The state of quantum computing and what it would take to threaten Bitcoin

Quantum computing has advanced materially over the past 18 months, but the field remains in the transition from noisy hardware to early fault tolerance.

The key shift is away from raw physical-qubit counts and toward logical qubits, gate fidelity, runtime, and error correction. That shift is important for Bitcoin because risk estimates are driven by logical qubits and fault-tolerant operations rather tha