Congratulate: Where to mine bitcoin in india
| Google bans bitcoin adverts in cryptocurrency crackdown | |
| Where to mine bitcoin in india | Minimum quantity to buy bitcoins |
| Can you transfer btc from coinbase to gdax | Bitcoin theskimm |
| ARTOKEN BY CAPPASITY BITCOINTALK |
Here is how Indian techies are minting a fortune in bitcoins
BENGALURU: When year-old Harshad Gawde first invested in bitcoins in , 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,, one-tenth of what it is today,” the Mumbai-based Gawde said. On August 30, one bitcoin was worth Rs 2,91,—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
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.
A 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, each.
Letsmine has been selling rigs for the past one year, assuring customers that the investment can be recovered in 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-denomination banknotes in November. Indian bitcoin exchanges have received a lot of traction in the past few months with more than 1 million active crypto-currency users.
“We recently crossed , active users on our platform, and are adding 10,, users a month,” said Hesham Rehman, chief executive of bitcoin exchange Bitxoxo.
The rise in popularity of cryptocurrencies has enabled techies like Saket Nalegaonkar to build services around it. The year-old Internet-of-Things engineer spends his spare time travelling around the country helping enthusiasts set up rigs for mining.
“I saw an opportunity in building rigs,” he said. “So far, I have helped more than 10 people in India build rigs and charge them on a permonth basis for upgrade and maintenance.” Kumar Badgujar, a management graduate, had other ideas for mining crypto-currencies. The year-old rewired five computers in his college lab, making them work in tandem to mine ethereum (another crypto-currency that is on the rise).
“Assimilate the computing powers of five personal computers helps me mine faster,” said Badgujar, who has been clustered mining the past four months to produce both bitcoins and ethereum.
CLOUD MINING
Some companies — Hashflare, Genesis and Bitconnect among them — have even set up so-called farms to collectively mine crypto currencies for individuals unable to assemble their own machines, for a fee. “Cloud-mining is the in-thing now,” said Gwade, who runs a bitcoin support website, bitcoinsupport24* 7, that receives about 10 email enquiries a day related to investments in bitcoin.
Individuals can now spend as low as $2 to start with for mining, and these companies assure fixed returns every month. “These give out fixed payouts which is what I am going to spend during my trip,” Gawde said.
Given the massive surge in the value of crypto-currencies, real-estate developers, too, are seeking a piece of the action.
Bengaluru-based Nalegaonkar, who helps set up rigs for mining, has been contracted by real estate developers to convert entire floors into mining farms. In the last two months, “I have gotten contracts from two real estate developers to create in-house mining farms in Indore and New Delhi,” he said.
The lack of regulations, though, has cast a shadow over the bitcoin universe.
“Over the last six months, the (Reserve Bank of India) has issued several statements warning consumers about financial and regulatory risks associated with virtual currencies,” said Kannan Sivasubramanian, co-chief of research and advisory firm Aranca.
“Considering the rise in usage of such currencies across the world and in India, the government should look at putting a policy framework in place immediately.”
“I invested in bitcoin when one coin was worth Rs 28,, one-tenth of what it is today,” the Mumbai-based Gawde said. On August 30, one bitcoin was worth Rs 2,91,—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
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.
A 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, each.
Letsmine has been selling rigs for the past one year, assuring customers that the investment can be recovered in 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-denomination banknotes in November. Indian bitcoin exchanges have received a lot of traction in the past few months with more than 1 million active crypto-currency users.
“We recently crossed , active users on our platform, and are adding 10,, users a month,” said Hesham Rehman, chief executive of bitcoin exchange Bitxoxo.
The rise in popularity of cryptocurrencies has enabled techies like Saket Nalegaonkar to build services around it. The year-old Internet-of-Things engineer spends his spare time travelling around the country helping enthusiasts set up rigs for mining.
“I saw an opportunity in building rigs,” he said. “So far, I have helped more than 10 people in India build rigs and charge them on a permonth basis for upgrade and maintenance.” Kumar Badgujar, a management graduate, had other ideas for mining crypto-currencies. The year-old rewired five computers in his college lab, making them work in tandem to mine ethereum (another crypto-currency that is on the rise).
“Assimilate the computing powers of five personal computers helps me mine faster,” said Badgujar, who has been clustered mining the past four months to produce both bitcoins and ethereum.
CLOUD MINING
Some companies — Hashflare, Genesis and Bitconnect among them — have even set up so-called farms to collectively mine crypto currencies for individuals unable to assemble their own machines, for a fee. “Cloud-mining is the in-thing now,” said Gwade, who runs a bitcoin support website, bitcoinsupport24* 7, that receives about 10 email enquiries a day related to investments in bitcoin.
Individuals can now spend as low as $2 to start with for mining, and these companies assure fixed returns every month. “These give out fixed payouts which is what I am going to spend during my trip,” Gawde said.
Given the massive surge in the value of crypto-currencies, real-estate developers, too, are seeking a piece of the action.
Bengaluru-based Nalegaonkar, who helps set up rigs for mining, has been contracted by real estate developers to convert entire floors into mining farms. In the last two months, “I have gotten contracts from two real estate developers to create in-house mining farms in Indore and New Delhi,” he said.
The lack of regulations, though, has cast a shadow over the bitcoin universe.
“Over the last six months, the (Reserve Bank of India) has issued several statements warning consumers about financial and regulatory risks associated with virtual currencies,” said Kannan Sivasubramanian, co-chief of research and advisory firm Aranca.
“Considering the rise in usage of such currencies across the world and in India, the government should look at putting a policy framework in place immediately.”
9 Comments on this Story
Okay, So its really a great article! Thanks for the post. UTRUST is a payment platform that claims to empower buyers by giving them “a groundbreaking purchase protection mechanism”. The company is currently organising their ICO 2nd of November. And I am really excited about it. They allows buyers and sellers to use multiple cryptocurrencies at once. Also, as a seller, you have the opportunity to accept all payments in the form of fiat currency which helps you stay protected from market place fluctuations. There are lots of benefits and features of Utrust! I would highly recommend people who are into cryptos to visit their website and get to know them all by yourself! tallerembajador.com.mx Regards, Rahul | |
Its a really very informative article. Thanks for the post. I have been an investor for a long time and I do have great experiences with bitcoins and other major currencies, but at some point I thought I needed some change in this cryptocurrencies. Few weeks later, to my pleasant surprise, one my close friends and investors informed me about Pay Pie and their new method of tokens transaction. And the first I asked him was “What’s this so special and unique about Pay Pie’s token?” and his answer amazed me he said “. Token sales are rapidly gaining momentum as the value of capital raising in the digital economy. Tokens are experiencing skyrocketing valuations”. And his answer caused a strong “fear of missing out” effect among those looking to get involved in this rapidly growing space. Cryptos are getting tokenization day by day because it something with low value representing something with high value; just as a casino chip represents cash. The unique thing about Pay Pie is they are introducing the world’s first credit risk assessment based on blockchain accounting, which means you will a complete record on all cryptos – this is really unique to me. I wanted more security and Pay Pie has offered this. If you visit their website you will find everything. tallerembajador.com.mx Regards, Dev | |
Claire Joseph days ago Buy Ledger Nano S, world''s leading hardware wallet for bitcoin and other cryptocurrencies from their authorized reseller in India. tallerembajador.com.mx |
0 thoughts to “Where to mine bitcoin in india”