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With reference to ‘Bitcoin mining’, a term often seen in the news, which of the following statements is/are true?
1. It involves solving complex mathematical problems
2. Most bitcoin mining operations are located usually concentrated where the cost of electricity is cheapest
3. More bitcoin miners means a more secure network
Select the correct answer using the code given below:
1. It involves solving complex mathematical problems
2. Most bitcoin mining operations are located usually concentrated where the cost of electricity is cheapest
3. More bitcoin miners means a more secure network
Select the correct answer using the code given below:
- a)1 only
- b)2 and 3 only
- c)1 and 3 only
- d)1, 2 and 3
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
With reference to ‘Bitcoin mining’, a term often seen in the news, whi...
Understanding Bitcoin Mining
Bitcoin mining is a crucial process that ensures the operation and security of the Bitcoin network. The statements provided are all true, and here’s a detailed explanation of each.
1. Involves Solving Complex Mathematical Problems
- Bitcoin mining requires miners to solve intricate cryptographic puzzles.
- This process involves finding a hash that meets certain criteria, which is computationally intensive.
- The first miner to solve the problem gets to add a new block to the blockchain and is rewarded with newly minted bitcoins.
2. Concentrated Where Electricity is Cheapest
- Most bitcoin mining operations are indeed located in areas where electricity costs are low.
- Mining is an energy-intensive process, and lower electricity costs significantly increase profitability.
- Regions such as parts of China, Iceland, and certain areas in the United States are popular due to their cheap energy sources.
3. More Bitcoin Miners Means a More Secure Network
- An increase in the number of miners contributes to the overall security of the Bitcoin network.
- More miners mean more computational power, making it harder for any single entity to dominate the network or execute a 51% attack.
- A decentralized network is inherently more secure, as it distributes control and reduces vulnerabilities.
In conclusion, all three statements about Bitcoin mining are correct. It involves complex problem-solving, is often located in areas with cheaper electricity, and a larger number of miners enhances network security. This multifaceted nature of bitcoin mining is essential for the stability and integrity of the cryptocurrency ecosystem.
Bitcoin mining is a crucial process that ensures the operation and security of the Bitcoin network. The statements provided are all true, and here’s a detailed explanation of each.
1. Involves Solving Complex Mathematical Problems
- Bitcoin mining requires miners to solve intricate cryptographic puzzles.
- This process involves finding a hash that meets certain criteria, which is computationally intensive.
- The first miner to solve the problem gets to add a new block to the blockchain and is rewarded with newly minted bitcoins.
2. Concentrated Where Electricity is Cheapest
- Most bitcoin mining operations are indeed located in areas where electricity costs are low.
- Mining is an energy-intensive process, and lower electricity costs significantly increase profitability.
- Regions such as parts of China, Iceland, and certain areas in the United States are popular due to their cheap energy sources.
3. More Bitcoin Miners Means a More Secure Network
- An increase in the number of miners contributes to the overall security of the Bitcoin network.
- More miners mean more computational power, making it harder for any single entity to dominate the network or execute a 51% attack.
- A decentralized network is inherently more secure, as it distributes control and reduces vulnerabilities.
In conclusion, all three statements about Bitcoin mining are correct. It involves complex problem-solving, is often located in areas with cheaper electricity, and a larger number of miners enhances network security. This multifaceted nature of bitcoin mining is essential for the stability and integrity of the cryptocurrency ecosystem.
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With reference to ‘Bitcoin mining’, a term often seen in the news, which of the following statements is/are true?1. It involves solving complex mathematical problems2. Most bitcoin mining operations are located usually concentrated where the cost of electricity is cheapest3. More bitcoin miners means a more secure networkSelect the correct answer using the code given below:a) 1 only b) 2 and 3 only c) 1 and 3 only d) 1, 2 and 3 Correct answer is option 'D'. Can you explain this answer? for Bank Exams 2025 is part of Bank Exams preparation. The Question and answers have been prepared according to the Bank Exams exam syllabus. Information about With reference to ‘Bitcoin mining’, a term often seen in the news, which of the following statements is/are true?1. It involves solving complex mathematical problems2. Most bitcoin mining operations are located usually concentrated where the cost of electricity is cheapest3. More bitcoin miners means a more secure networkSelect the correct answer using the code given below:a) 1 only b) 2 and 3 only c) 1 and 3 only d) 1, 2 and 3 Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for Bank Exams 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to ‘Bitcoin mining’, a term often seen in the news, which of the following statements is/are true?1. It involves solving complex mathematical problems2. Most bitcoin mining operations are located usually concentrated where the cost of electricity is cheapest3. More bitcoin miners means a more secure networkSelect the correct answer using the code given below:a) 1 only b) 2 and 3 only c) 1 and 3 only d) 1, 2 and 3 Correct answer is option 'D'. Can you explain this answer?.
With reference to ‘Bitcoin mining’, a term often seen in the news, which of the following statements is/are true?1. It involves solving complex mathematical problems2. Most bitcoin mining operations are located usually concentrated where the cost of electricity is cheapest3. More bitcoin miners means a more secure networkSelect the correct answer using the code given below:a) 1 only b) 2 and 3 only c) 1 and 3 only d) 1, 2 and 3 Correct answer is option 'D'. Can you explain this answer? for Bank Exams 2025 is part of Bank Exams preparation. The Question and answers have been prepared according to the Bank Exams exam syllabus. Information about With reference to ‘Bitcoin mining’, a term often seen in the news, which of the following statements is/are true?1. It involves solving complex mathematical problems2. Most bitcoin mining operations are located usually concentrated where the cost of electricity is cheapest3. More bitcoin miners means a more secure networkSelect the correct answer using the code given below:a) 1 only b) 2 and 3 only c) 1 and 3 only d) 1, 2 and 3 Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for Bank Exams 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to ‘Bitcoin mining’, a term often seen in the news, which of the following statements is/are true?1. It involves solving complex mathematical problems2. Most bitcoin mining operations are located usually concentrated where the cost of electricity is cheapest3. More bitcoin miners means a more secure networkSelect the correct answer using the code given below:a) 1 only b) 2 and 3 only c) 1 and 3 only d) 1, 2 and 3 Correct answer is option 'D'. Can you explain this answer?.
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