I am explaining your question mathematically,
We know the formula of probability is :- possibility= (Number of favorable outcomes of events / Number of possible outcomes)
suppose :- Number of favorable outcomes of events {P} and Number of possible outcomes {X}
As this as this:- Number of favorable outcomes of events(P):- 10
Number of possible outcomes(X):- 3
Therefore :- possibility= (P/X)
= (10/3)
=30%
With a 30% chance, since a new block is mined every 10 minutes, it is possible to mine about 3 blocks every 10 minutes. And in 10 minutes the chance of having exactly three blocks mined is 30% or (10/3)%.
Topic: [Quiz] Answer the Bitcoin question and earn merits! #2 - page 3. (Read 1031 times)
Question: What is the chance of having exactly three blocks mined within the next 10 minutes? You can assume that a new block is mined every 10 minutes on average.
Hmm. Am not a good mathematics student but I would like to try my best on this.If 3 blocks was mined 10 minutes, that means each transaction would be mined within 1/10^3 and 0.0027 per transaction.
1/10^3 gotten from the λ and the 0.0027 is 1/10^3
P=1/3
P=0.33
Or 33.33%
Sometimes, for more than 10 minutes, no block is found. So, the probability of finding one block within the next 10 minutes is not 100%. P=0.33
Or 33.33%
P=1/3
P=0.33
Or 33.33%
Sometimes, for more than 10 minutes, no block is found. So, the probability of finding one block within the next 10 minutes is not 100%. P=0.33
Or 33.33%
Since a block is mined every 10 minutes the probability of mining 3 blocks in 10 minutes will be
Number of possible blocks -->1
Number of required block --> 3
Keeping time constant (10minutes)
P=1/3
P=0.33
Or 33.33%
Number of possible blocks -->1
Number of required block --> 3
Keeping time constant (10minutes)
P=1/3
P=0.33
Or 33.33%
Short introduction for anyone who missed the first quiz:
I decided to start these forum quiz-series, where I'll be asking questions of educational character, to improve the average user's knowledge around Bitcoin. The questions will mostly be technical and historical. To create an incentive, I will generously merit the first person who replies with the correct answer. If that is not good enough incentive, I'll create a leaderboard!
- Your answer needs to be explanatory. Not just a yes-no or a single number.
- If nobody finds the answer until the cut-off date, I will submit it.
- Have fun! It's a game.
The first question was a tribute to the whitepaper. Now let's see how good we are at math.
Question: What is the chance of having exactly three blocks mined within the next 10 minutes? You can assume that a new block is mined every 10 minutes on average.
Cut-off date: 27/03/2024.
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