Members of the Indian crypto community have received offers to set up mining facilities after reports of potentially negative developments for miners in China. According to local media, businesses are already exploring such opportunities as India has some of the lowest electricity rates. Upcoming regulation, however, may put some hurdles on the track.
Companies Expect Clear Guidelines
“As China stamps out bitcoin miners, India sees opportunity”, a Mumbai-based publication speculated, quoting sources from the sector. More than three quarters of the mining hardware have been installed in China, producing 80 percent of the world’s bitcoin supply, while Indian operations account for just 2 percent, according to the DNA daily, published in the financial capital.
“Countries across the globe are inviting miners to initiate mining activities. They are offering free electricity, rebates on set-up and tax advantages, along with citizenship”, Manu Prashant Wig, a digital marketing consultant, told the newspaper. A company he is working with is planning to open a mining center in the Indian state of Chhattisgarh.
The majority of Indian crypto players are careful not to deviate from government guidelines, the article notes. Entrepreneurs are hoping for incentives to open new bitcoin mining centers and expect a “clear policy” to steer their business.
A computer engineer told the daily about several offers received by his mining company over the past few days. He referred to them as “new business opportunities” and said:
We are now waiting for the government’s guidelines for the crypto business.