People are now no more interested in mining gold, coal or any other such industrious commodities. Mining bitcoin is the mining for the new topical era. Mining bitcoin is making people millionaires actually its’ similar to giving them a carte blanche.
These new age mines are not those conventional deep down holes, rather they are big mining farms with server rooms full of highly specialized computers that are called ASIC (Application Specific Integrated Circuit). It is like continuously running machinery for mining bitcoin in an artificially temperature controlled environment. As during mining any cryptocurrency a whole lot of amount of heat is produced, therefore, continuous supply of cold air is needed in mining farms to prevent them from overheating.
Inside a bitcoin mining farm
Stepping into a bitcoin mining farm is just stepping into a hot spring. An excessive amount or supplies of fans are build inside the server rooms wherein the actual mining takes place. A part from the external coolers, each and every ASIC has its own inbuilt fans to keep them cool. These external as well as inbuilt fans runs erratically creating altogether blustering sounds. They are so fiercely loud that one has to shout just to talk to the very next person standing beside you. The other thing which you will notice in a bitcoin mining farm is hardly any employees or I must say any people. This also shows that how this industry is so profitable as so much money is saved which might have been drained in the salaries of employees. This money can be further put into use in any other investment in mining more and more bitcoin and maintaining the already working people on site. As the popularity and number of bitcoin mining farms is flourishing, the amount of investment is also increasing.
The big players of the bitcoin mining farms
The biggest players all around the world in the bitcoin mining farm are Georgia, China and US. Georgia has gained its’ position in this with one of its’ company named BitFury which mines around 15 percent of the whole bitcoins been mined all around the world. Even the malls in Georgia have cryptocurrency ATMs. You can guess the intensity of mining in these farms of Georgia by knowing that the two companies of mining in Georgia are the largest consumers of electricity in Georgia. Yet Georgia is one position behind China in the bitcoin mining farm industry.
The largest giant in this area is China mainly due to the availability of abundant and cheap resources of electricity. Another main reason is also that people there see the investment in cryptocurrency more fruitful as it is a platform free from taxes or any other way of channeling money into the hands of politics. This gives them more liberty and freedom to control their money without any governmental constraints.
As US being the home for the largest bitcoin mining firms, makes US one of the largest bitcoin mining countries in the world.
Was it right to ban bitcoin in India and what are its repercussions?
India is not the only country in the list of banning bitcoin. The bitcoin industry grew quite fast after the denomination of the bank notes and the rise in the reputation of bitcoins attracted individuals as well as companies to invest in it and saw a bright future in this. But who knew that this would be over the moon happiness of so temporarily and the next day they have to go down the hill. It came as a shock to the bitcoin mining companies in India that RBI is banning bitcoin and it would be regulated without delay. The ban had disrupted the economy in a significant way and devastated the millions of people who directly or indirectly were involved as a miner or as an investor. Many of the bitcoin mining companies of India are now not actually working as a mining company but works on the principle of mining pool so as to turn out the most possible revenue out of it. Some of the existing best companies in India through which you can get back to business are –
Zebpay- This is a Gujarat based app enabled cryptocurrency exchange and wallet
Unocoin- This is also app enabled running in IOS as well as in android service based in Bangalore. This has captivated top 30 investors in just the time span of 3 years. It is collaborating with other organizations also to foster the bitcoin industry in India.
BTCXIndia- Is one of the most reliable operating bitcoin wallet in India, based in Hyderabad. Also it is a certified member of NASSCOM.
There are many others, trusting in which will keep you good going in mining bitcoin in India even after the strict rules and regulations of the government.