Project 11 Offers $85,000 Bounty To Test Quantum Threat To Bitcoin

Project 11, a quantum research firm established in 2024, has initiated a significant challenge aimed at assessing the potential threat quantum computing poses to Bitcoin's security. The challenge, known as the QDay Prize, offers a bounty of 1 BTC, currently valued at approximately $85,000, to the first team that can break a simplified version of Bitcoin’s encryption using a quantum computer. The contest is open until April 5, 2026, and participants are tasked with attempting to break elliptic curve cryptography (ECC) keys ranging from 1 to 25 bits. While Bitcoin uses 256-bit ECC, the challenge serves as a symbolic yet meaningful test of quantum computing's capabilities.

Alex Pruden, a representative from Project 11, clarified that the goal is not to break Bitcoin but to understand the proximity of quantum computing to becoming a real threat. Traditional computers would require centuries to crack Bitcoin’s encryption, but a quantum computer could theoretically do it in minutes using Shor’s algorithm. This algorithm exploits the computational asymmetry of ECC, turning it into a vulnerability that could expose users’ private keys, forge signatures, and allow attackers to drain wallets. As quantum technology advances, even major blockchain platforms are taking precautions. For instance, Solana launched its Winternitz Vault earlier this year, which uses hash-based, quantum-resistant signatures. Ethereum’s Vitalik Buterin has also proposed a quantum-resistant hard fork for ETH. Although Bitcoin has no active hard fork plans, initiatives like Project 11’s challenge are pushing the community toward preparedness.

Project 11’s competition is more than just a coding contest; it serves as a stress test for the future of crypto security. Even a breach of a 5-bit key would indicate that quantum computing is advancing faster than anticipated. The key takeaways from this challenge include the live status of the 1 BTC bounty until April 2026, the use of scaled-down ECC keys to assess risk, the potential for a real-world quantum breach to compromise billions in crypto, and the proactive measures being taken by Ethereum and Solana to invest in quantum defenses. Pruden emphasized the uncertainty surrounding the arrival of ‘Q-Day’ but stressed the importance of being ready when it does.

For those interested in the progress of quantum computing and its impact on cryptocurrency, following Project 11’s updates on social media or visiting their challenge page can provide valuable insights. The challenge is not just about Bitcoin but about the security of everything built on top of it, highlighting the broader implications of quantum computing on the cryptocurrency ecosystem.