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.
Crypto market stabilizing gradually
Crypto market is stabilizing around $450 billion market cap after gradual increase in overall value in recent weeks.
Leading crypto currencies are on the rise, lead by Bitcoin, Ethereum, Bitcoin Cash and Ripple. Although increase in bitcoin value is less as compared to other crypto currencies but overall market is on rise with current market of $440 billion.
Bitcoin is currently hovering around the $9300 mark after being rejected at $10000 mark couple of times in last days, Ethereum is on the charge as well but the most surprising one is Bitcoin cash. Bitcoin cash was at $600 couple of weeks ago and now at $1600, shows rapid growth in recent weeks.
Crypto currency of the month has to be EOS, investors of EOS are enjoying a massive rise in value in past few weeks, EOS started April at $5 mark and now is at $18 , value of EOS increased more than 3 times within one month.
Current top 5 crypto currencies
- Bitcoin : $9388
- Ethereum: $741
- Ripple: $0.83
- Bitcoin Cash: $1630
- EOS: $18.28
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
News7 months ago
News7 months ago
Bitcoin on Mars?
Interviews7 months ago
Interview with Neil Stanley about the world of crypto currencies
Interviews7 months ago
A wall street veteran’s take on Cryptocurrencies
News7 months ago
IOTA is the next Bitcoin
News6 months ago
Vitalik Buterin owns 500000 Ethereum
News7 months ago
Total market cap of crypto currencies drops below $300 billion
Research6 months ago
New World Order 2.0 : Thoughts about Blockchain Technology and Bitcoin