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Direction: Read the passage and answer the question based on it.Much has been said about the mining of cryptocurrencies and how the process guzzles electricity. Mining is a process that creates new digital coins by solving complex mathematical problems using very powerful computers, day and night, non-stop. That wouldn't be a problem if it were only a few computers in use. As of February 19, for example, Bitcoin mining was thought to consume more than 51,000 Gigawatts hours of electricity each year worldwide, according to Digiconomist, an online cryptocurrency hub. That's five and half times as much the power used by Zimbabwe, a developing nation, for the whole of 2O15. There is no known corporate mining rig in Zimbabwe, though some individuals have decided to dip their toes into the mining waters. 41000 people trading crypto on the local exchange are to some degree mining on their personal computers. Obviously, these aren't all the Zimbabweans but there is also no administrative source on power use involving crypto-mining.Digiconomist has produced a model for calculating electricity use from Bitcoin mining that is widely used across the world, which could help estimate the amount of energy used by citizens mining crypto in Zimbabwe. The formula, which depends on the performance of ordinary mining equipment, expresses the miner's operating costs as a percentage of the total mining revenues before converting the operating costs to the energy consumed. The conversion is based on the average cost of electricity. Manufacturers of cryptocurrency are introducing to the market more efficient mining technologies that minimize electricity use.Bitcoin is evolving into a big environmental nuisance. Its mining, reliant on coal-fired power stations in countries like China, a leading cryptocurrency market, emits the equivalent of 24.8 million tonnes of carbon dioxide each year. According to the UN expert panel on climate change, carbon dioxide is the number one driver of global warming and climate change, a phenomenon that has spewed frequent and intense droughts and floods in Zimbabwe in recent decades, with deadly effects.There is only about 16 million Bitcoin in circulation today. A maximum of 21 million Bitcoins can only ever be issued. Now, as long as there is any cryptocurrency — to mine, it seems plausible that global concern will not only focus on the legitimacy of a currency that exists only online but also its power-guzzling systems, which will deficit in the future. Zimbabwe could easily turn into a crypto-miners paradise if only the power supply was reliable. At 9,86c per kWh, the country has some of the cheapest electricity rates anywhere in the world. The average electricity cost across southern Africa is 50 percent higher compared to the local rate.Q. Why did the author cite the example of February 19th?a)To show how Bitcoinrationalizes production process of digital currencyb)To demonstrate the extent to which electricity is being over utilised due to cryptocurrency mining processc)To prove the existence of currency mining rig among corporates.d)To provide us a brief view into the history of cryptocurrency mininge)To prove that the finding of Digiconomist are baseless and should not be taken into account.Correct answer is option 'B'. Can you explain this answer? for Banking Exams 2024 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about Direction: Read the passage and answer the question based on it.Much has been said about the mining of cryptocurrencies and how the process guzzles electricity. Mining is a process that creates new digital coins by solving complex mathematical problems using very powerful computers, day and night, non-stop. That wouldn't be a problem if it were only a few computers in use. As of February 19, for example, Bitcoin mining was thought to consume more than 51,000 Gigawatts hours of electricity each year worldwide, according to Digiconomist, an online cryptocurrency hub. That's five and half times as much the power used by Zimbabwe, a developing nation, for the whole of 2O15. There is no known corporate mining rig in Zimbabwe, though some individuals have decided to dip their toes into the mining waters. 41000 people trading crypto on the local exchange are to some degree mining on their personal computers. Obviously, these aren't all the Zimbabweans but there is also no administrative source on power use involving crypto-mining.Digiconomist has produced a model for calculating electricity use from Bitcoin mining that is widely used across the world, which could help estimate the amount of energy used by citizens mining crypto in Zimbabwe. The formula, which depends on the performance of ordinary mining equipment, expresses the miner's operating costs as a percentage of the total mining revenues before converting the operating costs to the energy consumed. The conversion is based on the average cost of electricity. Manufacturers of cryptocurrency are introducing to the market more efficient mining technologies that minimize electricity use.Bitcoin is evolving into a big environmental nuisance. Its mining, reliant on coal-fired power stations in countries like China, a leading cryptocurrency market, emits the equivalent of 24.8 million tonnes of carbon dioxide each year. According to the UN expert panel on climate change, carbon dioxide is the number one driver of global warming and climate change, a phenomenon that has spewed frequent and intense droughts and floods in Zimbabwe in recent decades, with deadly effects.There is only about 16 million Bitcoin in circulation today. A maximum of 21 million Bitcoins can only ever be issued. Now, as long as there is any cryptocurrency — to mine, it seems plausible that global concern will not only focus on the legitimacy of a currency that exists only online but also its power-guzzling systems, which will deficit in the future. Zimbabwe could easily turn into a crypto-miners paradise if only the power supply was reliable. At 9,86c per kWh, the country has some of the cheapest electricity rates anywhere in the world. The average electricity cost across southern Africa is 50 percent higher compared to the local rate.Q. Why did the author cite the example of February 19th?a)To show how Bitcoinrationalizes production process of digital currencyb)To demonstrate the extent to which electricity is being over utilised due to cryptocurrency mining processc)To prove the existence of currency mining rig among corporates.d)To provide us a brief view into the history of cryptocurrency mininge)To prove that the finding of Digiconomist are baseless and should not be taken into account.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Banking Exams 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Read the passage and answer the question based on it.Much has been said about the mining of cryptocurrencies and how the process guzzles electricity. Mining is a process that creates new digital coins by solving complex mathematical problems using very powerful computers, day and night, non-stop. That wouldn't be a problem if it were only a few computers in use. As of February 19, for example, Bitcoin mining was thought to consume more than 51,000 Gigawatts hours of electricity each year worldwide, according to Digiconomist, an online cryptocurrency hub. That's five and half times as much the power used by Zimbabwe, a developing nation, for the whole of 2O15. There is no known corporate mining rig in Zimbabwe, though some individuals have decided to dip their toes into the mining waters. 41000 people trading crypto on the local exchange are to some degree mining on their personal computers. Obviously, these aren't all the Zimbabweans but there is also no administrative source on power use involving crypto-mining.Digiconomist has produced a model for calculating electricity use from Bitcoin mining that is widely used across the world, which could help estimate the amount of energy used by citizens mining crypto in Zimbabwe. The formula, which depends on the performance of ordinary mining equipment, expresses the miner's operating costs as a percentage of the total mining revenues before converting the operating costs to the energy consumed. The conversion is based on the average cost of electricity. Manufacturers of cryptocurrency are introducing to the market more efficient mining technologies that minimize electricity use.Bitcoin is evolving into a big environmental nuisance. Its mining, reliant on coal-fired power stations in countries like China, a leading cryptocurrency market, emits the equivalent of 24.8 million tonnes of carbon dioxide each year. According to the UN expert panel on climate change, carbon dioxide is the number one driver of global warming and climate change, a phenomenon that has spewed frequent and intense droughts and floods in Zimbabwe in recent decades, with deadly effects.There is only about 16 million Bitcoin in circulation today. A maximum of 21 million Bitcoins can only ever be issued. Now, as long as there is any cryptocurrency — to mine, it seems plausible that global concern will not only focus on the legitimacy of a currency that exists only online but also its power-guzzling systems, which will deficit in the future. Zimbabwe could easily turn into a crypto-miners paradise if only the power supply was reliable. At 9,86c per kWh, the country has some of the cheapest electricity rates anywhere in the world. The average electricity cost across southern Africa is 50 percent higher compared to the local rate.Q. Why did the author cite the example of February 19th?a)To show how Bitcoinrationalizes production process of digital currencyb)To demonstrate the extent to which electricity is being over utilised due to cryptocurrency mining processc)To prove the existence of currency mining rig among corporates.d)To provide us a brief view into the history of cryptocurrency mininge)To prove that the finding of Digiconomist are baseless and should not be taken into account.Correct answer is option 'B'. Can you explain this answer?.

Solutions for Direction: Read the passage and answer the question based on it.Much has been said about the mining of cryptocurrencies and how the process guzzles electricity. Mining is a process that creates new digital coins by solving complex mathematical problems using very powerful computers, day and night, non-stop. That wouldn't be a problem if it were only a few computers in use. As of February 19, for example, Bitcoin mining was thought to consume more than 51,000 Gigawatts hours of electricity each year worldwide, according to Digiconomist, an online cryptocurrency hub. That's five and half times as much the power used by Zimbabwe, a developing nation, for the whole of 2O15. There is no known corporate mining rig in Zimbabwe, though some individuals have decided to dip their toes into the mining waters. 41000 people trading crypto on the local exchange are to some degree mining on their personal computers. Obviously, these aren't all the Zimbabweans but there is also no administrative source on power use involving crypto-mining.Digiconomist has produced a model for calculating electricity use from Bitcoin mining that is widely used across the world, which could help estimate the amount of energy used by citizens mining crypto in Zimbabwe. The formula, which depends on the performance of ordinary mining equipment, expresses the miner's operating costs as a percentage of the total mining revenues before converting the operating costs to the energy consumed. The conversion is based on the average cost of electricity. Manufacturers of cryptocurrency are introducing to the market more efficient mining technologies that minimize electricity use.Bitcoin is evolving into a big environmental nuisance. Its mining, reliant on coal-fired power stations in countries like China, a leading cryptocurrency market, emits the equivalent of 24.8 million tonnes of carbon dioxide each year. According to the UN expert panel on climate change, carbon dioxide is the number one driver of global warming and climate change, a phenomenon that has spewed frequent and intense droughts and floods in Zimbabwe in recent decades, with deadly effects.There is only about 16 million Bitcoin in circulation today. A maximum of 21 million Bitcoins can only ever be issued. Now, as long as there is any cryptocurrency — to mine, it seems plausible that global concern will not only focus on the legitimacy of a currency that exists only online but also its power-guzzling systems, which will deficit in the future. Zimbabwe could easily turn into a crypto-miners paradise if only the power supply was reliable. At 9,86c per kWh, the country has some of the cheapest electricity rates anywhere in the world. The average electricity cost across southern Africa is 50 percent higher compared to the local rate.Q. Why did the author cite the example of February 19th?a)To show how Bitcoinrationalizes production process of digital currencyb)To demonstrate the extent to which electricity is being over utilised due to cryptocurrency mining processc)To prove the existence of currency mining rig among corporates.d)To provide us a brief view into the history of cryptocurrency mininge)To prove that the finding of Digiconomist are baseless and should not be taken into account.Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for Banking Exams. Download more important topics, notes, lectures and mock test series for Banking Exams Exam by signing up for free.

Here you can find the meaning of Direction: Read the passage and answer the question based on it.Much has been said about the mining of cryptocurrencies and how the process guzzles electricity. Mining is a process that creates new digital coins by solving complex mathematical problems using very powerful computers, day and night, non-stop. That wouldn't be a problem if it were only a few computers in use. As of February 19, for example, Bitcoin mining was thought to consume more than 51,000 Gigawatts hours of electricity each year worldwide, according to Digiconomist, an online cryptocurrency hub. That's five and half times as much the power used by Zimbabwe, a developing nation, for the whole of 2O15. There is no known corporate mining rig in Zimbabwe, though some individuals have decided to dip their toes into the mining waters. 41000 people trading crypto on the local exchange are to some degree mining on their personal computers. Obviously, these aren't all the Zimbabweans but there is also no administrative source on power use involving crypto-mining.Digiconomist has produced a model for calculating electricity use from Bitcoin mining that is widely used across the world, which could help estimate the amount of energy used by citizens mining crypto in Zimbabwe. The formula, which depends on the performance of ordinary mining equipment, expresses the miner's operating costs as a percentage of the total mining revenues before converting the operating costs to the energy consumed. The conversion is based on the average cost of electricity. Manufacturers of cryptocurrency are introducing to the market more efficient mining technologies that minimize electricity use.Bitcoin is evolving into a big environmental nuisance. Its mining, reliant on coal-fired power stations in countries like China, a leading cryptocurrency market, emits the equivalent of 24.8 million tonnes of carbon dioxide each year. According to the UN expert panel on climate change, carbon dioxide is the number one driver of global warming and climate change, a phenomenon that has spewed frequent and intense droughts and floods in Zimbabwe in recent decades, with deadly effects.There is only about 16 million Bitcoin in circulation today. A maximum of 21 million Bitcoins can only ever be issued. Now, as long as there is any cryptocurrency — to mine, it seems plausible that global concern will not only focus on the legitimacy of a currency that exists only online but also its power-guzzling systems, which will deficit in the future. Zimbabwe could easily turn into a crypto-miners paradise if only the power supply was reliable. At 9,86c per kWh, the country has some of the cheapest electricity rates anywhere in the world. The average electricity cost across southern Africa is 50 percent higher compared to the local rate.Q. Why did the author cite the example of February 19th?a)To show how Bitcoinrationalizes production process of digital currencyb)To demonstrate the extent to which electricity is being over utilised due to cryptocurrency mining processc)To prove the existence of currency mining rig among corporates.d)To provide us a brief view into the history of cryptocurrency mininge)To prove that the finding of Digiconomist are baseless and should not be taken into account.Correct answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Direction: Read the passage and answer the question based on it.Much has been said about the mining of cryptocurrencies and how the process guzzles electricity. Mining is a process that creates new digital coins by solving complex mathematical problems using very powerful computers, day and night, non-stop. That wouldn't be a problem if it were only a few computers in use. As of February 19, for example, Bitcoin mining was thought to consume more than 51,000 Gigawatts hours of electricity each year worldwide, according to Digiconomist, an online cryptocurrency hub. That's five and half times as much the power used by Zimbabwe, a developing nation, for the whole of 2O15. There is no known corporate mining rig in Zimbabwe, though some individuals have decided to dip their toes into the mining waters. 41000 people trading crypto on the local exchange are to some degree mining on their personal computers. Obviously, these aren't all the Zimbabweans but there is also no administrative source on power use involving crypto-mining.Digiconomist has produced a model for calculating electricity use from Bitcoin mining that is widely used across the world, which could help estimate the amount of energy used by citizens mining crypto in Zimbabwe. The formula, which depends on the performance of ordinary mining equipment, expresses the miner's operating costs as a percentage of the total mining revenues before converting the operating costs to the energy consumed. The conversion is based on the average cost of electricity. Manufacturers of cryptocurrency are introducing to the market more efficient mining technologies that minimize electricity use.Bitcoin is evolving into a big environmental nuisance. Its mining, reliant on coal-fired power stations in countries like China, a leading cryptocurrency market, emits the equivalent of 24.8 million tonnes of carbon dioxide each year. According to the UN expert panel on climate change, carbon dioxide is the number one driver of global warming and climate change, a phenomenon that has spewed frequent and intense droughts and floods in Zimbabwe in recent decades, with deadly effects.There is only about 16 million Bitcoin in circulation today. A maximum of 21 million Bitcoins can only ever be issued. Now, as long as there is any cryptocurrency — to mine, it seems plausible that global concern will not only focus on the legitimacy of a currency that exists only online but also its power-guzzling systems, which will deficit in the future. Zimbabwe could easily turn into a crypto-miners paradise if only the power supply was reliable. At 9,86c per kWh, the country has some of the cheapest electricity rates anywhere in the world. The average electricity cost across southern Africa is 50 percent higher compared to the local rate.Q. Why did the author cite the example of February 19th?a)To show how Bitcoinrationalizes production process of digital currencyb)To demonstrate the extent to which electricity is being over utilised due to cryptocurrency mining processc)To prove the existence of currency mining rig among corporates.d)To provide us a brief view into the history of cryptocurrency mininge)To prove that the finding of Digiconomist are baseless and should not be taken into account.Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Direction: Read the passage and answer the question based on it.Much has been said about the mining of cryptocurrencies and how the process guzzles electricity. Mining is a process that creates new digital coins by solving complex mathematical problems using very powerful computers, day and night, non-stop. That wouldn't be a problem if it were only a few computers in use. As of February 19, for example, Bitcoin mining was thought to consume more than 51,000 Gigawatts hours of electricity each year worldwide, according to Digiconomist, an online cryptocurrency hub. That's five and half times as much the power used by Zimbabwe, a developing nation, for the whole of 2O15. There is no known corporate mining rig in Zimbabwe, though some individuals have decided to dip their toes into the mining waters. 41000 people trading crypto on the local exchange are to some degree mining on their personal computers. Obviously, these aren't all the Zimbabweans but there is also no administrative source on power use involving crypto-mining.Digiconomist has produced a model for calculating electricity use from Bitcoin mining that is widely used across the world, which could help estimate the amount of energy used by citizens mining crypto in Zimbabwe. The formula, which depends on the performance of ordinary mining equipment, expresses the miner's operating costs as a percentage of the total mining revenues before converting the operating costs to the energy consumed. The conversion is based on the average cost of electricity. Manufacturers of cryptocurrency are introducing to the market more efficient mining technologies that minimize electricity use.Bitcoin is evolving into a big environmental nuisance. Its mining, reliant on coal-fired power stations in countries like China, a leading cryptocurrency market, emits the equivalent of 24.8 million tonnes of carbon dioxide each year. According to the UN expert panel on climate change, carbon dioxide is the number one driver of global warming and climate change, a phenomenon that has spewed frequent and intense droughts and floods in Zimbabwe in recent decades, with deadly effects.There is only about 16 million Bitcoin in circulation today. A maximum of 21 million Bitcoins can only ever be issued. Now, as long as there is any cryptocurrency — to mine, it seems plausible that global concern will not only focus on the legitimacy of a currency that exists only online but also its power-guzzling systems, which will deficit in the future. Zimbabwe could easily turn into a crypto-miners paradise if only the power supply was reliable. At 9,86c per kWh, the country has some of the cheapest electricity rates anywhere in the world. The average electricity cost across southern Africa is 50 percent higher compared to the local rate.Q. Why did the author cite the example of February 19th?a)To show how Bitcoinrationalizes production process of digital currencyb)To demonstrate the extent to which electricity is being over utilised due to cryptocurrency mining processc)To prove the existence of currency mining rig among corporates.d)To provide us a brief view into the history of cryptocurrency mininge)To prove that the finding of Digiconomist are baseless and should not be taken into account.Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of Direction: Read the passage and answer the question based on it.Much has been said about the mining of cryptocurrencies and how the process guzzles electricity. Mining is a process that creates new digital coins by solving complex mathematical problems using very powerful computers, day and night, non-stop. That wouldn't be a problem if it were only a few computers in use. As of February 19, for example, Bitcoin mining was thought to consume more than 51,000 Gigawatts hours of electricity each year worldwide, according to Digiconomist, an online cryptocurrency hub. That's five and half times as much the power used by Zimbabwe, a developing nation, for the whole of 2O15. There is no known corporate mining rig in Zimbabwe, though some individuals have decided to dip their toes into the mining waters. 41000 people trading crypto on the local exchange are to some degree mining on their personal computers. Obviously, these aren't all the Zimbabweans but there is also no administrative source on power use involving crypto-mining.Digiconomist has produced a model for calculating electricity use from Bitcoin mining that is widely used across the world, which could help estimate the amount of energy used by citizens mining crypto in Zimbabwe. The formula, which depends on the performance of ordinary mining equipment, expresses the miner's operating costs as a percentage of the total mining revenues before converting the operating costs to the energy consumed. The conversion is based on the average cost of electricity. Manufacturers of cryptocurrency are introducing to the market more efficient mining technologies that minimize electricity use.Bitcoin is evolving into a big environmental nuisance. Its mining, reliant on coal-fired power stations in countries like China, a leading cryptocurrency market, emits the equivalent of 24.8 million tonnes of carbon dioxide each year. According to the UN expert panel on climate change, carbon dioxide is the number one driver of global warming and climate change, a phenomenon that has spewed frequent and intense droughts and floods in Zimbabwe in recent decades, with deadly effects.There is only about 16 million Bitcoin in circulation today. A maximum of 21 million Bitcoins can only ever be issued. Now, as long as there is any cryptocurrency — to mine, it seems plausible that global concern will not only focus on the legitimacy of a currency that exists only online but also its power-guzzling systems, which will deficit in the future. Zimbabwe could easily turn into a crypto-miners paradise if only the power supply was reliable. At 9,86c per kWh, the country has some of the cheapest electricity rates anywhere in the world. The average electricity cost across southern Africa is 50 percent higher compared to the local rate.Q. Why did the author cite the example of February 19th?a)To show how Bitcoinrationalizes production process of digital currencyb)To demonstrate the extent to which electricity is being over utilised due to cryptocurrency mining processc)To prove the existence of currency mining rig among corporates.d)To provide us a brief view into the history of cryptocurrency mininge)To prove that the finding of Digiconomist are baseless and should not be taken into account.Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Direction: Read the passage and answer the question based on it.Much has been said about the mining of cryptocurrencies and how the process guzzles electricity. Mining is a process that creates new digital coins by solving complex mathematical problems using very powerful computers, day and night, non-stop. That wouldn't be a problem if it were only a few computers in use. As of February 19, for example, Bitcoin mining was thought to consume more than 51,000 Gigawatts hours of electricity each year worldwide, according to Digiconomist, an online cryptocurrency hub. That's five and half times as much the power used by Zimbabwe, a developing nation, for the whole of 2O15. There is no known corporate mining rig in Zimbabwe, though some individuals have decided to dip their toes into the mining waters. 41000 people trading crypto on the local exchange are to some degree mining on their personal computers. Obviously, these aren't all the Zimbabweans but there is also no administrative source on power use involving crypto-mining.Digiconomist has produced a model for calculating electricity use from Bitcoin mining that is widely used across the world, which could help estimate the amount of energy used by citizens mining crypto in Zimbabwe. The formula, which depends on the performance of ordinary mining equipment, expresses the miner's operating costs as a percentage of the total mining revenues before converting the operating costs to the energy consumed. The conversion is based on the average cost of electricity. Manufacturers of cryptocurrency are introducing to the market more efficient mining technologies that minimize electricity use.Bitcoin is evolving into a big environmental nuisance. Its mining, reliant on coal-fired power stations in countries like China, a leading cryptocurrency market, emits the equivalent of 24.8 million tonnes of carbon dioxide each year. According to the UN expert panel on climate change, carbon dioxide is the number one driver of global warming and climate change, a phenomenon that has spewed frequent and intense droughts and floods in Zimbabwe in recent decades, with deadly effects.There is only about 16 million Bitcoin in circulation today. A maximum of 21 million Bitcoins can only ever be issued. Now, as long as there is any cryptocurrency — to mine, it seems plausible that global concern will not only focus on the legitimacy of a currency that exists only online but also its power-guzzling systems, which will deficit in the future. Zimbabwe could easily turn into a crypto-miners paradise if only the power supply was reliable. At 9,86c per kWh, the country has some of the cheapest electricity rates anywhere in the world. The average electricity cost across southern Africa is 50 percent higher compared to the local rate.Q. Why did the author cite the example of February 19th?a)To show how Bitcoinrationalizes production process of digital currencyb)To demonstrate the extent to which electricity is being over utilised due to cryptocurrency mining processc)To prove the existence of currency mining rig among corporates.d)To provide us a brief view into the history of cryptocurrency mininge)To prove that the finding of Digiconomist are baseless and should not be taken into account.Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice Banking Exams tests.