The short explanation is that 2^x mod 10^k will repeat with a cycle length of 5^(k-1)*4. This is easily obtained from Euler's phi formula on 2^x mod 5^k, plus the fact that 2^x === 0 mod 2^k for all x >= k. So, after the k'th term, the rest will repeat with a particular cycle period. We'll manually test all of the 2^x for x < k (there aren't many) and then rely on the cycles to test all of the larger powers.
The algorithm itself is a kind of sieving + lifting procedure: it inductively identifies all of the candidate exponents mod 5^(k-1)*4 which yield numbers with k trailing even digits (i.e. all even digits mod 10^k). Each such exponent will yield 5 possible exponents mod 10^(k+1) via a lifting procedure, which we can test; on average, half of these will have a top digit that is even and is therefore a candidate for the next power of 10 (10^(k+1)). Therefore, on average, we grow our candidate list by a factor of 2.5 per added digit - thus, for each 10^k, we test O(2.5^k) candidates (approximately 1.6*2.5^k, experimentally). This isn't too bad - at mod 10^19, we test only 55097940 candidates, representing every exponent below 5^18*4 = 15258789062500.
My rather hasty prototype is actually implemented in Python - not a language you want to do tons of arithmetic in - but it's still fast enough to chew through all those candidates in ~20 minutes on a single core. Obviously, there's ample room to make this faster; I figure a good, parallelized native (C/C++/Rust etc.) implementation could easily be 100x faster.
