CBP - Certified Bitcoin Professional Bitcoin Mining and Consensus Questions and Answers

Question 1

Which of the following best describes the primary purpose of the difficulty adjustment in the Bitcoin protocol?

Accepted Answer

To maintain a consistent block generation time of approximately 10 minutes.

Answer

To increase the block reward for miners as more join the network.

Answer

To decrease the total number of transactions that can fit into a single block.

Answer

To select which miner is awarded the right to create the next block.

Question 2

A mining pool operator is analyzing the latest block found by their pool. What is the very first transaction they should expect to see within the block's data structure?

Accepted Answer

The coinbase transaction.

Answer

The transaction with the highest fee.

Answer

A transaction that consolidates multiple small inputs.

Answer

A transaction with a multi-signature script.

Question 3

What is the core principle of Nakamoto Consensus that allows nodes to agree on the valid version of the blockchain in the event of a temporary fork?

Accepted Answer

The chain with the most accumulated Proof of Work (the longest chain) is considered valid.

Answer

The chain with the most transactions is considered valid.

Answer

The chain that was started by the earliest known miner is valid.

Answer

The first chain to be broadcast to a majority of nodes is valid.

Question 4

In Bitcoin's Proof of Work system, what are miners primarily doing when they are 'mining'?

Accepted Answer

Repeatedly hashing a block header with a changing nonce to find a hash below a target value.

Answer

Executing complex financial calculations to verify transaction amounts.

Answer

Encrypting the list of transactions before they are added to the block.

Answer

Solving a mathematical problem provided by the previous block's creator.

Question 5

A new startup begins mining Bitcoin with extremely powerful, next-generation ASIC miners, significantly increasing the total network hash rate. What is the most likely immediate consequence?

Accepted Answer

The average time to find a block will decrease until the next difficulty adjustment.

Answer

The block reward will permanently increase.

Answer

All other miners will be forced to shut down their operations.

Answer

The size of each block will automatically be reduced.

Question 6

Which of the following is NOT a consensus rule that a full node would check when validating a new block?

Accepted Answer

The miner who created the block must be a member of a known mining pool.

Answer

The block's size must be within the protocol's limits.

Answer

The hash of the block header must be below the current target.

Answer

All transactions within the block must be valid and contain valid digital signatures.