Can India become the holy grail of cryptocurrencies mining?

nRunaway Comment: China has been the main concentration of cryptocurrency pools around the world, but many policy reasons have led to a shift away from many businesses. Bitmain, the bitcoin mining giant in China, went to Switzerland’s “Encrypted Valley,” while India also has some appeal for power costs and regional advantages. Only the Indian government will make a choice, will affect the choice of mining companies. At least for now there are still many countries that oppose cryptocurrencies, which is detrimental to the transfer and expansion of the mining industry.n
nTranslation: Annie_Xun
Bitcoin mining this year has undergone many major changes. Mining hardware upgrade, software to optimize these hardware also upgraded. Bitcoin and other cryptocurrencies have also boomed and will soon change in the near future. Much of mining operations are currently in China, but the government is cracking down on such activities. So we may see many companies moving to India in the near future.n
Where is the future of cryptocurrency mining?n
Most people know that there are some prerequisites for monetization of cryptocurrencies. First, enough capital is needed to build a place of business where electricity is sufficient to generate large amounts of money. Second, where you need to place your hardware, it’s best to have enough cool air. Last but not least, we need to get cheap electricity and minimize the high costs. In the past few years, it is hard to ensure that these elements are in place.n
Therefore, we see many companies set up their offices in China. Although the Chinese government has always liked cryptocurrencies, they still acknowledge that the mining industry may be an attractive source of revenue. Only mining companies are being asked to withdraw as soon as possible, indicating a shift in this positive attitude. It is not certain at present whether this is due to the impact of mining on the grid. In any event, it is certain that these companies must look for other places where mining can be done in cryptocurrencies.n
Then the main problem becomes, which place is the best. For small companies, the current options are very limited. India seems to be very attractive in terms of cryptocurrency mining, though the country’s government is less concerned with bitcoin and other cryptocurrencies. So far, India has not formally oversee cryptocurrencies, which can attract global mining companies. The electricity bill is also lower here, the space that sets the hardware is also big.n
However, it is unclear how India’s government will handle cryptocurrencies soon. Industry experts believe it will drafted aggressive regulation, but the truth may be the opposite. India has a lot of cheap electricity, almost the same level with China. In some areas, the cost may even be lower than in China. However, India may also close its doors to cryptocurrencies if the grid tariffs are too high.n
At the same time, the Indian government will have to recognize the enormous opportunities ahead. In particular, cryptocurrency mining can generate significant revenues for the country, making India attractive to other tech companies. It is doubtful that the Indian government will provide special discounts or rebates for cryptocurrencies mining operators, but no one can be certain. However, no one will think that all Chinese mining will all be transferred to India at once.n
It must be remembered that the factor may be the “last resort” for many cryptocurrency miners. Finding cheap electricity is not as easy as people think. In fact, many companies may be forced out of business if neither India nor China become an option. Only time will tell us what’s coming in the future, but things do not look so good right now. Many countries continue to oppose Bitcoin and all other cryptocurrencies, including mining.n

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