I find it a pleasure in participating in this taske, thereby expressing my understanding about this lecture.

Homework

In your own words, explain mining and block reward.

What do you understand by the Bitcoin Halving?

What are the effects of the Halving on miners?

What is the current block height on the Bitcoin blockchain? How many more blocks before the next halving?(Screenshots and Full working)

Do you think Steem’s inflation rate reduction can affect other coins? Why?

What is the current block height on the Steem blockchain? How many more blocks before the next 0.01% reduction?(Screenshots and Full working)

Continuation of last week’s work

What is the current value of BTC on the day you are performing this task? If you made a purchase of $2,500 then,
a.) how many satoshis would you have?
b.) what is the value of a satoshi for that day?
(Show full working and correct to 3 s.f)
(1 satoshi = 0.00000001 BTC)

What is the current value of BNB on the day you are performing this task? If you made a purchase of $30 then,
a.) how many Jagers would you have?
b.) what is the value of a Jager for that day?
(Show full working and correct to 3 s.f)
(1 jager = 0.00000001 BNB)

(Screenshots of current value should be provided)

My Entry

In your own words, explain mining and block reward.

From my understanding, mining has to do with the process of solving mathematical puzzles that are complicated with a digital computer.

It is also the process of keeping an accurate account of every transaction in a ledger, and this is called proof of work (POW).

This process keeps Bitcoin network assured and secured.

Then those miners after all this efforts they are being rewarded with percentage of every new coin and this is called block reward and it occurs every 4 years, that serves as a form of payment to them, because everyone who works expects something in reward.

What do you understand by the Bitcoin Halving?

Bitcoin halving is a system that every 4 years and it occurs in every 210,000 blocks, this process gives miners 50% less Bitcoin for every transaction they verify.

Bitcoin halving occur in the past, for instance in
28 November 2012 there was a halve that rewarded miners from 50% to 25% per block,
Then another halves occured in 9 July 2016 thats 4 years from 2012, then this rewarded dropped from 25% to 12.5 Bitcoin,after 4 years on 11 May 2020 it was now 6.25 Bitcoin per block.

What are the effects of the Halving on miners?

• Halving is a kind of loss of profit to minners,as the keeps decreasing.
• It increases Bitcoin value.
• It also results to reduction in inflation rate.

Do you think Steem’s inflation rate reduction can affect other coins? Why?

I will say may be, since every token benefits from steem liquid currency so when there is inflation rate it will affect other coins, but mostly Bitcoin.

What is the current block height on the Bitcoin blockchain? How many more blocks before the next halving?(Screenshots and Full working)

As at the time am writing this task,current block height = 696559

source

Since Bitcoin halves every 210,000 blocks and the next halving will be the 4th, so therefore,
We have, 210,000 ×4=840,000,
Since the current block=696,559
The number of blocks until the next halving will be 840,000-696,559=143,441.

That is 143,441 blocks.

What is the current block height on the Steem blockchain? How many more blocks before the next 0.01% reduction?(Screenshots and Full working)

As at the time am writing my post,current blockchain steem blockchain was 56,511,171.

source

Since steem inflation rate reduces by 0.01% every 250,000 block, so to get the reduction i have to divide it this way,

56,511,171/250,000=226.044
Which means the there has been 226 reduction.

Now to get the block height for the next reduction=
227×250.000= 56,750,000

Therefore number of blocks untill next reduction will be

56,750,000-56,511,171=238,829 blocks.

continuation of last week

What is the current value of BTC on the day you are performing this task? If you made a purchase of $2,500 then, how many satoshis would you have? what is the value of a satoshi for that day?(Show full working and correct to 3 s.f)(1 satoshi = 0.00000001 BTC)

On the day of of performing this task current value of Bitcoin was 46,559,49

source
Then
1 Sat=1×0.00000001×1 BTC

1 Sat=1×0.00000001×46,559,49

1Sat=4.655949×0.00000001

1 Sat=$0.0004655949

1 Sat=$0.000465(to 3 s f)

On the purchase of $2500, lets calculate how many Satoshi

1 sat. = $0.0004655949

Let D rep. the unkown satoshi, Then It will be
1 sat. = $0.0004655949
D = $2500
Then

2500/0.0004655949= 5369474.622681251 satoshi

So, D = 2500/0.0004655949
= 5,369,474.622681251 satoshi
= 5,4000,000 satoshi (3.s.f)

Value of Satoshi=$0.000465 ( 3 s f)

What is the current value of BNB on the day you are performing this task? If you made a purchase of $30 then, how many Jagers would you have? what is the value of a Jager for that day? (Show full working and correct to 3 s.f)(1 jager = 0.00000001 BNB)

Current BNB value =430.64 as at the time of writing this task.

source
Then 1 jager= 0.00000001BNB
Which means 1 jager= $ 0.00000001(430.64)
1 jager= $ 0.0000043064
1 jager=$0.00000430 (3 s f)

For calculation for the value of jager for $30

Z will be representing the unknown Satoshi,
1 jager=$0.000043064
Z=$30 then
Z×$0.0000043064=1 jager×$30
Z=1 jager × $30/ $0.0000043064=
6,966,375.626973806.1 jagers
= $0.0006966376

Value of Satoshi =$0.000697(3 s f)

conclusion

This lecture has educated me more on blockchain, i have come to understand how miners are rewarded for there hard work, also the interval of the rewards,and the benefits for investors.

All thanks to Nakamoto Satoshi for the development of Bitcoin, it has changed the financial lives of millions and continues till today.

Thank you @awesononso