Recent advancements in AI coding have drastically lowered the estimated cost of preparing a quantum-resistant Bitcoin transaction from $320 to just $66, as reported by StarkWare, the organization that conducted the research.
StarkWare noted that participants in the coding competition, utilizing AI tools, completed the computational task approximately five times faster, although the $66 estimate has not yet been validated through a subsequent Bitcoin transaction.
By Shaurya Malwa 36 minutes ago 2 min read
The earlier estimate of $320 was based on a transaction mined in August, which required around 3,100 hours of computing time using about 100 graphics processors. This cost was incurred before the transaction was added to the Bitcoin blockchain, separate from any fees involved.
StarkWare initiated a competition to enhance the coding process, encouraging participants to develop faster search algorithms. The competition leaderboard recorded a leading entry that evaluated approximately 881 million candidates per second, compared to about 146 million candidates per second with the initial code on the same graphics processor.
This initiative addresses a potential future risk to Bitcoin: a sufficiently advanced quantum computer could exploit an exposed public key to derive its corresponding private key, thereby compromising the associated funds. StarkWare's approach incorporates protection mechanisms based on hashes, which are anticipated to withstand such quantum attacks. Importantly, this solution adheres to Bitcoin's existing protocol, eliminating the need for a network upgrade.
Consequently, this method serves as a provisional means for Bitcoin holders to transfer eligible coins if quantum threats arise prior to implementing a comprehensive network solution. While the previous cost of $320 per transaction was prohibitive, the new estimate of $66 enhances the feasibility of this option.
The $66 figure remains a theoretical estimate based on computational tests, and the improved software has yet to be demonstrated in another mined transaction. According to CoinDesk’s calculations, applying the derived efficiencies to the original $320 cost suggests an approximate cost of $83, although subsequent record-setting performances may have achieved even lower costs, without clarifying the basis for the $66 estimate.
However, the method does have limitations; transactions must be sent directly to miners, bypassing the standard network protocols, and it does not safeguard coins whose public keys are already exposed—those that would be targeted first by quantum attackers.