Steemit Crypto Academy | Season 3 Week8 | Block Chain Rewards @vhenom

Good day sir @awesononso thank you for this great topic in Blockchain reward and also about halving, I've gone through your lecture and this is what I could come up with, I hope you'd enjoy it. In this topic I'll be taking about block chain reward and bitcoin halving.

IN YOUR OWN WORDS, EXPLAIN MINING AND BLOCK REWARD

At one point in time everyone of us would have used the word mining so let's ask ourselves what mining really is, according to me mining is the process or act of extracting iron ore and other minerals beneath the earth. It could also be setting explosive mined beneath the ground.

Now mining in crypto is way different from that it is not gotten from beneath the earth it's more like getting crypto currencies without buying thrn. There are different ways to get coins it's either you buy, receive if from someone or you mine it.
If a coin is mined it's stored in the blockchain database where every transaction are stored

Blockchain rewards: from the word reward which means prize earned, the blockchain reward is a price given to to traders for their success in minningba coin in the crypto world. It's also more like a compensation given to miner for spending their time and effor mining a coin

WHAT DO YOU UNDERSTAND BY BITCOIN HALVING

Form the world halving which means dividing into 2, but coin halving is applicable to bitcoin mining the bitcoin mining takes place every 4 years, the bitcoin halving helps in reducing the amount of bitcoinn in circulation cause there is a specified amount of bitcoin that should be circulated.

The amount of bitcoin that was available for mining was 50 BTC in 2012 then after it's first halving it became 25 BTC in 2016 available to be mined and later 12.5 BTC to be mined and later to 6.25 BTC in 2020, it has been currently halved to 6.25 BTC but in the nearest future it's going to be halved to 3.125 BTC which is in 2024.

WHAT ARE THE EFFECTS OF THE HALVING ON MINERS

• Halving helps to reducing the inflation rate of butcoin, it's initial inflation rate was first at 50% after it's first halving in 2012 the inflation rate dropped to 12% as at 2016 when the second halving happened it inflation rate later dropped to about 4% as at now Bitcoin's inflation rate is at 1.8% so on one word the more halving the more reduction in inflation rate

• Halving also increases the price or value of butcoin : the more halving the higher the value or price of bitcoin.

• There are lot of people mining and as bitcoin is halved every 4 years the lower amount of bitcoin that is to be shared amongst the miners which reduced their profit

WHAT IS THE CURRENT HEIGHT ON THE BITCOIN BLOCKCHAIN? HOW MANY MORE BLOCKS BEFORE THE NEXT HALVING?

bitcoin halves every 210,000 blocks and it has halved 3 times so the next halving will make it the 4th one

The formula for knowing the next halving is

BLOCK HEIGHT FOR THE NEXT HALVING - CURRENT BLOCK HEIGHT

from my screenshot above
THE CURRENT BLOCK HEIGHT IS = 696,695 blocks
BLOCK HEIGHT FOR THE NEXT HALVING = 210, 000 blocks X 4 = 840,000

Therefore the number of blocks till the next halving is 840,000 - 696695 = 143, 305 blocks

DO YOU THINK STEEM'S INFLATION RATE REDUCTION CAN AFFECT OTHER COINS? WHY?

Steem Inflation rate can't affect other coins it's inflation rate it's quite insignificant the Inflation rate as at 2016 was 9.5% and it reduced by only 0.01% for every 250,000 blocks

WHAT IS THE CURRENT BLOCK HEIGHT ON THE STEEM BLOCKCHAIN? HOW MANY MORE BLOCKS BEFORE THE NEXT 0.01% REDUCTION?

From the above screenshot, the block height of steem as of when this post was made is 56,531,927 blocks and the inflation rate of steem declines by 0.01% at every 250,000blocks
CURRENT BLOCK HEIGHT = 56,531,927 blocks
TOTAL NUMBER OF REDUCTION= 56,531,927 / 250,000
=226.1
the block height for next reduction; CURRENT BLOCK HEIGHT X 250,000

226 × 250,000 = 56,500,000
56,500,00 is the number of blocks that must be mined before the next reduction.

Number of blocks remaining until next 0.01% reduction
Formula = TOTAL NUMBER OF BLOCKS THAT MUST BE MINED – CURRENT BLOCK HEIGHT

56,500,000–56,531,927
= -31,927 which means that's 31,927 blocks have been minded after the last 0.01% reduction

So the amount of blocks that would be mined before the next 0.01% reduction is
56,500,000 — 31,927 =
56,468,074 blocks
Therefore 56,468,074 blocks have to be mined before the next 0.01% reduction .

CONTINUATION OF LAST WEEK'S WORK
WHAT IS THE CURRENT VALUE OF BTC ON THE DAY YOU ARE PERFORMING THIS TASK? IF YOU MAKE A PURCHASE OF $2500, THEN,

(a) how many satoshi would you have?
During the time of this post the current price of BTC was $48,515.99 from the image above
Solution
Since we do not know the number of satoshi we would have so let's call it X
1 BTC = $48,515.99
X BTC = $2,500
Cross multiply and we'll get
X $48,515.99 = $2,500
Divide both side by $48,515.99 and we'll have
$2500 / $48,515.99 which is equal to 0.05152940286 BTC which is approximately 0.0515 BTC
Therefore with $2,500 we are going to get 0.0515 BTC

Let p represent number of satoshi
Therefore
1 satoshi = 0.00000001 BTC
X satoshi = 0.0515 BTC
Cross multiply and we'll get
0.00000001 X = 0.0515
Divide both side by 0.00000001 and we'll get 5,150,000 satoshi
Which means that me buying $2500 of BTC means I'm getting 5,150,000 satoshi

(B) what is the value of satoshi for that day
Since 1satoshi = 0.00000001 BTC
1 BTC = $48,515.99
So 1 satoshi will have to be the price of BTC multiply by the amount of satoshi that will give one BTC
0.00000001 X $48,515.99 = $0.000485.

Which means for this that that I made this post the value of satoshi is $0.000485

WHAT IS THE 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?
From the image above the price of BNB is $444.28
Since we do not know the number of jagers we would have so let's call it X
1 BNB = $444.28
X BNB = $30
Cross multiply and we'll get
X $444.28 = $30
Divide both side by $444.28 and we'll have
$30 / $444.28 which is equal to 0.067524984244 BNB which is approximately 0.0675 BNB
Therefore with $30 we are going to get 0.0675 BNB

Let p represent number of jagers
Therefore
1 jager = 0.00000001 BNB
X jager = 0.0675 BNB
Cross multiply and we'll get
0.00000001 X = 0.0675
Divide both side by 0.00000001 and we'll get 6750,000 jagers
Which means that I'm buying $30 of BTC means I'm getting 6,750,000 jagers

(B) what is the value of jagers for that day
Since 1jager = 0.00000001 BNB
1 BNB = $444.28
So 1 jager will have to be the price of BNB multiply by the amount of jager that will give one BNB
0.00000001 BNB X $444.28 = $0.00000444

Which means for this that that I made this post the value of jager is $0.00000444

CONCLUSION

Thank you sir @awesononso for this class it's a calculative and Ian interesting one it needed my knowledge of maths though, thank you sir for thank you sir for this lecture I hope you enjoy this.