Is Quantum Computing a Threat to Bitcoin? You Can Get Paid to Break Its Encryption
Project 11 has launched the Q-Day Prize, offering 1 BTC (approximately $85,000) for the first team to break a simplified version of Bitcoin's elliptic curve cryptography (ECC) using a quantum computer. The contest aims to assess the urgency of the threat posed by quantum computing to Bitcoin's security, which relies on ECC. The challenge runs until April 5, 2026, and is open to individuals and teams. Project 11 has prepared ECC keys ranging from 1 to 25 bits for testing. Experts warn that quantum computers could potentially crack Bitcoin's 256-bit encryption much faster than traditional computers. Other blockchain networks, like Solana and Ethereum, are also developing quantum-resistant solutions. Project 11 emphasizes the need for preparation against potential quantum threats as advancements in quantum computing continue.
