Bitcoin mining India:
Ok, there is a common misunderstanding that the bit coins are illegal in India. Statement one it is not. They may not be announced as acceptable money but they are not illegal by any means although the government warns us about it.
So, how do you get this ” money”? There are few ways to do it.
- You can take it from others in exchange for real money
- You can mine it.
So how exactly one mine bit coins. Nope, you are not going anywhere with your shovels you can mine it from your home. Sitting right in front of the PC. Yes, you read it right. So what exactly do you do?
Well, you need to understand how bit coin transactions work. Well, unlike your countries legal tender these transactions are not done through a single companies servers like PAYPAL which encrypts all the data Instead it goes through your PC.
Your PC processes transactions. Every time you process a transaction you are rewarded with some amount. These amounts are really less. So don’t expect to become rich overnight.
So what is the process?
The process is simple there are many ways to do it but I will explain the most tried and tested method. Before that here is the list of what you need?
- A PC
- You should know how to operate.
Well, that looks pretty simple, doesn’t it? if you are reading this, remember you are in the world of internet. The news spreads fast so did it spread, when it is money and profits the news spreads even faster. So this happened with Bit coin too. Now there are millions of people mining bitcoins.
So, in order to stay ahead in the competition you need to solve the algorithms faster( no you don’t sit and solve them your PC does). For this, you need to have powerful PCs. So get started to invest some money.
So what exactly do you need? you need some powerful graphic cards as the days have passed when the bit coin mining was purely based on CPU power. Along with this, you need one of these called ASICs these are specialized hardware that has now become a need for you to mine bitcoins and stay alive in the competition.
I am not going into technicalities and explain all the fancy terms to you. Now that you have all the hardware items you need you can start bitcoin mining.
HOW TO START?
So, you can mine individually or join a group of miners. The later will help you better and make your small business profitable. First things first, download a Bitcoin wallet. Enter all the credentials. This is where you will store all the bitcoins you have mined. Now that all is done you will need to join a mining pool. This usually means that you will join a group of other miners and power from all of your PCs is being combined giving you chances of finding more transactions( code blocks) increasing profitability. Here is the list of Miners I found on 99 bitcoins.
In a mining pool, all of the work is divided into all the people which increase your chances of finding trasactions. You will be awarded bitcoins that will be divided among the people in pool according to the work they do.
That is all the work you have to. Now fire up your mining rigs and keep mining.
How feasible in INDIA?
My job doesn’t end with how to mine? My job also includes to teach you if the mining can earn any profits to you. Well, if you are not an enthusiast and want to mine for some serious money then better don’t. Mining will keep your computer running for a very long time at full power. You don’t have to sit in front of it though. but imagine the damage that can be done to the parts of the computer for such a prolonged usage.
Keeping the damage aside, the rate of the competition is increasing exponentially as the bitcoins are created such way that there will only be a limited number of them. that number is 21 million. And the difficulty level of the code blocks increases as you keeping mining decreasing the amount of bitcoins you can earn everyday. You will need to keep ugrading you PC every year at least with a better graphic card to keep up your mining speeds.
Above all the amount money you will have to spend and give for the electrical charges is way more in INDIA. India is definetly not a perfect place for bitcoin mining as the electricity charges are very high and chances of you successfully even making enough money to pay the charges itself is quite less.