With growing focus on the existential threat quantum computing poses to some of the most crucial and widely used forms of encryption, cryptography engineer Filippo Valsorda wants to make one thing absolutely clear: Contrary to popular mythology that refuses to die, AES 128 is perfectly fine in a post-quantum world.
AES 128 is the most widely used variety of the Advanced Encryption Standard, a block cipher suite formally adopted by NIST in 2001. While the specification allows 192- and 256-bit key sizes, AES 128 was widely considered to be the preferred one because it meets the sweet spot between computational resources required to use it and the security it offers. With no known vulnerabilities in its 30-year history, a brute-force attack is the only known way to break it. With 2128 or 3.4 x 1038 possible key combinations, such an attack would take about 9 billion years using the entire bitcoin mining resources as of 2026.
It boils down to parallelization
Over the past decade, something interesting happened to all that public confidence. Amateur cryptographers and mathematicians twisted a series of equations known as Grover’s algorithm to declare the death of AES 128 once a cryptographically relevant quantum computer (CRQC) came into being. They said a CRQC would halve the effective strength to just 264, a small enough supply that—if true—would allow the same bitcoin mining resources to brute force it in less than a second (the comparison is purely for illustration purposes; a CRQC almost certainly couldn’t run like clusters of bitcoin ASICs and more importantly couldn’t parallelize the workload as the amateurs assume).

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(Edited to add link to Filippo's webs site)
And in case anyone is wondering why the SHA is twice the size that's due to it needing to be resistant to collision attacks where an attacker is trying to generate two plaintexts that result in the same hash. Imagine having someone sign a contract that says they will pay them $1.00 then later the attacker pulls out a contract with the same hash that says pay me $1B. The very rough approximation of the number of examples you need for a collision is the square root of the number of possibilities. So a hash needs to be 256 bits to get roughly the same hardness as a 128 bit symmetric algorithm.