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Cryptography. Please answer these four questions listed above. Thank you! a Here are a handful of Bitcoin facts you'll need for this problem: The first
Cryptography. Please answer these four questions listed above. Thank you!
a Here are a handful of Bitcoin facts you'll need for this problem: The first block was mined in 2009, which gave a reward of 50BTC. The hash puzzle difficulty is adjusted every 2016 blocks to keep the average time to mine a block at 10 minutes. Every 210000 blocks, the mining reward is cut in half. The smallest fraction that a Bitcoin can be divided into is called a Satoshi, worth one 100 millionth of a Bitcoin. One BTC is currently worth $43000 (Use this number, even if it's out of date by the time you do the homework). Show your work for all of the following questions: (a) How many Bitcoins will be created in total? (b) What year will the last mining reward be given in? (After this, if Bitcoin has not long since destroyed the Earth via its insatiable en- ergy needs, miners will still collect transaction fees, but no additional reward of new Bitcoins.) (c) What will one BTC have to be worth when the last mining reward is given for this reward to have the same value in USD as the current mining reward? (d) Satoshi Nakamoto, the pseudonym of the anonymous creator of Bit- coin, is alleged to own roughly one million BTC. Supposing right when the last new (fraction of a) bitcoin is mined, the mining reward is indeed worth what it is today (like you calculated in the previous). What will Nakamoto's net worth be? a Here are a handful of Bitcoin facts you'll need for this problem: The first block was mined in 2009, which gave a reward of 50BTC. The hash puzzle difficulty is adjusted every 2016 blocks to keep the average time to mine a block at 10 minutes. Every 210000 blocks, the mining reward is cut in half. The smallest fraction that a Bitcoin can be divided into is called a Satoshi, worth one 100 millionth of a Bitcoin. One BTC is currently worth $43000 (Use this number, even if it's out of date by the time you do the homework). Show your work for all of the following questions: (a) How many Bitcoins will be created in total? (b) What year will the last mining reward be given in? (After this, if Bitcoin has not long since destroyed the Earth via its insatiable en- ergy needs, miners will still collect transaction fees, but no additional reward of new Bitcoins.) (c) What will one BTC have to be worth when the last mining reward is given for this reward to have the same value in USD as the current mining reward? (d) Satoshi Nakamoto, the pseudonym of the anonymous creator of Bit- coin, is alleged to own roughly one million BTC. Supposing right when the last new (fraction of a) bitcoin is mined, the mining reward is indeed worth what it is today (like you calculated in the previous). What will Nakamoto's net worth beStep by Step Solution
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