Bitcoin Mining

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Bitcoin Mining

1. What is "mining" in Bitcoin?

The process of selling bitcoins.

The process of confirming transactions and adding them to the blockchain.

The process of removing invalid transactions.

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2. A Bitcoin node use a temporary storage area for transaction known as the:

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Temp state drive

Memory drive

Memory pool

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3. The memory pool holds __________ transactions

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Archvied

Confirmed

Unconfirmed

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4. The blockchain holds _________ transactions.

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Fresh

Confirmed

Unconfirmed

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5. A Bitcoin miner creates a temporary block called a __________ that’s filled with transactions selected from the memory pool.

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Cube

H&R Block

Candidate Block

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6. The __________ is a special part of the Block Header that miners can populate with an arbitrary number.

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Timestamp

Previous Block Hash

Merkle Root

Nonce

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7. The “winning” miner is rewarded with a set number of bitcoin (plus transaction fees) called the __________ .

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Mining bounty

Block prize

Block reward

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8. One miner wins the block reward roughly every _____ minutes.

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2.5

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9. The process of mining is often referred to as:

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Proof-of-Work

Proof-of-Stake

Proof-of-Authority

Proof of Identity

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10. This process occurs roughly every two weeks and ensures that new blocks are added to the blockchain roughly every 10 minutes, no matter how many miners join or leave the network.

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Hashing

Encryption

Difficulty Adjustment

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