Is Bitcoin Mining Profitable in India? Bitcoin India Updates

As far as the currency is concerned Bitcoin is one of well-known digital currency. Online currency bitcoin is treated as a fast and safe way to exchange money around the globe. There is not a major difference in it if you compare that with wallets like Paytm, Freecharge, etc. In this post, I'm going to explain does bitcoin mining really profitable? There are numerous surveys are happening around the world about how bitcoin mining takes place. Is it still profitable to mine Bitcoins in India?
People love to ask so many questions on Google like; What Is Bitcoin Mining? How do you mine for Bitcoins? Is it still profitable to mine Bitcoins? Can you mine Bitcoin with a PC? How much money can you make from mining Bitcoins? How many Bitcoins are there left to be mined? How do you get bitcoins for free? Is it safe to invest in Bitcoin? How long does it take to mine a Bitcoin? Bitcoins mining software and so on.

Majority of miners are interested in mining bitcoins from home. But nowadays, it became harder for home-based miners to earn profit from Bitcoin currency trading. There are tons of factors needs to be considered in order to join the mining environment.

You really need to think over again before investing your efforts in the bitcoin mining process. Here, I've listed several factors like hash rate execution of mining hardware, what are current difficulties in Bitcoin cryptocurrency trading as well as electrical costs associated with mining device itself and many more.
Is Bitcoin Mining Profitable in India? Bitcoin India Updates
Is Bitcoin Mining Profitable in India? Bitcoin India Updates
If you didn't know about Bitcoins and minings then, I must say check this out before going any further; What is Bitcoin? How Does Bitcoin Work? Everything You Need to Know.

Is bitcoin mining still profitable in India?

Considering the huge popularity of Bitcoin, people are now thinking to do bitcoin mining and earn extra profit. Lots of people are getting involved in make money Bitcoin trading. They want to do bitcoin mining from home. This is not easy though. For home-based miners, things have become very tough. Therefore it is important to see, does bitcoin mining really worth or not especially in India. There are certain things that everyone should consider before going for bitcoin mining.

These are current difficulties faced in Bitcoin mining process:
  1. Mining difficulty
  2. Hash Rate
  3. Device cost
  4. Cost of Electricity
Now we'll see these major difficulties in detail. Each and every point is explained in detail so as to understand more about major hurdles that might face in the mining process.

1. Bitcoin mining difficulty explained.

This means the difficulty comes while solving an algorithm at the time of creating a new block of the transaction.

The difficulty increases with the number of miners joining the network increases. That makes Bitcoin mining harder and the amount of bitcoin you receive goes down.

Bitcoin networks set up the difficulty of the mathematical problem and your mining rig has to solve this to earn bitcoins in reward.

As of now, 5,646,403,851,534 (on 4 December 2018) is the current mining difficulty at the time of writing this page and it changes after every 2016 blocks.

You may also like to read; Is Bitcoin Trading Legal in India? Check out Why it is?.

2. Bitcoin Hash Rate.

A speed at which a mining rig solves a problem which required to mine new blocks is called as Hash Rate.

New miners are continuously making their way into the market with a very well designed new GPU's which are able to give more Hash Rates. But it looks not easy to buy a mining rig having a faster speed. The reason being the new mining rigs cost more and even more, they consume more electricity as well.

For a better, it can be balanced by having a low-cost mining rig with higher Hash Rate. The selection of the miner depends upon how long you want to mine. It is pretty much productive to buy a low-cost miner if you want to mine bitcoin for a short period of time. As it is possible to get paid off the initial buying cost at a faster rate even with a lower Hash rate.

Are you interested in Buying BITCOINS? 8 Things You Must Know Before Purchasing Bitcoins.

3. Device cost.

A pre-prepared mining device can cost something above $500 depending upon the condition & performance. A new device can cost over $2000. To overcome the investment, you need to mine enough bitcoins.

You can make money Bitcoin trading & a profit only after you cross the investment cost. Apart from this, you need to buy racks for placing more machines, connectors to connect miners together etc.

Go through this guide if you are interested to learn How to make money Bitcoin trading?.

4. Electrical cost

It is impossible to run a mining rig without an electricity.

To calculate the exact amount of profit you also have to calculate the cost of electricity. In India, the cost of electricity is different for different regions. The minimum cost of electricity is 6 INR per kWh which varies with a region. The mining can get damaged with a temperature above 40-degrees Celcius. So an air cooling system is required in summers which would consume more electricity.

Check out; Create Your PayPal Account Fast - Safe, Easy & Verify For FREE | Rs.200 For Signup

Now its time to calculate the profit now as we know the factors.

Antminer S9 is the best bitcoin miner in the market for now, with 14 terahashes (TH/s) of Hash Rate. The miner costs $1700 and consumes a power of 1370W. A 1600W power supply (suggested APW3+) is required to take this Antminer S9 in operation which costs around $105. You can purchase both of these through bitmain(.)com. According to this, the cost for hardware comes around $1800 excepting the racks and connector cost.

In addition to this, you need to pay the customs duty charges also for importing bitcoin mining hardware and that makes it $2300. With today's rate, this cost will be around 0.58 bitcoin (1 BTC = $3965.01).

As said above, 5,646,403,851,534 (on 4 December 2018) with this current mining difficulty, if you have 14TH/s, you will have the ability to mine 0.018705 bitcoins per month. Keeping the same difficulty level and considering the electricity to be free, it will take almost 31 months to fulfill the hardware cost alone.

Now, let's have a look at the electricity cost. Let's consider the lowest electricity rate that is 3.2/kWh. With the power consumption of 1370W, the usage for one month will be 1000 kWh and it will cost 3200 that is 0.0114 bitcoin. Mining difficulty raises with the number of miners adding to the network. The reason being the number of blocks that have to be solved in a certain amount of time is constant. The average increment in the difficulty is around 5% per 14 days.

Hence it is proved...
This bitcoin mining game is not piece of a cake. It might take years to get an ROI by considering current difficulties. On top of that, not only the machines like bitcoin mining calculator but also bitcoin mining software being used are also be maintained on regular basis. Also, individual mining process is not value for money. People always tend to form a group so as to increase the chances of getting the Bitcoin reward. There are people who are joined for fun and contribute for the sake of being a techie, so expecting a valuable contribution from such people is not worthy.

Hence, Bitcoin mining is no longer profitable. It is quite harder to mine even 1 bitcoin these days. If you do have lots of super-powerful machines and very cheap electricity, you could go with the mining process by keeping in mind the above-listed mining difficulties. Like most people are saying the Bitcoin is the future of currency but you need to understand its value against the cost involved in its mining process.

Feel free to use below comment section below to get in touch with me anytime. Happy to hear from you and to understand more for helping others.

Don't forget to LIKE, SHARE & SUBSCRIBE...

TubeBuddy for YouTube
Related posts you like to read
Vinayak SP
Authorised by: Vinayak SP

I'm a writer, digital columnist, tech-savvy and an engineer all rolled into one. Yes, that pretty much what everyone likes to call a geeky friend or what you’re probably here seeking, a content writer. You can follow me on the social media or subscribe the email newsletter for the updated guides and tutorials. Regularly publishes news articles about blogging tips, SEO, making money online, Adsense optimization, web hosting, affiliate marketing, & tech reviews.

⚠ Disclaimer

We are one of the type of a professional review site that operate like any other website on the internet. We respect & trust our readers. And we are confident & would like to mention that the above post contains some affiliate/referral links. And if you make a purchase; we receive commission from the links/apps/products we refer. We are totally unbiased and do not accept paid reviews or fake reviews claiming to be something they are not. We test each product thoroughly and give high marks to only the very best. We are independently owned and the opinions expressed here are our own.

Read & Post Comments


All of the ProBlogBooster ideas are free for any type of personal or commercial use. All I ask is to keep the footer links intact which provides due credit to its authors. From time to time, we may use visitors/readers, information for distinct & upcoming, unanticipated uses not earlier disclosed in our privacy notice. If collected data or information practices changed or improved at some time in the future, we would post all the policy changes to our website to notify you of these changes, and we will use for these new purposes only data collected from the time of the policy change forward. If you are concerned about how your information is used, you should check back our website policy pages periodically. For more about this just read out Privacy Policy

Most Trending Pages

⚡ 101 SEO Tips

101 Top SEO Tips From Experts

You should learn effective SEO techniques as there are many best SEO optimized websites for you and your brand who are already working on and their search rankings are now in the first top ten results. Listed top SEO tips and tricks which will help you get better search ranking & keep you at the top of the SEO results.

⚡ All Open Graph Tags

Open Graph Protocol

An "Open Graph Meta Tags" is one of the most important tags that every blogger need to add into the HTML body of their blog to properly show title, description, images & you need to optimize the Open Graph tags that'll enable you to make it happen a rise in social sharing and improved conversion rate.

⚡ Benefits of Online Marketing

Benefits And Importance of Online Marketing For The Business

Listed the advantages of online marketing, benefits of digital advertising and the strategies that the online marketing services for small businesses practices to drive more buyers. Sellers are now aware of the benefits of internet advertising and how digital marketing help to generate more sales. Follow benefits of internet marketing for your business.

⚡ Making Professional Videos

Top 10 Ways How To Make PROFESSIONAL YouTube Videos [YouTube Techniques]

Making videos professionally is not as complicated as it appears. If you have basic accessories of shooting, then you are ready for this. You just need to know how to hold a camera & some basics of filmmaking. Having high-quality video will undoubtedly increase your subscriber, & obviously helps you to make money with youtube ads.