Project Eleven Offers 1 BTC Bounty to Break Bitcoin Key Using Quantum Computer

Project Eleven, a pioneering organization in quantum computing research, has unveiled the Q-Day Prize. This international competition offers 1 BTC to the first team that manages to break an elliptic curve cryptographic (ECC) key utilizing Shor’s algorithm on a quantum computer.

The first team to successfully accomplish this feat before April 5, 2026, will receive 1 BTC.

Why Project Eleven Launched the Initiative

This challenge targets the Elliptic Curve Digital Signature Algorithm (ECDSA), which is fundamental to Bitcoin’s security framework.

“The objective is to break the largest ECC key achievable using Shor’s algorithm on a quantum machine. No classical shortcuts. No hybrid methods. Pure quantum capabilities,” Project Eleven explained.

“You don’t necessarily need to crack a Bitcoin key. A 3-bit key would be significant news,” they remarked.

According to Project Eleven, no one ever compromised an ECC key utilized in practical applications, emphasizing that the victor could potentially “enter the annals of cryptography.”

As per the initiative, over 6.2 million BTC, valued at almost $500 billion, are presently stored in wallets with visible public keys and may face threats if quantum technology progresses further.

Reasons for concern

Recent breakthroughs in quantum computing have intensified the need for the initiative. Google’s ‘Willow‘ chip has recently achieved a complicated calculation in five minutes, a task that would require supercomputers 10 septillion years, showcasing advancements in error correction. Nonetheless, cloud-based services from companies like IBM, AWS, Google, and Alibaba are broadening access to quantum computing, allowing researchers and developers to utilize this technology more readily.

Project Eleven noted that over 10 million addresses have revealed public keys. Quantum computing is advancing consistently. However, no one has thoroughly evaluated this threat to date,“

In February, Tether CEO Paolo Ardoino acknowledged the validity of the concern but expressed confidence that they will deploy quantum-resistant Bitcoin addresses long before any “significant threat“ arises.

 “We lack a definitive understanding of how imminent a quantum ‘apocalypse‘ scenario for current encryption might be,“ stated Alex Pruden, CEO and co-founder of Project Eleven. Nonetheless, he said “The Q-Day Prize aims to transform a theoretical hazard posed by a quantum computer into a tangible framework.”.