Project Eleven has launched the 'Q-Day Prize,' offering one Bitcoin to the first team that successfully breaks a scaled-down version of Bitcoin's cryptography using a quantum computer before early April 2026.

This initiative aims to generate empirical data on current quantum threats, shifting discussions from theoretical concerns to practical applications in cryptography.

Current quantum systems, which have only 105 to 156 qubits, face significant challenges in breaking a 256-bit ECC key, which is estimated to require around 2,000 logical qubits.

The urgency of the Q-Day Prize has been heightened by advancements in quantum computing, particularly Google's 'Willow' chip, which has demonstrated the potential to solve problems that would take supercomputers an impractical amount of time.

Concerns about cryptocurrency security are growing as advancements in quantum computing suggest that a practical quantum computer may be developed within the next few years.

Alex Pruden, CEO of Project Eleven, emphasized the need to transform theoretical quantum threats into practical demonstrations of cryptographic vulnerability.

Elliptic curve cryptography (ECC), which secures Bitcoin and other cryptocurrencies, is currently considered secure against conventional computing power, but the potential for quantum attacks raises concerns.

Despite these concerns, no ECC key has been cracked in real-world applications, indicating that while the threat exists, it remains unproven.

To participate, teams must submit gate-level code or executable instructions for quantum hardware, along with detailed narratives of their methods, while hybrid classical-quantum attacks are prohibited.

The U.S. National Institute of Standards and Technology (NIST) is actively working on standardizing post-quantum algorithms to address emerging threats, although no ECC key has been successfully broken to date.

The Q-Day Prize is expected to attract interest from university labs and corporate research teams eager to showcase advancements in quantum computing, with accessible cloud-based quantum devices available for experimentation.

As of the article's publication, Bitcoin is trading at $84,771, highlighting the ongoing interest and investment in cryptocurrency amid these technological developments.