In 2009, Bitcoin was launched as a cryptographic mailing list. Later on, it became very popular across the world. However, not everyone is aware of Bitcoin in India. Only some parts of the population including investors, techies, Government employees, rich individuals, and portfolio managers know what is Bitcoin.
Especially after its price rose to an immense height, Bitcoin gained a lot of popularity. Sadly, a huge population in India is still unaware of cryptocurrency and its related terms. In this post, we will cover it all.
It is, basically, a form of digital currency which is encrypted to be generated in currency units and operated individually.
It is actually a form of cryptocurrency. It is not related to any government or bank. It allows you to spend your money anonymously. Users mine the coins and generate them.
Is Bitcoin Mining Profitable in India?
Bitcoin is simply Digital Gold for Indians as it gains huge potential in the online marketplace. Earning and mining bitcoin is just like earning gold. The value of bitcoins has seen a tremendous rise. It holds the highest returns on investment out of all the commodities that are tradable.
Is Bitcoin the Future of Investment?
The best part of bitcoin is that it is anonymous, decentralized and free of all the headaches from governments and banks. You can buy anything offline or online through bitcoins, i.e., from anything on the dark web to an apartment in India. You can use them to do anything, and these transactions are free of any regulations.
How to Mine Bitcoins in India?
Bitcoins are mined online and held electronically. You either need to trade bitcoins or create your own bitcoins.
Bitcoin Mining Companies in India – To Buy Bitcoins
You can use International Exchange to sell or buy bitcoins in India. After proper identity verification, you can conduct bitcoin transactions in these exchanges. You can buy bitcoins through your Debit or Credit card and sell them whenever you need. You can withdraw the amount directly to your Bank Account. It is generally known as Bitcoin wallet. Some of the Bitcoin mining companies where you can perform this trade are –
- Coin Secure
- GB miners
Mine Your Own Bitcoins
You can setup and start mining your own bitcoins and make money on your own. You just need is a setup to start mining. There are two ways of doing it.
Bitcoin Mining Hardware in India
This way, you can use your own hardware to start mining. However, if you use your own PC, you will soon face a lot of loss due to high electricity bills and low CPU capacity. An efficient bitcoin mining hardware has a great hash rate. Efficiency is very important in Bitcoin mining hardware so you may pay less per hash in electricity costs.
There are some effective tools and bitcoin mining hardware in India you may use. Autominer S7 is the best example of it. It delivers 0.25 Watts/GH. It also costs less and comes with the hash power of 4.5 TH/s. If you want the more powerful option, Avalon 6 has 0.29 W/GH. But it costs up to $200 more than that of Autominer S7.
Even better, you can go with AntMiner S7 if you don’t want to compromise in efficiency. You may also order your hardware to the warehouse of some bitcoin companies, and they will run the hardware for you.
BITMAIN is your own ASIC Miner to start mining (which costs around Rs.85000) or mine cryptocurrencies like Bytecoin, Monero, DASH, etc., and use Cryptonator to convert them to Bitcoins.
Using Cloud Services
You may also use cloud services from mining companies. These are cheaper than a physical setup. All you need to register and buy hash rates. You will be charged with a one-time nominal fee for regular maintenance and get a contract for one or two years or for a lifetime. Some of the best sources for these services are –
- Genesis Mining
- Hashing 24
- GEOVIA Minex
Download Free Bitcoin Mining Program
Once your cloud or hardware setup is ready, it’s time to opt for free software to conduct bitcoin mining. You can choose from several bitcoin programs. But BFGminer and CGminer are two most popular programs.
Enroll into a Bitcoin Mining Pool
These are, basically, the large groups of miners that are working with one another to resolve a block and share the rewards. It seems to be better to share your work and your reward so you can earn more bitcoins. Some of the best pools having completely validating blocks with Bitcoin Core 0.9.5 are –
- CK Pool
- Slush Pool
So you have mined enough of bitcoins. It’s time to store them electronically. But it leads to the concern of security. Several exchanges have the worst history of hacking attempts. Insecure handling of encryption key leads to bitcoin thefts. So, you should store the mined bitcoins safely.
Have a Wallet
A Bitcoin wallet is one of the convenient ways to store bitcoins. You will get bitcoins with an address that belongs only to the Bitcoin wallet and user to ensure security against potential risks of thefts. You need to download a software program to make your own wallet, such as –
You will get premium security features in these wallets at nominal rates.
Stay Up-to-date with Bitcoin News
You won’t get profits by just mining bitcoins. You should stay up-to-date with daily news feeds about Bitcoin. For regular updates, you may go with WeUseCoins.
Bitcoin is currently in a grey area in India. Currently, there is no such law in the country which proves mining or investing in Bitcoins as a criminal offense. However, it also has not got legal status in India. Most of the developed countries worldwide are focusing on legalizing bitcoins. Hopefully, it will also be legalized in India.