Break Bitcoin's Longest Key and Earn 1 BTC from Project 11

Quantum computing research firm Project Eleven has launched a competition to assess the current threat quantum computing poses to Bitcoin.

Announced on 16 April, the competition offers 1 Bitcoin to the individual or team that manages to break the largest segment of a Bitcoin key using a quantum computer within the next year.

The challenge, dubbed the “Q-Day Prize,” aims to evaluate the urgency of quantum computing’s potential to compromise Bitcoin’s security and to explore quantum-resistant solutions for safeguarding the cryptocurrency’s future.

Project Eleven highlights the substantial risk to Bitcoin, noting that more than 6 million BTC, valued at approximately $500 billion, could be vulnerable if quantum computers advance enough to break the elliptic curve cryptography (ECC) keys Bitcoin relies on.

Participants have until 5 April 2026, to complete the challenge, with the winner receiving 1 Bitcoin, currently valued at $84,100.

The goal is to apply Shor’s algorithm on a quantum computer to crack as many bits of a Bitcoin key as possible, demonstrating whether the method could eventually scale to crack a full 256-bit key.

Project Eleven said:

“The mission: break the largest ECC key possible using Shor's algorithm on a quantum computer. No classical shortcuts. No hybrid tricks. Pure quantum power.”

It added:

“You don't need to break a Bitcoin key. A 3-bit key would be big news.”

Though no ECC key has been cracked in real-world applications, Project Eleven stresses the historical significance of the challenge, noting that the winner could make a groundbreaking contribution to cryptography.

The firm also acknowledges that quantum computing platforms, such as Amazon Web Services and IBM, offer access to quantum processors.

Current estimates suggest that breaking a 256-bit ECC key would require about 2,000 error-corrected logical qubits, a milestone that could be reached within the next decade.

IBM’s Heron chip and Google’s Willow chip, with capabilities of 156 and 105 qubits, respectively, are already considered significant steps toward this threshold.

Quantum Threat to Bitcoin Looms, but Bitcoiners Are Not Panicking Yet

Bitcoin cypherpunk Jameson Lopp recently stated that the level of concern the industry should have about quantum computing remains an "unanswerable" question.

Lopp said in a 16 March post:

“I think it's far from a crisis, but given the difficulty in changing Bitcoin it's worth starting to seriously discuss.”

His comment reflects the uncertainty surrounding the potential impact of quantum advancements on cryptocurrency security.

In contrast, Tether CEO Paolo Ardoino acknowledged the legitimacy of these concerns but expressed confidence that quantum-resistant Bitcoin addresses will be deployed long before a "serious threat" materialises.