CBP Bitcoin Mining and Consensus Mechanisms

Question 1

What is the primary role of Bitcoin miners in the network?

Accepted Answer

To validate transactions and add them to the blockchain

Answer

To create new Bitcoin addresses

Answer

To regulate Bitcoin prices

Answer

To provide liquidity for Bitcoin exchanges

Question 2

Which consensus mechanism does Bitcoin use?

Accepted Answer

Proof-of-work (PoW)

Answer

Proof-of-stake (PoS)

Answer

Delegated proof-of-stake (DPoS)

Answer

Byzantine fault tolerance (BFT)

Question 3

What happens when a Bitcoin block is successfully mined?

Accepted Answer

The miner is rewarded with new Bitcoin and transaction fees

Answer

The miner receives transaction fees only

Answer

The network resets

Answer

All pending transactions are canceled

Question 4

Why does Bitcoin mining become more difficult over time?

Accepted Answer

Mining difficulty adjusts to keep block times consistent

Answer

More miners make it easier to mine Bitcoin

Answer

The Bitcoin price affects mining difficulty

Answer

Transaction fees increase difficulty

Question 5

What is the purpose of Bitcoin's block reward halving?

Accepted Answer

To reduce the rate of new Bitcoin issuance over time

Answer

To increase miner earnings

Answer

To increase transaction fees

Answer

To make transactions faster

Question 6

Which of the following best describes the 51% attack in Bitcoin?

Accepted Answer

When one entity controls over 50% of Bitcoin’s mining power

Answer

When transaction fees reach 51% of miner rewards

Answer

When 51% of all Bitcoin is lost

Answer

When Bitcoin supply reaches 51 million