Project 11 is offering 1 BTC to whoever cracks the longest Bitcoin key

Project Eleven has launched a competition offering 1 Bitcoin to whoever cracks the largest portion of a Bitcoin key using a quantum computer within a year. The "Q-Day Prize" aims to evaluate the urgency of the quantum computing threat to Bitcoin and explore long-term quantum-resistant solutions. Over 6 million Bitcoin, valued at around $500 billion, are potentially vulnerable if quantum computers can break elliptic curve cryptography keys. Participants must use Shor's algorithm on a quantum computer, without classical shortcuts, to break as many bits of a Bitcoin key as possible. Cracking even a small 3-bit key would be significant, as no real-world ECC key has ever been broken. Access to quantum computing platforms like Amazon Web Services and IBM is available for participants. Experts estimate that around 2,000 logical qubits are needed to break a 256-bit ECC key, with current systems like IBM's Heron and Google's Willow having 156 and 105 qubits respectively. While the quantum threat is considered real, Bitcoiners believe there's time to implement quantum-proof solutions before a serious threat emerges. Jameson Lopp suggests that discussing changes to Bitcoin to defend against quantum computing is worthwhile.