In China, bitcoin mining is now not welcome. The government considered that too much electricity was used for mining in the province, because of which it is necessary to build new power stations for ordinary people.
The attitude of the Chinese authorities to the crypto-currencies was understandable long ago. But now giant factories for the production of crypto-currency bitcoin (in China it was extracted by industrial volumes) were outlawed.
In the Indian parliament, they proposed legalizing bitcoin to entice large Chinese miners.
Miners – like hot cakes
The production of bitcoin in China brought more than 80% of all bitcoins. This is a huge capital for which countries are ready to fight.
Since China has dissolved the miners, India sees an opportunity – the Indian newspaper quotes a member of Parliament.
Manu Prashant Pag, a digital marketing consultant in India, also noted that for bitcoins mining conditions are created around the world.
They offer free electricity and tax incentives, he continues.
Manu plans to open his own bitcoin farm in India, if they are legalized.
Manu is not the only one who wants to engage in industrial production of crypto currency. According to local media, Indian companies are already exploring such opportunities. However, the coming regulation may put some obstacles on the way.
Indian entrepreneurs are stopped by ambiguous legislation. Risks are too great. Potential miners are afraid that their mining business will be covered, as it happened in China. Now they are waiting and hoping for the introduction of incentives and benefits.
Will India beat the bitcoin?
Potentially, India is one of the best countries for bitcoin mining. China was the center of mining mainly because of cheap electricity ($ 0.09 per kWh). In India, electricity is even cheaper – $ 0.08 per kW.
Also in India, cheap land and no tax on the production of crypto-currencies.
Parliament is considering the idea of restriction, but there are also proposals for legalization. The situation remains unclear. The future of the crypto industry in India now depends on the actions of the government.
The use of mining for ecology
One of the reasons for the ban on mining in China was high energy costs . The Canadian miner has found a way to direct the consumed energy for the benefit of nature.
Bruce Hardy has been producing bitcoin for two years already. He built 30 bitcoins-farms. They occupy an area of more than one and a half thousand square meters. Bruce used a standard cooling system, but recently came up with the idea of directing the heat of the heating processors for growing plants.
Heat from the bitcoin of the prey is passed on to edible plants. At the push of a button, he pumps the nitrate-rich water to pour salad, basil and barley.
Everything is interconnected – Hardy gives a comment to the Canadian newspaper. So energy is spent more economically, heat is transferred to the needs of agriculture.
The technology of the Canadian entrepreneur has already become interested in bitcoin investors from China and Australia. As Hardy himself says, the project is only in development.
He is looking for a way to use space more economically, he wants to build a mechanism so that the whole area is involved. The production of bitcoins requires a lot of energy, so such developments are extremely important.