Project Eleven Launches Q-Day Prize to Challenge Bitcoin's Security Against Quantum Computing Threats

Project Eleven, a quantum computing research organization, has introduced the Q-Day Prize, offering 1 Bitcoin (BTC) to the first team that can break an elliptic curve cryptographic (ECC) key using Shor’s algorithm on a quantum computer. This competition, which runs until April 5, 2026, aims to assess the ongoing threat posed by quantum computing to Bitcoin's cryptography, as ECC secures billions of dollars in Bitcoin against unauthorized access. ECC provides efficiency, with a 256-bit key offering security equivalent to a much larger RSA key, but its vulnerabilities could become increasingly pertinent as quantum computing technology advances. According to Project Eleven, the goal is to break the largest ECC key possible—not necessarily a full Bitcoin key—highlighting that even cracking a key of just 3 bits would be noteworthy. This initiative recognizes the imminent reality that quantum computers might soon possess the capability to undermine widely used cryptographic systems, with estimates forecasting that approximately 2,000 logical qubits would be required to compromise a 256-bit ECC key within the next decade. Major players in the quantum computing space, such as IBM and Google, are already developing systems with hundreds of qubits. The competition comes at a critical time as more than 10 million Bitcoin addresses holding significant balances are potentially at risk, prompting proactive measures from the cryptocurrency community. Industry experts like Adam Back have speculated that quantum advancements could force Bitcoin users, including the pseudonymous creator Satoshi Nakamoto, to migrate funds to quantum-resistant addresses before significant threats materialize. The Q-Day Prize aims to provide measurable benchmarks and push the envelope in understanding the speed at which quantum computing can advance and its implications on the security of digital assets.