Hello Hives,
Bitdegree
The Government of India is about to bring cryptocurrency bill to the lower house very soon. Despite knowing that the regulation can impact the trading scenario, we the people of India are taking an exceptional approach towards doing it without being trapped by laws. The mining is catching up in India and so does the scams. The owners who are holding the big farms of mining rigs are now selling out and seeing this people are thinking that the mining trend is going up and so they should try their money in mining.
1. The Race
It's interesting to know that mining is not new to us, secretly many of the geeks and big holders are expanding their network. That was the case before Nov 23, but right now just type mining on youtube India, and every next IT geek Youtuber is talking about building the rigs. It's also interesting to know that while reading the comments section of many of such videos, the audience is desperate to build their mining farms. But the catch here is the “Half Knowledge”.
2. The Half Knowledge
Youtubers aren’t lying but aren’t saying the things completely as well. They are overshadowing the fact that building rigs at this moment are a trap in itself where they don’t have any idea what bills can contain. There can be a prohibition on mining as we all know the last month coal problems in India. Government is aware that not restricting mining is a double edge sword. First, it will impact the electricity consumption and second, there is nothing much profit happening, the mined coins are out of the regulation of government, tax evasion is the thing government don’t enjoy. So in no way mining is helping the Indian economy to that extent except hardware purchases and electricity consumption.
3. And The Indian Edition
The YouTubers aren’t telling that the cost of mining rig build is not a 1000$ play instead it requires 5000$ at least to make a rig that can earn decent profits. People with 1000$ are building rigs and then they shout on the profits they earn in cents. No pre-knowledge or search is done, this investment is merely based on the few minutes of video where a big farm is earning and showing its profit without addressing the situation completely. I saw a few comments where the newbie invested 2000$ and is now feeling trapped from both sides i.e profit and government regulation.
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