Global Markets eye India, as a good option for Crypto Mining

[shawn7235]

Global Markets eye India, as a good option for Crypto-Mining

Will this benefit India, given the infrastructure?

How does this effect the overall environment? (Noise, Air pollution)

Will the Indian Goverment, use this as an opportunity/waste this away, and leave the young generation in the lurch?


This is my 1st post ever on this forum, apologise if this is sensitive, but this is something which all should be aware of.

Kindly express your views. Global opinions are most welcome.

Viva la Crypto

Shawn BTC

[Stedsm]

I'm from India as well, but I can't confirm I heard this anywhere. Can you please reveal the source?
Btw, while there's still a lot of confusion over the acceptance of Bitcoins by Indian government, i.e.; whether they will be legalizing and regulating it or not is the major question here. In their point of view, mining takes a lot of electricity and Bitcoin's nature being liquid, doesn't really guarantee any specified earnings over the input being put into it, whether it be the purchase of miners or electricity consumption.

[webtricks]

To develop any country into mining hub, support from local government is must. As far as India is concerned, Government has shown negative outlook towards Bitcoin. However, it is not gonna ban Bitcoin but still it aiming to regulate Bitcoin and levy heavy taxes on it. In such circumstances, it is hard to believe government would appreciate and support Crypto Mining in any way (like providing free or subsidized electricity, etc).
Whereas Individual doing mining won't gonna have impact on global level so that India turns into Hub for Mining. In the conclusion we can say, India is no where in the race of becoming super power of Bitcoin like other Asian countries such as China, Japan or Korea.

[Patatas]

This wouldn't be simply possible.India has very high electricity rates compared to the other Asian countries.Also the Mining operations would be considered as part of Industrial Operations which imposes heavier charges on electricity consumption.I don't think Global Markets will be interested to comply with such rates.

[shawn7235]

INDIA EYEING OPPORTUNITY AMID CHINA’S CRYPTO MINING EXODUS -

The above is the tile of the article

And below the link

https://bitcoinist.com/indian-opportunity-on-china-mining-exodus/

[CryptoBry]

This wouldn't be simply possible. India has very high electricity rates compared to the other Asian countries. Also the Mining operations would be considered as part of Industrial Operations which imposes heavier charges on electricity consumption.I don't think Global Markets will be interested to comply with such rates.

Indeed, the most important factor will always be the rate of electricity in Bitcoin mining and India is not the best place for this though it can accommodate small-scale Bitcoin mining owned by individuals. Right now, there is a good opportunity for other countries to take the lead in the mining sector for Bitcoin as China is now subtly sending the message to mining operators to kick themselves out of the country and that is why operators are now looking for right places that can accommodate their business with no so much hassle as poised by China to them. The time has come for cryptocurrency to completely left China behind and not return in there anymore anytime.

[fanbeila]

Already,indian government is totally confused about whether to legalize bitcoin or to ban it.The future of bitcoin users is not clear there.So,i don't think that india would be suitable for crypto mining.More over,electricity price is not that much cheap in india when compared to china or kuwait.Also,if government suddenly takes a stand against bitcoin,then every thing would go waste.

[avikz]

Global Markets eye India, as a good option for Crypto-Mining

Will this benefit India, given the infrastructure?

How does this effect the overall environment? (Noise, Air pollution)

Will the Indian Goverment, use this as an opportunity/waste this away, and leave the young generation in the lurch?


This is my 1st post ever on this forum, apologise if this is sensitive, but this is something which all should be aware of.

Kindly express your views. Global opinions are most welcome.

Viva la Crypto

Shawn BTC

Indian government will not see it as an opportunity for sure because in most parts of India, electricity is subsidized. With a lot of villages still out of the reach of electricity grid and lower supply than demand, it will be an waste only. If mining becomes a serious business in India, the electricity scarcity will become even prominent and many villages will suffer from the lack of it.

Also the current government of India is more interested in religion than development. They want our youth to worship the Gods and create communal clashes instead of working for a better future. I expect nothing good from this communal government. 

[Hateculd75]

India is a good market for every thing they will be global power.
to get a lot of minners in your country, you need to motivate them with the following:

Cheap electricity, large areas, low cooling costs, moderate weather, and clear tax laws.
All of these things are not available in India so it will not control the mining markets.

not know about electricity bill but will be best place after china, South Korea and Japan

[Shrihari]

News network are very funny sometimes ,
they show anything that sells !!!
the situation in India is that internally crypto is getting a lot of negative publicity, and everyone is being asked to stay way from it.
Now even banks are not very helpful in trading it.

[Baofeng]

Global Markets eye India, as a good option for Crypto-Mining

Will this benefit India, given the infrastructure?

How does this effect the overall environment? (Noise, Air pollution)

Will the Indian Goverment, use this as an opportunity/waste this away, and leave the young generation in the lurch?


This is my 1st post ever on this forum, apologise if this is sensitive, but this is something which all should be aware of.

Kindly express your views. Global opinions are most welcome.

Viva la Crypto

Shawn BTC

Please share us a link on where you find that India is viable for bitcoin mining? I think bitcoin needs a cold region if I'm not mistaken that's why you will see that China is really suitable for such setup.

As far as I know, Bitmain is looking for Switzerland and province of Quebec in Canada.

I haven't heard of India though, the weather out there is like in a tropical region, humid and hot plus electricity is not cheap in there so I doubt that India is being eye as bitcoin mining hub.

[shawn7235]

https://bitcoinist.com/indian-opportunity-on-china-mining-exodus/

[BitcoinHodler]

for mining to be profitable you need two things: cheap electricity and cheap equipment. the cheap equipment can easily be gained in China that is why there are a lot more mining farms over there than anywhere else.
as for electricity India has cheap electricity but not that cheap. but there may be some ways to start some mining operations over there.
i know there is at least one mining farm there. i think it is called bitcoin-india or something like that.

one benefit of mining inside India would be the fact that you can sell your bitcoin a lot higher than market price because price over there is very high.

[btcgreen63]

Pardon my ignorance but are their cool areas in India that have nearby sources of power? My impression is that much of India is very warm, which would add to the costs of mining.

[Vatimins]

Global Markets eye India, as a good option for Crypto-Mining

Will this benefit India, given the infrastructure?

How does this effect the overall environment? (Noise, Air pollution)

Will the Indian Goverment, use this as an opportunity/waste this away, and leave the young generation in the lurch?


This is my 1st post ever on this forum, apologise if this is sensitive, but this is something which all should be aware of.

Kindly express your views. Global opinions are most welcome.

Viva la Crypto

Shawn BTC

     Eye-ing is far too different with being already a geat country for crypto mining.  You see, eye-ing alone does not make it sure to happen. Hence, we cannot imagine yet what will be its good or bad effects to the country in terms of economy or nature. Simply because a lot must be taken into consideration before this gets implemented and becomes a reality or even get the government of india into deciding whether this is a good choice or not. For all we know, they may just ignore this or people may do rallies about this etc.. etc.. you get my point?

But hey, this is a good topic t talk about, better than most newbies post nowadays.
So a warm welcome for you and good luck with your crypto adventure.

[cryptocurrencyguru]

India won't suit for crypto mining because of climate electricity rental issues mostly political and lack of knowledge hardware import duty india is nt equipped for mining at the movement china is well developed with all equipment no comparison with china and india