Bitcoin mining has been one of the most profitable financial activities across the world. You may have heard of this phrase before but still have no idea about its true meaning. Hence, you might be wandering what is the reason why this activity has been one of the hottest topics in the world of cryptocuurency. Simply explained, bitcoin mining is conducted by high-powered devices like computers that perform complex computational equations. The performance required by a computer to solve one of any of these problems is equal to a miner striking gold in the ground. Thus, the words bitcoin mining has been established. While this activity has become successful in some parts of the world. Other countries are still looking for confirmation whether or not bicoin mining is profitable in their domicile. In this article, we are going to explain and answer the question – is bitcoin mining profitable in India?
The Role of Cryptocurrency mining
As stated earlier, mining is a term used to define the process of bringing out new units or coins on the blockchain as a result for performing complex computational activities performed by high-powered computers. This activity also requires complex protocol to be functional for it to proceed performing equations. While this not only makes sure the relevance of mining in the long run, there are also several fail-sales established into the system or standard just to make sure that it would continue its operations.
Despite the modernization of the Bitcoin era, the profitability of mining still deonds on a lot of factors. Some of these factors include the cost of electricity, components of providing hashing power, difficulty of the coin, heating and others. As such, this would also mean that setting up a mining system has a lot of variables to consider.
The tools of Cryptocurrency Mining
To further enhance the crypyocurrency mining, there are tools that experts and professionals use. One of those tools is the buying multiple GPU of the miners. This tool is used to manage and cool the electricity cost of the entire process. Moreover, a sizeable setup of upwards of 6 GPUs in one computer will allow the system to deliver and provide simultaneous hashrate tool. Furthermore, there is also one alternative of getting into a mining pool that allows people to significantly increase their chances of searching for the right block.
The Argument of Profitability
In the cutting edge measurement, GPUs like GTX 2080 and Radeon 7 provide a substantial amount of hashing power for sue with smaller currencies. Unfortunately, these don’t have the power to enter some of the established mining communities like Ethereum and Bitcoin. These big cryptoccurencies contribute to the difficulty of making high profit. In addition, the low price of Bitcoin that consequently leads to the coin being sold at lower price also contributes the low profitability of the mining system.
As stated earlier, the market now is currently in a high stagnant position and GPU doesn’t have the measurement to be profitable. This concludes that Indian consumers cannot be profitable while mining cryptocurrencies.
There are still a lot of factors that must be considered and given attention to. Aside from, increasing the value of cryptocurrency, experts should also promote and encourage people to use cryptocurrency as their mode of payment in any transaction.