Bitcoin is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
In India Electricity cost for mining, the bitcoin depends majorly on the Electricity which makes it hard to make it profitable.
What is crypto mining?
Cryptocurrency mining, or crypto mining for short, may sound like it’s a procedure where new cryptocurrency coins are made (or mined). But it is not that straightforward. First, let’s have a quick look at how cryptocurrency transactions work.
Cryptocurrency is completely digital with no records of possession and transactions in the physical world. It is also not centrally controlled or issued like say the currency of a nation such as the Indian Rupee or the US dollar. There is no physical book to keep track of who owns how much or details of transactions among crypto owners and/or crypto-accepting businesses. Instead, all cryptocurrency transactions are maintained via a blockchain network and added to digital ledgers.
First, let me tell you what is the hash rate?
Hash rate is the number of hashes generated per second and 1Th/s means your device is capable of generating 1 trillion hashes per second.
GPU- GPU can be considered a good option but now in 2017, one transaction requires trillion hashes per second and to complete that transaction GPU requires more power and more time. Simply it is time and electricity-consuming.
ASIC- Its hash rate is more than 1Th/s and it is considered the most suitable for mining. You can purchase it online and start your mining. ASCI is specially built for bitcoin or cryptocurrency mining i.e., ASIC Hardware.
In Short- if you have GPU hardware in your computer then mining will not be profitable for you.
Cost for mining
Bitcoin mining is not profitable in India as electricity cost is high and for mining Bitcoin, you have to purchase Antminer which is not cheap it will cost you around 2 lakh rs for the full set up and when you will start mining, the monthly bill of electricity will be around 20 to 25 thousand.
The latest Antminer is able to produce 0.2 BTC per month which is around 35000RS as of today’s price so you are just making 10000 rs per month which is pretty less as with this rate you will be able to cover your investment in two years and as the time passes Antminers became obsolete and produce less 0.02 or 0.01 BTC per month that’s why Bitcoin mining is not profitable in India.
Fortunately, mining of other cryptocurrencies can be profitable in India But if you are interested in mining then you can go for Ethereum mining it will be profitable. Never trust cloud mining most of them are fake so better do in-depth research before investing in cloud mining.