Individuals from the Indian crypto community have received offers to set up mining offices after reports of possibly negative advancements for mineworkers in China. As reported by local media, businesses are as of now investigating such open doors as India has some of the lowest electricity rates. Upcoming control, may put a few obstacles on the track.
“As China stamps out bitcoin miners, India sees opportunity”, a Mumbai-based publication speculated, quoting sources from the sector. More than three quarters of the mining hardware have been installed in China, producing 80 percent of the world’s bitcoin supply, while Indian operations account for just 2 percent, according to the DNA daily, published in the financial capital.
Organizations Expect Clear Guidelines
“As China stamps out bitcoin excavators, India sees opportunity”, a Mumbai-based publication hypothesized, citing sources from the area. More than seventy five percent of the mining equipment have been introduced in China, creating 80 percent of the world’s bitcoin supply, while Indian operations represent only 2 percent.
“Countries across the globe are inviting miners to initiate mining activities. They are offering free electricity, rebates on set-up and tax advantages, along with citizenship”, Manu Prashant Wig, a digital marketing consultant, told the newspaper. A company he is working with is planning to open a mining center in the Indian state of Chhattisgarh.
A major part of Indian crypto players are careful so as not to deviate from government rules. Entrepreneurs are seeking after impetuses to open new bitcoin mining focuses and expect a “clear policy” to control their business.
A computer engineer told the daily about several offers received by his mining company over the past few days. He referred to them as “new business opportunities” and said:
The question is– Will India Mine ?
India is in a decent position to utilize Beijing’s hesitance to help the blasting Chinese mining segment. The incorporated choices of the most crowded People’s Republic may display the most crowded popular government with some unforeseen open doors. Plus, as indicated by Statista, power rates in India have found the middle value of $0.08 per kWh in 2017, and in China $0.09.
The administration in Delhi is very nearly settling on critical choices on the best way to treat bitcoin. An extraordinarily delegated board has presented its answer to the Finance Minister Arun Jaitley in August. There are signs that Indian specialists may “go the China way” and “throttle the cryptographic money showcase” with administrative obstacles.
The government has issued numerous notices about the dangers of crypto contributing. Directions ought to be custom-made to ensure speculators and control tax evasion. As indicated by Satish Mugulavalli, tech chief at the funding firm YourNest, the national bank is as yet “endeavoring to see how these things will work out”.
It has been reported that the Reserve Bank of India has issued circular to private banks to end virtual record administrations for administrators of cryptographic money trades. This is as indicated by the CEO of BuyUCoin Shivam Thakral, which has constrained numerous business banks to pull back office of such records, backing off exchanging. Another well-known Indian trade, Koinex, clarified delays in Rupee withdrawals as being expected to a “tussle” between its installment benefit accomplice and their bank.
Take a Crypto Pill
Crypto market is crashing, we all know that, panic sellers are taking over the market with massive sell-off. You can’t control that, just calm down and take a Crypto Pill to make things easy.
Crypto Pill is the term being used by industry leaders to make things calm down from recent fiasco, yesterday a leaked news from CFTC about Bitfinex and Tether made things even more difficult for crypto traders, short sellers went all into the market with massive short bets, and they won, Bitcoin price slipped below $10000 level to as low as $9500, but later on recovered to $10K , but selling pressure is still there.
First South Korea and now US
First it was South Korea, the country with massive trading volumes in crypto market, they announced to ban anonymous crypto trading and ban took place effective from 30th Jan 2018, then a sudden news came from US market when Bloomberg broke the news that US financial regulatory authority CFTC investigating Tether and Bitfinex, but later on it was confirmed that news was from December last year, which made market calm down a little bit after all that tension and hype about US crackdown on crypto currencies.
HODLers will take over market soon
Despite of all this fiasco, Hodlers are still holding their Crypto currencies, they are not giving up and they holding for their dear life, it is very much possible that they take over this market in near future, making another uptrend in coming months.
Venezuela is the cheapest country to mine Bitcoin
Cost of mining one Bitcoin in Venezuela is just $531
Most expensive country to mine Bitcoin is South Korea, where cost of mining one bitcoin is $26,170
After recent crackdown by Chinese Government on Bitcoin miners, most talked about topic in bitcoin community is that which country would Chinese Bitcoin miners chose to shift, as many research firms were working to find the best possible option for the miners, one of the best option is Venezuela, where cost of mining one bitcoin is the cheapest, just $531, as compared to China where cost of mining one bitcoin $3172.
Others with lower costs are Bangladesh, Belarus, Paraguay, Serbia and Trinidad & Tobago. The most expensive is South Korea at $26,170 per coin. The U.S. cost is $4,675.
Calculations for the amount of energy consumed were based on the average usage of three popular types of mining equipment: the AntMiner S7, the AntMiner S9 and the Avalon.
Bitcoin mining consumes a lot of energy and according to one estimate, Bitcoin mining currently consuming energy which is more than 159 countries, including countries like Ireland
Crypto trading volumes are dropping
Volumes in crypto market are dropping, indicating an alarming situation. Crypto market started this year on a good note but later on crashed to low levels, apart from Ethereum, all other major crypto currencies are down for 2018, but one of the most alarming situations in this matter is that trading volumes on different exchanges are dropping to lowest levels in recent months.
For example, on Bitfinex current trading volume of Bitcoin is at around 25000 which at one point of time was as high as 160000 , which means this volume is not even 20% of its peak volume. Similarly in the case of Ripple, current trading volume is 8 Million which at one point of time was 50 million, so there is an alarming situation in that regards because not only price is dropping but crypto trading volume is also dropping dramatically.
Lack of interest?
One of the key questions that analysts are asking these days is that, is it lack of interest from investors that volumes are so low? may be they have found new investment opportunity in the form of S&P 500 and Gold. Most of the analyst think that this low activity is due to the reason that market speculators are currently out of the market and in wait and watch situation to make an entry point.
Calm before the storm?
Such low volumes and price movement in a tight range suggest that this is the calm before the storm, many regulatory authorities around the world are trying to stop crypto trading by either putting complete ban or by introducing tight laws, so speculators and institutional investors are just waiting for a clear picture so that they can make their bet on it, but one thing is for sure that sooner or later market is due for heavy movement in either direction, so day traders need to watch out.
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