In a move that’s turning heads across the crypto and tech worlds, quantum computing research company Project Eleven has launched a global challenge: anyone who can break Bitcoin’s cryptography using a quantum computer within a year will walk away with 1 BTC—currently valued at around $84,000 1 2 3. The initiative, dubbed the “Q-Day Prize,” aims to transform the long-debated quantum threat to Bitcoin from theory into measurable reality.
What’s the Challenge?
Project Eleven’s challenge is simple in concept but monumental in execution. The first team to use a quantum computer running Shor’s algorithm to crack an elliptic curve cryptographic (ECC) key—the backbone of Bitcoin’s transaction security—will claim the prize 1 2 3. This is the same cryptography that underpins the Elliptic Curve Digital Signature Algorithm (ECDSA), which secures every Bitcoin transaction.
If successful, this would mean a quantum computer could derive a private key from a public key, potentially exposing millions of Bitcoin wallets to theft. Project Eleven estimates that over 6,2 million BTC—worth nearly $500 billion—are at risk if quantum computing advances far enough to break this cryptography 2 4 3.
Why Now? The Quantum Race Heats Up
The timing isn’t random. Tech giants like Microsoft, Google, IBM, Amazon, and Alibaba are all racing to build more powerful quantum computers. Microsoft, for example, recently announced a breakthrough with its Majorana 1 chip, which uses eight topological qubits—a step toward the kind of stable, scalable quantum hardware needed for real-world cryptographic attacks 2 5 3.
While quantum computers today are nowhere near the scale required to break Bitcoin’s SHA-256 hashing algorithm (which would need millions of stable qubits), the pace of progress is accelerating. The Q-Day Prize is designed to benchmark just how close we are to a “quantum doomsday” for current cryptography 2 3.
What’s at Stake for Bitcoin?
Bitcoin’s security relies on cryptography that, until now, has been considered unbreakable by classical computers. But quantum computers operate on entirely different principles, using qubits that can exist in multiple states at once, enabling them to solve certain problems—like factoring large numbers or breaking ECC—exponentially faster than traditional machines 6.
If a quantum computer can break ECDSA, it could theoretically steal coins from any wallet whose public key has been revealed. This is a wake-up call for the crypto industry to accelerate the development and adoption of quantum-resistant cryptography.
A Call to Action for the Crypto Community
Project Eleven’s CEO, Alex Pruden, says the goal is to move the conversation from speculation to evidence: “We have no clear idea how close we are to a quantum ‘doomsday’ scenario for existing cryptography. The Q-Day Prize is designed to take a theoretical threat from a quantum computer, and turn that into a concrete model” 2 3.
The challenge is open to anyone, anywhere, and is reminiscent of past cryptographic contests that helped drive innovation and security in the digital world. It’s not just about the prize—it’s about pushing the boundaries of what’s possible and preparing for a future where quantum computers are part of everyday reality.
