What is the probability that a block will be found

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Reference no: EM131468052

Question: Exercise 4 from book: Bitcoin and Cryptocurrency Technologies:

https://d28rh4a8wq0iu5.cloudfront.net/bitcointech/readings/princeton_bitcoin_book.pdf

4. Even when all nodes are honest, blocks will occasionally get orphaned: if two miners Minnie and Mynie discover blocks nearly simultaneously, neither will have time to hear about the other's block before broadcasting hers.

a. Assuming that the total hash power of the network stays constant, what is the probability that a block will be found in the next 10 minutes?

b. Suppose Bob the merchant wants to have a policy that orders will ship within x minutes after receipt of payment. What value of x should Bob choose so that with 99% confidence 6 blocks will be found within x minutes?

Reference no: EM131468052

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