India is not exactly a bright place when it comes to hosting Bitcoin mining operations, but a young startup is hoping to fight the odds for good.
GBMiners, a Bitcoin mining pool which mined its first block in August, now stands to be one of the most competitive mining pools in Bitcoin sector. At press time, it has obtained over 5% in hashpower, and is willing to walk more miles with its impressive business plan.
In a conversation with NewsBTC, Amit Bhardwaj, the co-founder and investor of GBMiners, stressed on educating masses about Bitcoin. He went on discussing the limitations an average Indian Bitcoin enthusiast face when he thinks about purchasing his/her first digital currency token.
“These are very early days for Bitcoin in India,” he stated, “people have more skepticism than fundamental understanding of the concept, once this threshold is crossed, Bitcoin will witness both the demand and adoption of the world’s 3rd largest economy and the world’s largest inward remittance market.”
Bhardwaj added that instead of influencing a potential Bitcoin-er to be an average trader, they want to make them a part of the Bitcoin creation. GBMiners’ aim, as he stated, is to convince traders and speculators to invest in Bitcoin mining operations; it not only helps investors to understand the industry, but also gives them a stronger idea about Bitcoin’stechnological and economical benefits.
That being said, GBMiners helps Bitcoin traders to do something more productive than just holding onto their investments and speculating, i.e. investing in mining operations. An efficient mining pool, which is being run by credible people, on their homeland, certainly gives these investors confidences for better returns.
Nikunj, another co-founder of GBMiners, stressed that obtaining 5% of the overall Bitcoin mining hash rate was not a simple task for their venture. He admitted that they had faced adequate roadblocks, specifically in regards to the growing monopoly of the majority of Bitcoin mining pools in the market.
“We started with putting our test servers across various existing mining pools and closely analysing the efficiencies. These early tests gave us ideas of possible areas of improvement, and we have been fairly satisfied with the efficiencies we’ve been able to achieve with GBminers. Can’t explain in detail here but we’re soon releasing our findings in a white paper for the mining community.”
India is Important to Bitcoin Sector
Indian government’s decision to ban its primary banknotes from circulation has indeed favoured Bitcoin trend in the nation, with exchanges reporting an increased demand for the digital currency. But indeed, the growth of Bitcoin in this South Asia’s emerging economy has been speculated since day one.
ZepPay, an India-based Bitcoin wallet application, has reported that they are adding 50,000 users each day amidst the growing Bitcoin trend.
GBMiners, too, believe that an increase confidence in the Bitcoin market will help accelerate the growth of their mining pool operations in India. Bhardwaj stated:
These are extremely exciting times to be a blockchain and cryptocurrency believer in India, with the recent move by Government clearly exhibiting the inherent risks associated with centralised monetary systems and the demonetisation resulting in significant devaluation in the real estate sector, I believe bitcoin is now ripe to resonate with the indian diaspora both philosophically and financially.