After china bans mining of bitcoin, new place ? - YP Buzz

 YP Buzz - 

                   China's collapse of cryptocurrency mines would be an opportunity for enthusiasts for electronic money in India. But a lack of basic infrastructure and policies can prevent them from having much hope.

                                                                          

Crypto Minning

Since May, China has been cracking down on cryptocurrency mines in an effort to reduce carbon emissions, prevent money laundering, and maintain financial stability. The country has banned banks and payment companies from providing services in digital currency trading, arrested several people involved in cryptocurrency transactions, and set up crypto-related accounts on Weibo.

Cryptocurrency mining in India

There has been an outbreak of cryptocurrency mining in India in recent years. Companies such as easy Network provide mining services and blockchain development in the country. Shetty of WazirX believes there could be other packages for small-scale mining systems in our country. However, no official information is available equally.


Those in nature believe that supporting a crypto mine could give the country many benefits. If you allow these (mining) activities, there are two things that can come with it - one investment and the other employment. And there is an economic activity that does that. So India can benefit if they want, ”said Shetty. But like many things related to cryptocurrencies in India, mining in the country can be dangerous.


India still doesn't have clear rules for cryptocurrencies, which makes any investment in space dangerous. The government of India and the central bank have so far had a hate and love affair with cryptocurrencies. While in the past it has openly criticized the asset class - and even temporarily suspended banks from facilitating such transactions - they have also pointed to the establishment of their own digital currency. In 2017, India banned the importation of ASCI machines specifically designed for crypto mining to stop mining Bitcoin and Ethereum.


Cryptocurrency mining and electricity

As bitcoin mining is a very powerful process, setting up blockchain pools in India can be tedious and expensive.  Cryptocurrency mines use approximately 67.29 terawatt-hours per year, according to the Cambridge Bitcoin Electricity Consumption Index. On May 10, global land use for bitcoin mines rose by 141.28 terawatt-hours for the first time.


"Mining may not be profitable in India because of the high rates of electricity," said Shetty of WazirX. "If you go into renewable energy sources such as solar panels, it can be very expensive." Shetty believes that the miners promoting the type of funding could be one way to improve the cryptocurrency ecosystem in India.


Thanks & Regards

 YP Buzz

Post a Comment

0 Comments