Bitcoin Miners

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Ryan was counting his bitcoin allowance from his mining expedition. He found that everytime he spent a bitcoin, 2 more bitcoins are mined. Ryan spends $12,600 worth of money using his bitcoins. How many bitcoins are mined?

Assume the BTC to USD is 1 BTC to $900 USD


The answer is 14.

Kevin Mo by Kevin Mo , 19, USA

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1 solution

Kevin Mo
Jan 10, 2014

If it is wrong, please tell me or dispute. I don't know if the answer is totally accurate.

Ok, so the BTC to USD rate is 1:900. $ 12600 $ 900 = 14 BTC \frac{\$12600}{\$900} = 14\text{ BTC} Now the bitcoin spending. If he spends 1 bitcoin, he gets 2 mined, thus he gets 1 bitcoin overall. If he spends 2 bitcoins, he gets 4 mined, thus he gets 2 bitcoin overall.

See the (obvious) pattern? Thus if he spends 14 bitcoins, he will get 28 mined, thus getting 14 \fbox{14} Bitcoins.

Now put in the boxed answer!

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um no... the problem doesn't ask for the net money earned, but how much is mined. so the answer should be 28.

and plus your solution is not even rigorous.

Ryan Soedjak - 7 years, 2 months ago

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You are right.

Shabarish Ch - 7 years, 2 months ago

The correct answer is 28.The question simply asks about the bitcoins mined.

Aman Jaiswal - 7 years, 1 month ago

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