A coding challenge has been issued by PyBites, inspired by a tweet from Raymond Hettinger, which involves predicting the exact date and time when the Python Package Index (PyPI) will reach 100,000 packages. Participants are encouraged to use data extrapolation techniques to make their predictions, acknowledging that there is no single correct answer. The challenge promotes learning and improving Python skills, with instructions for participants to fork and sync the challenges repository from GitHub to start coding. The emphasis is on the process of learning rather than finding the perfect solution, and participants are invited to share and review their solutions at the end of the week, highlighting the collaborative nature of the exercise.