The concept of popular cryptocurrency in different countries is gaining more daily; India is no exception. Many investors are actively trading in these digital assets, and the number is estimated to be around 100 million though no official data is maintained. Bitcoins have opened a whole new market for investors.
There less capital requirement, fewer formalities, and high returns are some of the features why this asset is all the rage. In addition, this currency has provided several growth opportunities for beginner to mature investors. Globally billions of dollars are traded daily in this market, which is expected to keep increasing.
Bitcoin or cryptocurrencies are not created, and they are mined. Mining bitcoins is a complex task as it requires heavy machinery which needs to solve a complicated mathematical puzzle to get rewarded with bitcoins. Make Your entrance into the cryptocurrency industry using the eKrona Software if you want to start trading, as this app enables users to purchase several sorts of well-known bitcoin CFDs. These computers require a considerable amount of electricity as they continuously run programs to solve the mystery before anyone else.
Digital assets are still not technically legal.
Despite that, there are about 300 reported miners in the country, which is comparatively very small. They operate on a small scale because of regulatory issues. The other important factor why Bitcoin mining is not done on a large scale is its cost.
For a start owing computers capable of Bitcoin mining is highly expensive; moreover, the energy it requires adds a further cost. In India, the power costs way much, and the results for the miners may not be as lucrative as expected. But India has the potential to become a leading Bitcoin miner if they start operating on green energy.
India produces a considerable amount of green energy annually and is currently ranked 4th in solar energy-producing nations. It is because India receives ample heat throughout the year in most regions. India plans to meet more than half of its Power consumption through green energy by 2030. But as of now, the use of this energy is not efficient. Around 20% of all electricity is wasted per the ministry of power. Therefore, users can efficiently utilize it for crypto mining without disruptions.
Few reasons to mine Bitcoins with renewable energy
Effective use of Power: India has a vast potential to create green energy, more than it’s currently producing. It is reported that around 20% of generated power is wasted, which can be put to productive use. Mining bitcoins through this energy can solve the waste problem and even lead to the nation’s growth.
Climatic Impact: Mining bitcoins damage the environment as they result in carbon emissions due to a large amount of electricity used. Green energy can solve this problem, and mining can be achieved without damaging the environment, which could be a considerable breakthrough for India and all Bitcoin users.
Cryptocurrencies are believed to be a profitable business for an extended period. This currency opens the gate for a nation’s growth and provides several opportunities, especially for developing countries. Users should utilize the benefits of these assets, and it is expected that the government to give the green light to crypto miners. However, a new world of opportunities is expected to open up for India only if energy needs, regulatory barriers and efficiencies are synergized.