Quantum Computing Research Firms Project Eleven has launched a competition to see how much of a threat Quantum Computing is currently poses to Bitcoin.
Project Eleven, which launched its competition on April 16, said it is offering 1 Bitcoin (BTC) to those who use quantum computers to crack the biggest chunks of Bitcoin keys during the next year.
Project Eleven said the purpose of the “Q-Day Prize” is to test Quantum's “how urgent threats are to threaten,” and find quantum prevention solutions to protect Bitcoin in the long term.
“Over 10 million addresses have public keys publicly. Quantum computing is steadily progressing. No one has strictly benchmarked this threat.”
If quantum computers become strong enough to crack elliptic curve encryption (ECC) keys, more than 6 million Bitcoins (worth roughly $500 billion) could be at risk, according to Project Eleven.
Participants can register as individuals or teams and complete tasks until April 5, 2026. The winner will currently earn 1 Bitcoin worth $84,100.
The aim is to run Shor's algorithm on a Quantum computer to act as a proof of the concept that the technique can be expanded to crack as many bits as possible in the bitcoin key, and crack a 256-bit bitcoin key once the required calculations are available.
“Mission: Break the largest possible ECC key using Shor's algorithm on a quantum computer. No classic shortcuts. No hybrid tricks. Pure quantum power.”
“There's no need to break your Bitcoin key. A 3-bit key is big news,” he added.
The ECC keys used in real applications have not been cracked so far, Project Eleven pointed out, adding that winners can “decline into the history of encryption.”
Project Eleven noted that several online platforms offer quantum computing access, such as Amazon Web Services and IBM.
Related: Bitcoin's quantum resistance fork is inevitable – it is the only opportunity to fix the node incentive
Current estimates suggest that around 2,000 logic kits (error correction) is sufficient to break the 256-bit ECC key, Project Eleven points out.
IBM's Heron chip and Google's Willow can currently run 156 and 105 qubits. According to ProjectEleven, it believes it can develop 2,000-kit quantum systems within the next 10 years.
Quantum threat to Bitcoin is real, but there's time, Bitcoiner says
Bitcoin Cypherpunk Jameson Lopp recently said that the question of how the industry should be interested in quantum computing is currently “unanswered.”
“I think that's far from the crisis, but given the difficulties of changing Bitcoin, it's worth starting to seriously discuss,” Lopp said in a March 16th post.
In February, Tether CEO Paolo Ardoino said the concerns were well-founded, but he is confident that quantum-prevention Bitcoin addresses will be implemented before a “serious threat” emerges.
magazine: Bitcoin vs. Quantum Computer Threats: Timelines and Solutions (2025–2035)
