PsiQuantum has started building a million qubit computing facility, which scientists claim is capable of cracking Bitcoin encryption technology On March 6th, according to Cointelegraph, quantum computing company PsiQuantum has started building its million qubit computing facility, which scientists say is large enough to crack Bitcoin's encryption technology. Peter Shadbolt, co-founder of PsiQuantum, shared photos of the construction site in Chicago on social media, stating that 500 tons of steel have been installed within six days. The company announced in September last year that it would raise $1 billion to collaborate with chip manufacturer Nvidia to build this facility, with the goal of making quantum computing commercially viable and supporting the "next generation of artificial intelligence supercomputers". Although some Bitcoin communities are concerned that quantum computing may threaten cybersecurity, Terry Rudolph, co-founder of PsiQuantum, stated in July that the company has no intention of using quantum computing to attack Bitcoin. According to research by cryptocurrency asset management company CoinShares, even if quantum computers can crack Bitcoin, the actual risk is limited to about 10230 bitcoins (approximately $728.2 million at current market prices).