The Quantum Computing Research Firm Project Eleven has launched a competition to see how many a threat amount of computing current poses in Bitcoin.
Launching competition on April 16, Project Eleven Says It offers 1 Bitcoin (Btc) to anyone crack in the largest chunk of a bitcoin key using a computer volume within the next year.
Project Eleven said the goal of the “Q-day Prize” was to test the “how urgent the threat” of the volume was in Bitcoin and find volume-proof solutions to secure Bitcoin for a long time.
“10 million+ addresses are exposed to public keys. The quantity of computing continues write on X on April 16th.
More than 6 million Bitcoin – costs nearly $ 500 billion – may be at risk If the volume computer has become strong enough to scrack the keys of the elliptic curve cryptography (ECC), Project Eleven said.
Participants may register as individuals or as a team and have until April 5, 2026, to complete the task. The winner of the prize will win 1 Bitcoin, currently worth $ 84,100.
The goal is to run Shor’s algorithm to a the amount of computer To crack as many pieces of a bitcoin key as possible, which acts as a proof-of-concept that the procedure can be measured to break a whole, 256-bit bitcoin key once the required compute is available.
“The Mission: Break the largest ECC key possible using the shor algorithm on a computer volume. There are no classical shortcuts. There are no hybrid tricks. Pure volume strength,” said Project Eleven.
“You don’t have to break a bitcoin key. A 3-bit key will be a big news,” he added.
No ECC key used in real-world applications cracked, mentioned that eleven projects, adding that the winner could “drop in the history of cryptography.”
Project Eleven noted that many online platforms offer access to computing volume, such as Amazon Web Services and IBM.
Related: Bitcoin’s Quantum-Resistant Hard Fork is inevitable — this is the only chance to fix node incentives
Current estimates suggest that around 2,000 logical quubits (error-corrected) is sufficient to break a 256-bit ECC key, noted by Eleven Eleven.
IBM’s Heron Chip and Google’s Willow can do 156 and 105 Quubits – significantly enough to cause anxiety, According to Project Eleven, who believes that a 2,000-quubit quantum system can develop within the next decade.
The threat to volume to bitcoin is true but with time, the bitcoiners say
Bitcoin Cypherpunk Jameson Race recently Says The question of how concerned the industry should be about the amount of computing is currently “unanswered.”
“I think it’s far from a crisis, but given the difficulty of changing Bitcoin is worth starting to seriously discuss,” LOPP said in a March 16 post.
In February, Tether CEO Paolo Ardoino Says Concern is well established But trust That is Quantum-Proof Bitcoin addresses will be implemented properly before any “serious threat” appears.
Magazine: Bitcoin vs. computer volume threat: timeline and solution (2025–2035)
