Cryptocurrency has become a very popular financial technology with millions of fans around the world. But it is likely that some Dutch students taking the exams, may not share such enthusiasm. The fact that this year they were given an extraordinary topic for the math exam — the technology of Bitcoin.
So one of the tasks says the following:
“Bitcoin is a digital currency that exists only on the Internet from January 2009 and can be used for payment in online shops or other online services. Bitcoin is not issued by the Central Bank, in contrast to traditional money. Instead, Bitcoin is mined by solving selected mathematical problems when using the computing power of the computer. The owner of the computer, which you will find the solution of the mathematical problem, gets 25 bitcoins as a reward. Because in 2014 this problem was solved every 10 minutes, 25 bitcoins are born every 10 minutes. 1 Jan 2014 it was released about 12, 2 million bitcoins. The year in which the amount of bitcoins will reach 18 million units, given that the speed with which they appear, remains unchanged? “.
Graduates had to answer five questions that were formulated as a mathematical problem, but with one exception — they were based on the Bitcoin technology.
All the questions were related to digital currencies, on the basis of the Blockchain. For example, students had to count the year in which the reward for miners will be less than one bitcoin, or to find the maximum amount of bitcoins that can be issued:
“Emission of bitcoins is limited. This is one of the reasons for the decreasing rewards for mining twice every four years. The number of bitcoins currently in circulation, can be calculated using the equation: C = 21 – 21 * 0.5^(0.25*t), where C is the number of bitcoins in millions and t is the number of years since January 2009. Calculate the maximum amount of bitcoins that can be issued.”
Try your hand and will solve the proposed tasks. If math is not your Forte, then this link can see the calculations and answers courtesy of Reddit user.