Quantum computing research group Project Eleven has announced the Q-Day Prize, a global competition offering 1 Bitcoin to the first team or individual who successfully uses Shor’s algorithm on a quantum computer to break part of a cryptographic key based on elliptic curve cryptography (ECC).

🗓 Timeline

The competition began on April 16, 2025, and will run until April 5, 2026. Its primary goal is to assess the real-world threat quantum computing poses to Bitcoin’s cryptographic security — specifically, the Elliptic Curve Digital Signature Algorithm (ECDSA).

🔐 What’s at Stake

According to Project Eleven, over 10 million Bitcoin addresses have already exposed their public keys. This potentially puts approximately 6.2 million BTC — worth about $500 billion — at risk, should quantum capabilities continue to advance.

🏆 Competition Rules

Participants must run Shor’s algorithm solely on a quantum computer, without the aid of classical computing methods. Even recovering just a few bits of a Bitcoin private key will be considered valid proof of concept, suggesting that full key recovery may be achievable with future technological progress.

💡 Why It Matters

So far, no real-world ECC key has ever been broken. The Q-Day Prize aims to move the quantum threat conversation beyond theory by encouraging a practical demonstration of vulnerabilities.

🚀 The Quantum Leap

The contest comes amid rapid advancements in quantum computing. For example, Google’s Willow chip recently completed a calculation in five minutes that would take a classical supercomputer an estimated 10 septillion years to perform.

Major players like IBM, Amazon, Microsoft, and PsiQuantum are also making progress. PsiQuantum, in particular, raised $750 million in early 2025 to support the development of photon-based quantum chips and enhancements to quantum algorithms — including Shor’s algorithm.

📊 The Bottom Line

While many experts still view the quantum threat to Bitcoin as not yet immediate, Project Eleven’s initiative is a concrete step toward measuring that risk through an open, real-world challenge.

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