Quantum computing breakthroughs could one day undermine the Bitcoin blockchain and its cryptocurrency that protects its almost $1.7 trillion worth of assets. Currently, BTC’s prizes are testing the threat.
On Wednesday, Quantum Computing Research Group Project 11 announced the award for one BTC by the first team to corrupt Bitcoin’s elliptic curve encryption (a simplified version of ECC) using Quantum Computer.
We have launched Q-Day Prize.
1 The first team to break the toy version of Bitcoin encryption using a btc Quantum computer.
Deadline: April 5, 2026
Mission: Protect 6M BTC (over $50 billion)– Project 11 (@QDayClock) April 16, 2025
“Bitcoin’s security relies on elliptic curve encryption. Quantum computers running Shor’s algorithm will ultimately destroy it,” Project 11 writes about X.
The QDAY Awards will be held until April 5th, 2026 and are open to both individuals and teams.
Founded in 2024 by Alex Pruden and Conor Deegan, Project 11 explores the intersection of quantum computing and encryption, focusing on the risks these technologies pose to blockchain systems.
Project 11 prepares a set of ECC keys in the range of 1-25 bits. Teams must demonstrate the solution using target length keys. For example, by cracking a 4-bit key to aim for that level. This is just a small portion of Bitcoin’s existing 256-bit encryption.
Elliptic curve encryption is widely used in blockchains for its efficiency and security, but experts warn that quantum computing can undermine it by breaking the asymmetry of computation that keeps it safe. And if anyone could crack Bitcoin encryption, they could potentially walk away beyond one BTC award in the contest.
“This is not a challenge to ‘break’ Bitcoin,” Pruden writes to X:
Quantum computers use the principles of quantum mechanics to solve problems that go far beyond the capabilities of traditional computers, and pose a threat to Bitcoin by potentially cracking encryption that protects users’ private keys.
Adding to this fear is that unlike powerful supercomputers that take years to crack Bitcoin encryption, quantum computers can theoretically do it in minutes.
Blockchain developers on other networks are also working to prepare for the future of quantum. In January, Solana developers introduced a quantum resistance solution called the Solana Winternitz Vault, which uses hash-based signatures to generate new keys for each transaction and protect user funds from potential quantum attacks. In March 2024, Ethereum co-founder Vitalik Buterin proposed a hard fork to protect Ethereum from similar quantum threats.
“I believe this hasn’t happened yet, but I really don’t know how far we are,” Pruden continued. “To prepare, you need to have a plan. To plan, you need facts.”
The challenge focuses on a dramatically scaled version of Bitcoin’s encryption, but Project 11 sees it as a critical signal of the future.
“This is just the beginning. If someone breaks a 5-bit key, it’s a breakthrough,” concluded Project 11. “It’s much smaller than the 256-bit key in BTC, but quantum computers get there too. When that happens, we need to know.”
Edited by Andrew Hayward
