Modern day Gold Mine – Blessings in disguise

[elevates]

In these times of uncertainty and negative news, I came across an inspiring story published in one of the mainstream news outlets of our country. I have shared the source link at the end of this post. You can read it in full. This is a story about three engineers hailing from Rohtak (Haryana) who have built a mining rig on a three-story building and are working 8 hours shift each to maintain the rig.

Why do I find it inspiring?

With 30 percent Tax already implemented and 1 percent TDS applicable from the 1st of July, the situation for Indian cryptocurrency looks grim. Adding to that many upcoming projects already moved their base and there are rumors that many big exchanges might shift their base too. Then there are rumors that 58 percent of GST will be applicable in the near future. All this negativity will surely demotivate and prevent new entrepreneurs to emerge in the industry. This news brings me hope and positivity.

These engineers have started a mining rig, as per the article ‘they are mining gold’ while paying a humongous electricity bill of INR 3 lakh a month. I am not sure what profit they are making but I am sure it would be a decent one. It would serve as a motivation for aspiring entrepreneurs to stay involved in cryptocurrencies that could revolutionize the Indian crypto market.

What do you guys think?

Source: The Indian Express

[pakhitheboss]

An encouraging and motivating  news published by the mainstream media in times when they are focused on only publishing negative and FUD news.

Setting up such a big mining rig requires a good amount of investment and technical knowledge. I am sure they would have past experience in mining cryptocurrency individually.

The only question that arises in my mind is that will they be happy to pay such an enormous tax whenever they convert their assets to fiat or they have a different approach all together.

[avikz]

The current taxation will slowly destroy the entire crypto ecosystem in India. The big exchanges with goid funding will move to a different and crypto friendly countries like Singapore along with their employees just what zeboay did. End of story!

The mining rig business is no exception here. The moment these engineers will convert their cryptos to INR, they will be liable to pay 30% tax without the opportunity to offset their electricity amount.