Bitcoin Quiz Merit Reward (Newbie to Sr. Member)

[Daboy_Lyle]

Let's have some fun by answering some bitcoin stuffs.
RULES

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• Cheated answer will not be valid
• Don't post off topic replys

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Let's begin the quiz!
Question:

1.

About 1,800 new bitcoins are mined each week. It can take 1.7 billion attempts to unlock a new bitcoin. The work must be proved before a bitcoin is added to the chain. Where are the bitcoin mines?Why?

Code:

ANSWER:Bitcoin mines are at where the electricity is cheap, and it does worth mining, simple as that. The cheapest power is at: 
India, $0,08/kWh 
China, $0,09/kWh 
But this is an average, it may vary even in the country. But usually you can hear about Chinese and Russian Bitcoin farms. From these two information sources, I'd say most of the bitcoin mines are in China. At least the half.
Also, if a mining farm obtains power not from the grid, but straight from the power plant, it means cheaper power, because of bypassing plenty of fees. These fees cointain: Acquisition/sales, Grid fee, Value-added tax, Concession fees, Electricity tax, and may be others. This way, you can mine anywhere in the world, where you can get cheap enough electricity this way. Some mining companies even do this, for example Envion.
So there is no exact way/location to answer this, but to say that it can be anywhere in the world where the electricity is cheap enough.

Winner:Bencus
2.

Bitcoin takes a lot of computer power to mine and to trade. It requires a lot of electricity to run those computers, which in turn generate enormous amounts of heat. Should the world be worried about pollution from the bitcoin mines?

Code:

ANSWER:

Well, what you are saying is not entirely true, even in Europe. Only on thermal and nuclear plants you can produce the exact amount of energy being demanded. And these are not the only types of electricity plants in the world. 

There are  countries in Europe like Switzerland which they pump water from the base of the valley back to the top of the elevation, so they can sell this excess energy at peak hours of consume to another countries. If energy could be stored, that would not happen. Search about it on google you will find out.

Indeed  some are hydro plants are able to store energy, but not all of them. Not all hydro plant have a reservoir, actually some of the biggest of the world do not have. They are called [url=https://en.wikipedia.org/wiki/Run-of-the-river_hydroelectricity]Run-of-the-river hydroelectricity [/url].

The biggest one in Brazil (Itaipu), and one of the biggest in the world, is one of this kind of hydro plant. 
These kind of hydro power plants just can´t store energy, and the amount of energy produced cannot be controlled.

Even if bitcoin is not be produced from excess energy, it can still be a sponsor of alternative energy sources. As cryptomining is profitable, people could buy solar panels (which can be shut down, but there is no reason to do so, and you cannot store solar energy) and use the excess energy produce to mine.

I think Antonopoulos sometimes speaks too much, but he is very knowledge about crypto and respected in crypto community. Maybe he made a few mistakes in that video, but he has a point. Just saying bitcoin is just bad for the environment is just false and hypocrisy. 

Winner: bitmover
3.

Is Bitcoin vulnerable to quantum computing?

Code:

Answer:
I have read https://www.theregister.co.uk/2017/11/09/quantum_computers_could_crack_bitcoin/ talking about this 
kind of topic but in my opinion, yes vulnerable.
However, bitcoin can find a way to protect its transactions, free from any attack using quantum computers/computing as we are still finding its blockchain potential.
Ten more years are enough to find solutions from any attack.

Winner: theyoungmillionaire
4.

Will bitcoin platforms attract developers?  Why?

Code:

Answer

See also this Merit Service

Users that already answered the past questions will not more allowed to join this quiz.
Users who've got the correct answers on past questions.
1. Bencus (Question No. 1)
2. bitmover (Question No. 2)
3.  theyoungmillionaire (Question No. 3)

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[Vod]

It can take 1.7 billion attempts to unlock a new bitcoin.

?  Not true at all.  Modern hardware can hash that in a second.  The average bitcoin takes 10 minutes.

[Daboy_Lyle]

It can take 1.7 billion attempts to unlock a new bitcoin.

?  Not true at all.  Modern hardware can hash that in a second.  The average bitcoin takes 10 minutes.

Yes it is. This is already proven In somewhere where bitcoins are banned by thier government due to that they get a lot of bitcoins. I won't say the place where it is. Waiting for some answers.

[apoorvlathey]

The answer to this question I guess is China. Why ? Because of abundance of Hydropower.
They banned bitcoin for a while and now ICOs .

It can take 1.7 billion attempts to unlock a new bitcoin.

?  Not true at all.  Modern hardware can hash that in a second.  The average bitcoin takes 10 minutes.

The Mining is a guessing game in which the mining rig has to brute force to get bitcoin confirmed. Sure they may take a second to solve it but the attempts to crack the hash is 1.7 billion (according to op).

[suchmoon]

The OP is a merit beggar. Merit farming seems to be the purpose of this exercise.

[marlboroza]

The OP is a merit beggar. Merit farming seems to be the purpose of this exercise.

Is this question number 3?

[rehydrogenated]

1.
About 1,800 new bitcoins are mined each week. It can take 1.7 billion attempts to unlock a new bitcoin. The work must be proved before a bitcoin is added to the chain. Where are the bitcoin mines?Why?

Answer: The bitcoin mines are mainly placed near cheap power sources, although somewhat less common is miners setting up in localities that subsidize power consumption or contract deals with miners directly who pay a greatly reduced rate for power. The most common areas are around hydroelectric power in China, the US and the EU.

2.
Bitcoin takes a lot of computer power to mine and to trade. It requires a lot of electricity to run those computers, which in turn generate enormous amounts of heat. Should the world be worried about pollution from the bitcoin mines?

Answer: Yes, we should be worried about the pollution generated from bitcoin miners. The difficulty level bitcoin is at and even the way mining works was not invented assuming the current massive demand for bitcoin. Literally hundreds of coins and tokens have managed to solve the pollution problem bitcoin has. The only thing stopping bitcoin is the strong centralized miners that are trying to keep fees high and maintain control and domination over the bitcoin community.

[Bencus]

1. Bitcoin mines are at where the electricity is cheap, and it does worth mining, simple as that. The cheapest power is at:
India, $0,08/kWh
China, $0,09/kWh
But this is an average, it may vary even in the country. But usually you can hear about Chinese and Russian Bitcoin farms. From these two information sources, I'd say most of the bitcoin mines are in China. At least the half.
Also, if a mining farm obtains power not from the grid, but straight from the power plant, it means cheaper power, because of bypassing plenty of fees. These fees cointain: Acquisition/sales, Grid fee, Value-added tax, Concession fees, Electricity tax, and may be others. This way, you can mine anywhere in the world, where you can get cheap enough electricity this way. Some mining companies even do this, for example Envion.
So there is no exact way/location to answer this, but to say that it can be anywhere in the world where the electricity is cheap enough.

2. Bitcoin mining's current estimated daily electricity consumption is 161913828 kWh. Yearly, that is around 59,4 TWh. That is a lot, equivalent of Columbia's electricity consumption. A country with population almost reaching 50 million.  And it is not even the biggest problem. It is not the amount of electricity needed, but where is this electricity comes from. With more then half of the mining done in China, where around 60% of the electricity is from coal, we can see that the mining is powered by electricity, produced in a dirty, polluting way.
For example, Bitmain Technologies runs a server farm in China, which runs on electricity produced in coal power plants.
It is hard to say how polluting Bitcoin production is, but I believe with merit order, it would be possible to see how much it really adds to the pollution. If we substract the power from bitcoin mining, it would be easy to see how much pollution it really creates. However this needs to be done in multiple regions, to get accurate data.
Also, acquiring the data would require some connections at the local electricity companies, so I think it would be hard for a single person to analise the pollution of Bitcoin mining.
But all in all, Bitcoin certainly uses substantial amount of energy, and undoubtedly creates immense pollution.

[GaretJohanKay]

2. Adding to the other answers. The answer is: In the present Yes but in the Future not In the present because most miners take electricity from coal plants something that prior answers have been already said. In the future not. for the next reasons:

1 There are already farms in China that uses  hydroelectric power
2.There is a company called HydroMiner This established its first facility in Schönberg, Austria, which draws a base energy output of 290 kWh for its 120 mining units. Their second mining farm in Waidhofen an der Ybbs, Austria, receives a consistent supply of 600 kWh for its 250 Antmine 29s and 1152 GPUs.
3. The pollution can be comepensated by using the warmth generated to heat the water https://www.youtube.com/watch?v=9WD8OOsyZzg  Another example Qarnot QC-1 "crypto heater" takes advantage of an obvious synergy: It makes use of the waste heat generated by mining crypto in the guise of an attractive space heater.
Myera Group The heat from the miners warms the greenhouse plants, while nitrate-rich wastewater from the fish tanks keeps them watered.

[bitmover]

I will give another possibility for answer number 2.

2 - No. Bitcoin energy consumption is more a solution than a problem.

Bitcoin is mainly mined where electricity is cheap. We have cheap electricity where it's plentiful and abundant, not where it's scary.

In other words, excess energy produced is being directed to bitcoin mining. We cannot store energy, and when energy plants are build they produce more energy than required, so they can supply the region for some time.

Also,  as Bitcoin adoption grows it can hasten renewable energy development and adoption. Bitcoin mining can be an environmental subsidy to alternative energy all around the world because it's causing these projects to be amortized over a year instead of five.

It's very easy to criticize bitcoin mining because it's too obvious. More obvious than the energy consumption of Visa, for example, which not everyone is aware of how much energy they consume.

More information about here: https://www.youtube.com/watch?v=2T0OUIW89II (Andreas Antonopoulos.)

That are claims that Christmas lights consumes as much energy as bitcoin mining.
http://www.coindaily.co/2017/12/14/christmas-decorations-consume-as-much-electricity-as-bitcoin-mining/

[Vod]

It can take 1.7 billion attempts to unlock a new bitcoin.

?  Not true at all.  Modern hardware can hash that in a second.  The average bitcoin takes 10 minutes.

Yes it is. This is already proven In somewhere where bitcoins are banned by thier government due to that they get a lot of bitcoins.

Could you tell me what that even means? 

[Daboy_Lyle]

The OP is a merit beggar. Merit farming seems to be the purpose of this exercise.

First of all this is not merit farming.

Could you tell me what that even means? 

The question is already answered. 

Code:

ANSWER:Bitcoin mines are at where the electricity is cheap, and it does worth mining, simple as that. The cheapest power is at: 
India, $0,08/kWh 
China, $0,09/kWh 
But this is an average, it may vary even in the country. But usually you can hear about Chinese and Russian Bitcoin farms. From these two information sources, I'd say most of the bitcoin mines are in China. At least the half.
Also, if a mining farm obtains power not from the grid, but straight from the power plant, it means cheaper power, because of bypassing plenty of fees. These fees cointain: Acquisition/sales, Grid fee, Value-added tax, Concession fees, Electricity tax, and may be others. This way, you can mine anywhere in the world, where you can get cheap enough electricity this way. Some mining companies even do this, for example Envion.
So there is no exact way/location to answer this, but to say that it can be anywhere in the world where the electricity is cheap enough.

Winner:Bencus

[mocacinno]

It can take 1.7 billion attempts to unlock a new bitcoin.

?  Not true at all.  Modern hardware can hash that in a second.  The average bitcoin takes 10 minutes.

Yes it is. This is already proven In somewhere where bitcoins are banned by thier government due to that they get a lot of bitcoins. I won't say the place where it is. Waiting for some answers.

I saw this post last night while i was browsing the forum on my mobile phone, and i saved because i just had to reply to it... I do not mean to derail your thread, i have no problems with what you're doing (in fact, i kind of like the initiative), but i really can't let big technical errors slide without correcting them.

The formula to calculate the AVERAGE profit is:
24 / (D * 2^32 / (H * 10^6) / 60 / 60) * C = BTC/day
where
D = Difficulty
H = MHash/s
C = Reward (currently 12.5 BTC)
(i didn't invent this formula, i saved it from somebody on this forum a long time ago, but i cannot remember who it was).

You are claiming that it takes 1,700,000,000 "attempts" to "unlock" a new bitcoin... Since the current block reward is 12.5 BTC, you claim you'd need an average of 1,700,000,000 * 12.5 = 21,250,000,000 hashes to find a block header whose sha256d hash is under the current target.
Since the difficulty gets adjusted so, on average, 1 block gets solved every 10 minutes, the hashrate per second would be: 21,250,000,000/600 = 35,416,667 hashes/second =~ 36 Mh/s
This means that your claim can be reduced to saying that if somebody was running a machine at 36 Mh/s, he'd have controll over the complete network's hashrate and find, on average, 6 blocks/hour = 144 blocks/day...
144 blocks = 144*12.5 BTC = 1800 BTC

Revese proof that a hashrate of 36Mh is the correct assumption:
36,000,000 h/s*600s = 21,600,000,000hashes
21,600,000,000 hashes / 12.5 BTC = 1,728,000,000 hashes/BTC
1,728,000,000 hashes/BTC = 1.7 billion hashes (attempts) to "unlock" one bitcoin

Now... Let's look at the reality and plug this hashrate in the formula above:
24 / (3,511,060,552,899*2^32/(36*10^6)/60/60)*12.5 =
24/ 116,357,177,847 * 12.5 = 0.000000002578 BTC/day

So, VOD was right saying that is is untrue to claim that it takes 1.7 billion attempts to unlock a new bitcoin

[icohunter1024]

I think the amount of heat it generates is huge, so it's no coincidence that the largest bitcoin mines are located in colder countries and do not have very high environmental taxes.

[Ginzink]

The OP is a merit beggar. Merit farming seems to be the purpose of this exercise.

That is exactly what i thought. High ranking members making threads like this have gotten a lot of merit.
But i gotta hand it to you, it is a well performed attempt on getting some merit! And actualy somewhat usefull, i like theese threads

[EzBreezy]

2.

Bitcoin takes a lot of computer power to mine and to trade. It requires a lot of electricity to run those computers, which in turn generate enormous amounts of heat. Should the world be worried about pollution from the bitcoin mines?

Code:

 ANSWER:

2. Yes, because bitcoin mining currently uses 36 terawatts of power each year, about the same as the nation of Bulgaria uses, and it has caused electricity blackouts in some places. If bitcoin mining were to keep growing at its present rate, it would use all of the world's electricity by 2020. Bitcoin trading also requires use of its blockchain, and the energy it uses is increasing rapidly, too.

[Bencus]

I will give another possibility for answer number 2.

2 - No. Bitcoin energy consumption is more a solution than a problem.

Bitcoin is mainly mined where electricity is cheap. We have cheap electricity where it's plentiful and abundant, not where it's scary.

In other words, excess energy produced is being directed to bitcoin mining. We cannot store energy, and when energy plants are build they produce more energy than required, so they can supply the region for some time.

Also,  as Bitcoin adoption grows it can hasten renewable energy development and adoption. Bitcoin mining can be an environmental subsidy to alternative energy all around the world because it's causing these projects to be amortized over a year instead of five.

It's very easy to criticize bitcoin mining because it's too obvious. More obvious than the energy consumption of Visa, for example, which not everyone is aware of how much energy they consume.

More information about here: https://www.youtube.com/watch?v=2T0OUIW89II (Andreas Antonopoulos.)

That are claims that Christmas lights consumes as much energy as bitcoin mining.
http://www.coindaily.co/2017/12/14/christmas-decorations-consume-as-much-electricity-as-bitcoin-mining/

No. What you are saying is not true. Abundant electricity? Excess energy? That is not how the electric grid works. You need to produce the exact same amount of electricity, that is demanded every single second. If you produce more, the frequency increases, if you produce less, it decreases. 0,1% difference is tolerated in my country, and I believe in whole Europe. Also,
You are right about Visa having hidden electricity costs, but I believe something similar to a Life Cycle Assessment could be carried out to find out the truth.
I watched the video you linked, and now I see where you got your ideas from. Sadly, what this guy says, is partially wrong. There are some things he gets right, but there are so many points he gets wrong.
If you build a power plant with the capacity of 50MW, it will not produce 50MW all the time. The output can be regulated. Even if the power plant is based on alternative/renewable energy sources like wind, solar or hydro. Also, you can turn these power plants off, this person was wrong at that point, too.
You can shut down windmills, as they usually do in heavy winds to prevent damage, or when would be too much power produced.
You can easily regulate a hydro power plant. Also, pumped hydro is the most common way to store energy (yes, it is possible to store energy, which is relevant in the energy sector). I believe you can do it with solar panels aswell.
And I'm curious why this person, Andreas, have little to no idea about the basic concept of the electric grid, yet stands out, talks about it, spreading false ideas, and even puts it onto youtube.

[bitmover]

No. What you are saying is not true. Abundant electricity? Excess energy? That is not how the electric grid works. You need to produce the exact same amount of electricity, that is demanded every single second. If you produce more, the frequency increases, if you produce less, it decreases. 0,1% difference is tolerated in my country, and I believe in whole Europe. Also,
You are right about Visa having hidden electricity costs, but I believe something similar to a Life Cycle Assessment could be carried out to find out the truth.
I watched the video you linked, and now I see where you got your ideas from. Sadly, what this guy says, is partially wrong. There are some things he gets right, but there are so many points he gets wrong.
If you build a power plant with the capacity of 50MW, it will not produce 50MW all the time. The output can be regulated. Even if the power plant is based on alternative/renewable energy sources like wind, solar or hydro. Also, you can turn these power plants off, this person was wrong at that point, too.
You can shut down windmills, as they usually do in heavy winds to prevent damage, or when would be too much power produced.
You can easily regulate a hydro power plant. Also, pumped hydro is the most common way to store energy (yes, it is possible to store energy, which is relevant in the energy sector). I believe you can do it with solar panels aswell.
And I'm curious why this person, Andreas, have little to no idea about the basic concept of the electric grid, yet stands out, talks about it, spreading false ideas, and even puts it onto youtube.

Well, what you are saying is not entirely true, even in Europe. Only on thermal and nuclear plants you can produce the exact amount of energy being demanded. And these are not the only types of electricity plants in the world.

There are  countries in Europe like Switzerland which they pump water from the base of the valley back to the top of the elevation, so they can sell this excess energy at peak hours of consume to another countries. If energy could be stored, that would not happen. Search about it on google you will find out.

Indeed  some are hydro plants are able to store energy, but not all of them. Not all hydro plant have a reservoir, actually some of the biggest of the world do not have. They are called Run-of-the-river hydroelectricity .

The biggest one in Brazil (Itaipu), and one of the biggest in the world, is one of this kind of hydro plant.
These kind of hydro power plants just can´t store energy, and the amount of energy produced cannot be controlled.

Even if bitcoin is not be produced from excess energy, it can still be a sponsor of alternative energy sources. As cryptomining is profitable, people could buy solar panels (which can be shut down, but there is no reason to do so, and you cannot store solar energy) and use the excess energy produce to mine.

I think Antonopoulos sometimes speaks too much, but he is very knowledge about crypto and respected in crypto community. Maybe he made a few mistakes in that video, but he has a point. Just saying bitcoin is just bad for the environment is just false and hypocrisy.

[Daboy_Lyle]

Since I got short of sMerit I will lock the topic and reopen it soon.  Thanks for joining and giving your answers.  Users who already  answered  the question  and been merited will not be able to join the quiz again. Hope to open this again sooner.
Update : TOPIC UNLOCKED

[Daboy_Lyle]

Question No. 3

Is Bitcoin vulnerable to quantum computing?

Code:

Answer: