Here is how Indian techies are minting a fortune in bitcoins
BENGALURU: When 32-year-old Harshad Gawde first invested in bitcoins in 2013, he couldn't have expected the returns from it to sponsor an all-India tour, beginning with a six-month trip through Roopkund hills in Uttarakhand. He will be living off $15 daily payouts from that investment.
"I invested in bitcoin when one coin was worth Rs 28,000, one-tenth of what it is today," the Mumbai-based Gawde said. On August 30, one bitcoin was worth Rs 2,91,822—its value skyrocketing since Donald Trump's election as the US president in November and spawning an industry of auxiliary services for people rushing in to find gold in the virtual currency.
Bitcoin is a decentralised, paperless cryptocurrency invented by Satoshi Nakamoto, an alias for an anonymous programmer in 2009.
Unlike traditional currencies, crypto coins are not produced by a central authority like a bank or a consortium. It is a mathematical formula. These coins are produced by massively souped-up computers, called 'mining rigs', that solve complex math problems to obtain these virtual currencies. A ledger records all the transactions.
http://economictimes.indiatimes.com/img/60299507/Master.jpgA typical crypto currency mining rig runs round-the-clock, its performance depending on the high-end graphic cards and cooling systems used — not an inexpensive proposition at an average Rs 3 lakh a machine. Even so, several online vendors as well as individuals are investing in these machines to mine crypto currencies.
A Chandigarh-based online vendor, who calls himself Letsmine, is one such 'miner.' He has built and sold 90 mining rigs through eBay at a base price of Rs 3,00,00 ..
http://economictimes.indiatimes.com/img/60299527/Master.jpgLetsmine has been selling rigs for the past one year, assuring customers that the investment can be recovered in 8-9 months.
Not just building rigs, "we even host rig of others at a monthly cost. We will install your rig at our location in a temperature-controlled room and charge monthly," said a spokesperson for Delhi-based Gadgets Deal India, which also sells on eBay.
Bitcoins saw explosive growth in India after Prime Minister Narendra Modi recalled high-denomin ..
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