CRYPTO MINING IN INDIA
Crypto mining is not a new concept for most of the countries because they are already working on it and getting huge profit. If you discuss about the implementation of Crypto mining in India then it is a new concept. Now people are showing their huge interest to invest on crypto currencies. Let’s discuss some of the important points related with crypto mining.
- What is Cryptocurrency
- What is Blockchain
- Blockchain with Cryptocurrency
- What is Crypto Mining
- List of Crypto Mining Platform
- How to start crypto mining
- Crypto miners in India
- Is Crypto Mining ban in India?
- Pro of Cryptocurrency mining
- Cons of Crypto Currency Mining
What is Cryptocurrency?
Cryptocurrency is a digital currency uses the concept of cryptography & this cryptography utilizes the principles of Blockchain to perform secured transactions. There are most popular cryptocurrencies in market like bitcoin, ethereum, BNB, Tether etc.
What is Blockchain?
Blockchain is a digital ledger technology which can’t be altered. The concept of hashing is mostly used in blockchain, where chain of informational blocks form an immutable ledger.
Blockchain with Cryptocurrency?
As exchanges happen they are communicated and added to different private ledgers. Each transactions are digitally signed for authenticity. On the other side, there are individuals or groups gathering these exchanges and building ledgers. They are additionally registering to discover a worth that when hashed alongside the record, delivers a set number of 0s toward the start of the hash value.
What is Crypto Mining?
Right value calculation to fulfill the hash function in blockchain is called Mining. When it comes to cryptocurrency, a reward is given to whoever tackles the right value. That makes it rewarding to register the right worth, however it takes a lot of power to achieve that.
Periodically individuals pool their processing power together and split the award in the event that they tackle for the right worth. In different cases, programmers have been known to co-pick others’ PCs and utilize a portion of their figuring power – in the background – to mine digital currency. There are whole botnets sitting idle however mining.
How to start Crypto Mining?
Mining Cryptocurrency needs a best configured PC consisting 12gb graphics card, atleast 1TB SSD drive, fast processing Processor, latest generation of mining chips, as cheap a source of power, and a colocation facility which can handle massive heat dissipation or smart cooling capacity.
Crypto Miners in India
Since this concept is new in India so there are a few people or companies are working on it. As per the assumptions this will provide a great opportunity in coming future.
Is Crypto mining ban in India?
Till today, as per the government guidelines the cryptocurrency is not legal in India. But on the other hand, government has not imposed any ban against cryptocurrency or cryptomining.
Pros of Crypto mining
- You can generate a huge recurring profit & it may become a best alternative to full time job.
- Since it’s a digital currency and works on the concept of Blockchain, so this can’t be hacked or stolen.
- It’s association with ledger technology makes it highly secured.
Cons of Crypto mining
- It’s cost may be depreciated as per the market trends. So always be ready to take the risk.
- Power consumption may be huge.
- You may get a fraud organizer, so always engage yourself with the reputed mining companies.
List of Crypto Mining platforms?
- Crypto Compare
- CryptoTab Browser