The research company Project Eleven, specializing in quantum computing, has launched a public competition to break a Bitcoin key. The goal is to test the real capabilities of quantum machines and determine how dangerous they are to cryptocurrency today. The winner will be awarded 1 BTC — currently worth around $84,000. Even a partial break of the key will be considered a valid result.
The Goal Is to Break as Many Bits as Possible Using a Pure Quantum Algorithm
The contest began on April 16 and will run until April 5, 2026. Both individual researchers and teams can participate. Project Eleven emphasizes that only quantum computing may be used — hybrid methods or classical exploits are not allowed. The main task is to implement Shor’s algorithm and break as many bits as possible of a cryptographic key protected by elliptic curve cryptography (ECC).
According to the company, even a partial break, such as just three bits of the key, would be a significant precedent. It would demonstrate that the technology can scale toward the full compromise of 256-bit keys, which are the foundation of Bitcoin’s security.
The Stakes Are Not Just the Prize but the Security of $500 Billion
According to Project Eleven, over 10 million Bitcoin addresses with public keys are currently at risk. This represents approximately 6 million BTC — roughly $500 billion at current prices. So far, no ECC key used in real applications has ever been broken. However, the organizers argue that the progress of quantum computing demands an urgent and public evaluation of the threat.
Experts say that to fully break a 256-bit ECC key, roughly 2,000 logical qubits (with error correction) are needed. Currently, the most advanced quantum chips — IBM’s Heron and Google’s Willow — can perform operations using 156 and 105 qubits, respectively.
Nevertheless, Project Eleven believes that the 2,000-qubit milestone could be reached within the next decade. The company also reminds that quantum computing resources are already accessible via public services like Amazon Web Services and IBM Cloud.
The Crypto Community Watches With Caution
Bitcoin developer and decentralization advocate Jameson Lopp acknowledged that it’s difficult to assess the scale of the threat. In his view, it's too early to speak of a crisis, but the challenges of implementing changes to the Bitcoin protocol mean that discussions on quantum defense should begin now.
User Andrew Dorman believes that protecting Bitcoin would require a hard fork that fully obfuscates the blockchain. In his opinion, without such a measure, everything could be lost — unless a system is developed where keys and addresses evolve continuously and shift over time, regardless of actual events.
In February, Tether CEO Paolo Ardoino confirmed that the concern is justified, but expressed confidence that quantum-secured Bitcoin addresses will be successfully implemented in the future.
Pierre Luc, founder and CEO of the Paulo Group, pointed out vulnerabilities stemming from insufficient key lengths. He noted that if keys are too short, they can simply be brute-forced without even needing to run Shor’s algorithm. Moreover, he added that using classical methods like the Pollard-rho algorithm, keys longer than 100 bits can be cracked in a year.
Meanwhile, user Tom Manf expressed strong skepticism. He argued that the idea of mass ECDSA hacks using quantum computers is unrealistic. He reminded that even Google’s Willow chip with 105 qubits cannot handle SHA-256, and said that the notion of widespread access to quantum equipment is not grounded in reality.
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