QuoteColo Colocation and Bitcoin Mining Hosting Blog
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What Happens When All 21 Million Bitcoin Are Mined?
Posted by QuoteColo on September 17, 2018In its current setup, Bitcoin is a finite resource. This means there are only so many Bitcoin that can be obtained by Bitcoin miners. The golden number is 21 million. This begs the question: What happens when all of the Bitcoin get mined? To fully understand what happens, it is important first to get a […]
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The Differences Between Litecoin and Bitcoin
Posted by QuoteColo on September 01, 2018Is Litecoin the same as Bitcoin? In a word, no. There are significant differences. However, there are similarities, and these are intentional. Because Litecoin was unknown when it launched in 2011, the similarities in the mining process and the distribution of blocks helped it place itself as a slightly different alternative to Bitcoin. It effectively […]
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Is Bitcoin Mining Legal?
Posted by QuoteColo on August 29, 2018The quickest way to answer this is, yes, Bitcoin mining is legal. However, as is the case with many apparently simple answers, there is some necessary nuance to this response. Many countries say it is legal, and these include the United States, Canada, Brazil, Australia, and the countries in the European Union. It is important […]
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How Much Electricity Does Bitcoin Mining Use?
Posted by QuoteColo on August 26, 2018Mining Bitcoin has become a fulltime job for some people. For others, they are limited to doing it as a hobby of hiring others to mine for them. If it was relatively easy, everyone would be doing it and making loads of cash. And in reality, the process of mining Bitcoin is fairly straightforward: You […]
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How Many Bitcoins Exist Today?
Posted by QuoteColo on August 18, 2018Bitcoin, the red-hot cryptocurrency trend-maker, has climbed in value drastically over the last decade or so. So with Bitcoin mining operations opening up all over the world, how many Bitcoin have been mined thus far? The answer: 17 million. 17 Million Bitcoin Mined. What Does That Mean? There are only 21 million Bitcoin out there […]
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How Does a Bitcoin Miner Work?
Posted by QuoteColo on August 15, 2018Part of the hesitancy of some people to accept Bitcoin stems from the elusive answer to what should be a very simple question: Where do Bitcoins come from? Did someone just write a program—like an app that’s money? If so, how does one acquire this digital money? Further, how does it even have real value? […]