Steemit Crypto Academy [Beginners' Level] | Season 3 Week 8 | Blockchain Rewards

Good day steemians welcome to my season 3 week 8 of the steemit crypto academy I have learn, relearn and unlearn, thanks to all the professor for their unrelenting effort.
I will be writing my assignment based the topic Blockchain Rewards lectured by @awesononso.

In your own words, explain mining and block reward.

MINING

To a layman mining is just harvesting new cryptocurrency or a way of getting new listed
crypto coin, but mining is far more than that ,mining is not something that anyone can just wake up and venture into, it takes quality time and very skill full and well experienced person to mine a coin, gone are those day were mining is easy,but now is more harder to mine in other not to causes inflation in cryptocurrency.
mining is a process by which miners verify transactions by adding verified transaction to a blockchain, this process involves some calculations where by miners solve some puzzles and miners are rewarded for for their proof of work

BLOCK REWARD
Block reward is the reward given to miners after they have successful mine a block and the rewards are in form of new bitcoin and it can also be called incentive given to a miner for mining a block. The reward is given to the first person that is able to solve the mathematical calculations for transaction verification will be rewarded and this calculations are not easy at all ,miners do take their time to work on it, and the reward given to miners will be divided by half.

What do you understand by the Bitcoin Halving?

Bitcoin Halving occurs once in every 210,000 and it comes up every four years ,its a time crypto trade and investors do watchou for .Bitcoin halving has occured just three times since it was created ,the last bitcoin halving came up 2020 in which 12.5 bitcoin was halved to give us 6.5 bitcoin. The essence of halving bitcoin is because they don't want to it to be too much outside because if it is easily found if will reduce the value of bitcoin and cause inflation.
Let's take our normal currency as case study the currency have been in existence for a long time and its value have not gone up so much due to the fact that it is readily available at any time but for bitcoin the reverse is the case bitcoin can't be found any how though it was just created not quite long , it does fly around the streets thats why its value have gone up to high.
Bitcoin halving helps in reducing inflation among cryptocurrency.

What are the effects of the Halving on miners?

• Halving help the miners have more experience about cryptocurrency.

• miners get rewarded with new bit coins

• halving have so much impart on the other cryptocurrencies especially when it is bitcoin
  having

• It reduces inflation in which the miners will also benefit from.

• miners can accumulate coin when halves Is done

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

The current block height of bitcoin blockchain is 695803

Source

Halving happens at Every 210,000 block
For the past 3years = 210,000 × 3 = 630000
Current block =695803
Current block - past 3 years block
695803 - 630000 = 65805
To get the remaining blocks for another halve to happen
210,000 -65805 = 144197
We have 144197 blocks to complete 210000 before another halving comes up and the next bitcoin halves is likely to come up 2024.

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

Steem inflation rate reduction can't affect other coin.

• REASON
  Because STEEM is not a major coin on like bitcoin, bitcoin is so powerful that its control's other coin,if the inflation of bitcoin is hiked or reduced it use to have impart on other coin, but when STEEM inflation is reduced it does not really have effect , it can only have effect on STEEM user.

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

source
The current block height STEEM is 59,432,436
To get how many more blocks before next reduction .
Steem inflation rate reduces by 0.01% every 250,000 blocks.
225 reduction have been done so far on the steemit blockchain
To know the number of block height for the next reduction
250,000 ×226 =56,500,000
Therefore,
59,432,436-56,500,000 =2,932,436

2,932,436 is the number of blocks to next reduction.

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)

SOLUTION

Source

a) current price of BTC =$46,485.27
amount of purchased BTC=$2,500
1 satoshi = $0.0004380609
$0.0004380609 × 2,500= 1.09515225
Therefore,we have 1.095 3 s.f satoshi.

b) 1 satoshi = $0.000438
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)

SOLUTION

Source
The current price of BNB is $428.94

BNB purchased=$30
1 jager = $0.00000001
Amount of jager made

$0.00000001 × 30= 0.00000003(jager)
$30= 0.003(jager)

b)1 jager = $0.00000001
1 jager = 0.00000001 BNB

CONCLUSION

Blockchain reward is the reward given to miners for successfully adding verified transaction to the Leger (blockchain) .
Miners does a lot of brain storming by solving mathematical calculations.
Bitcoin halving is aso done on a (BTC) blockchain to reduce the amount of inflation,that's why crypto traders are always anticipating for bitcoin halving.
Thanks to professor @awesononso for this wonderful lecture.