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- A new competition by Project Eleven has sparked interest in the potential threat of quantum computing to Bitcoin, offering 1 Bitcoin to the winner.
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The initiative aims to assess the urgency of quantum threats to Bitcoin and drive research into quantum-resistant solutions.
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“No ECC key used in real-world applications has ever been cracked,” said Project Eleven, highlighting the stakes of this groundbreaking challenge.
Project Eleven launches a competition to evaluate the threat of quantum computing to Bitcoin by offering 1 BTC to those who can crack ECC keys.
Assessing Quantum Threat to Bitcoin: The Q-Day Prize Challenge
Project Eleven, a pioneering quantum computing research firm, has initiated a contest known as the “Q-Day Prize,” offering a reward of 1 Bitcoin (BTC) to individuals or teams who can successfully break the largest section of a Bitcoin encryption key using Shor’s algorithm within one year. This initiative, launched on April 16, aims to rigorously evaluate the threat that advancing quantum technologies pose to Bitcoin’s cryptographic foundations.
The primary objective of the competition is to ascertain the urgency of quantum threats to Bitcoin and motivate the development of quantum-resistant alternatives. As Project Eleven pointed out, over 10 million addresses have exposed public keys, potentially compromising them if quantum capabilities reach a level that enables the cracking of elliptic curve cryptography (ECC).
Understanding the Q-Day Prize Mechanics and Implications
Participants in the Q-Day Prize challenge are tasked with using a quantum computer to break as many bits of a Bitcoin key as possible. The competition deadline is set for April 5, 2026, with 1 BTC—currently valued at approximately $84,100—set as the prize for the first successful participant. Project Eleven emphasizes that the challenge is to be approached purely with quantum power, meaning that all attempts must leverage Shor’s algorithm without any classical shortcuts.
“You don’t need to break a Bitcoin key. A 3-bit key would be big news,” Project Eleven stated, framing the challenge as not just a goal but a significant step in understanding quantum computing’s current capabilities. Notably, no ECC key utilized in real-world applications has been successfully cracked, highlighting both the rigor and the historical significance this contest holds.