Project Eleven has launched the Q-Day Prize, offering 1 BTC to anyone who can achieve a quantum Bitcoin hack by cracking a private key using a quantum computer. The contest, running until April 5, 2026, aims to assess the real threat quantum technology poses to cryptocurrency security.
How the Quantum Bitcoin Hack Challenge Works
Participants must use Shor’s algorithm, a quantum method that factors large numbers to bypass Bitcoin’s elliptic curve cryptography (ECC). Project Eleven, founded by Aleo’s Alex Pruden (whose blockchain raised $298M from a16z, SoftBank, and others), wants to turn theoretical risks into measurable data. “We lack clarity on how close we are to a quantum ‘doomsday’ for cryptography,” Pruden told Bitcoin Magazine.
The Stakes: $500B in Bitcoin at Risk
Over 6.2 million BTC, worth nearly $500 billion, are stored in wallets with exposed public keys, per Project Eleven. These could be vulnerable if quantum tech advances. Google’s Willow chip, released in 2024 with 105 qubits, is far from the 13 million qubits needed to crack Bitcoin, according to Google’s Kevin Rose. Still, the contest highlights growing concerns.
Future-Proofing Crypto Security
Bitcoin cypherpunk Adam Back believes quantum research will lead to stronger algorithms for Bitcoin. However, solutions like quantum-resistant protocols require a hard fork, a challenging change for the network. The Q-Day Prize, inspired by 1990s cryptographic challenges like RSA and Hal Finney’s SSL Cipher Challenge, pushes for proactive security measures in the crypto space.
