CRQC derives a private key before a transaction settles. This is Google's own model; PostQuantum reproduced the core qubit numbers but did not verify the block-time probability calculation. That figure is one step removed from primary evidence.
The exposure is specific. Bitcoin addresses that have never spent funds keep their public keys hidden behind a hash. Roughly 1.7 to 2.3 million BTC do not: those coins have permanently exposed public keys from early mining and lost wallets, per Wheatstones. They cannot be rotated. Once a quantum computer of sufficient scale exists, they become spendable by whoever gets there first. Ethereum's exposure is broader: its account model exposes public keys on every transaction, not just on first spend. Smart contract admin keys, bridge multisig operators, and data availability sampling commitments all depend on elliptic curve cryptography. The Ethereum Foundation's co-authorship suggests it was briefed before publication.
The zero-knowledge proof — built with SP1 zkVM and Groth16 SNARK — lets anyone with cryptographic expertise verify the result; it does not let them rebuild the attack. Whether a sophisticated adversary can reconstruct the circuits from the proof and supporting context is an open question. The math is now public. The attack path is not closed.
Google's internal post-quantum cryptography migration deadline is 2029, three years from now, per PostQuantum. The GQI worst-case Q-Day estimate is the same window, per the Quantum Computing Report summary of Dr. David Shaw's analyst note. That overlap is not a margin of safety. It is a coincidence worth noting: both timelines land in the same three-year window, and it is unclear whether that reflects a shared threat model or independent calculations that happen to coincide.