Quantum Computing Threatens Bitcoin Encryption

Quantum Computing Challenge Targets Bitcoin’s Cryptography

• Project 11 offers a 1 BTC prize for breaking a simplified version of Bitcoin’s ECC using quantum computing.
• The challenge runs until April 5, 2026, with the current value of the prize at approximately $85,000.
• Bitcoin’s security relies on elliptic curve cryptography, which is vulnerable to quantum computers running Shor’s algorithm.
• Project 11 was founded in 2024 by Alex Pruden and Conor Deegan.
• The contest involves cracking ECC keys ranging from 1 to 25 bits, much smaller than Bitcoin’s standard 256-bit keys.

Project 11 launched a competition offering a reward of nearly $85,000 for breaking a simplified version of Bitcoin’s encryption using quantum computing by April 2026. The initiative highlights potential vulnerabilities in Bitcoin’s elliptic curve cryptography due to advances in quantum technology.