Researcher Claims 1 Bitcoin Prize for Successfully Executing Largest Quantum Attack on Underlying Technology

The perceived threat of quantum attacks to Bitcoin's security has become more tangible. Quantum security startup Project Eleven awarded a 1 bitcoin prize, valued at approximately $78,000, to Giancarlo Lelli for breaking a 15-bit elliptic curve key on publicly accessible quantum hardware. This achievement demonstrates the derivation of a private encryption key from its public counterpart. Although this breakthrough is significant, with a 512-fold increase over the previous public demonstration, it is essential to note that Bitcoin's current 256-bit elliptic curve security remains intact. The bounty was designed to assess the progress of quantum attacks on real-world cryptography-based products. Lelli's result highlights the rapidly advancing field of quantum computing and its potential implications for Bitcoin's security. Theoretical estimates suggest that the resource requirements for a full 256-bit attack are decreasing, with recent estimates putting the cost below 500,000 physical qubits. This development has sparked concerns, particularly for wallets with publicly visible keys, with approximately 6.9 million bitcoin at risk. In response, Bitcoin developers have proposed migration plans, including the introduction of quantum-safe address types, to mitigate potential threats.