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0 sats \ 2 replies \ @Coinsreporter 26 Jan \ on: Maps of large bitcoin mines in the US, Canada, and more bitcoin_Mining
I've been trying to set up something like that here for over a year now as India don't have a single mining company.
The problem is that we don't have two basic requirements on our side, may be that's the reason we don't have any. One the electricity costs are higher here, second it's not running 24 hours outside of big cities. The big cities have much higher costs. Two is the requirement of shipping miners which cost much more due to tax obligations.
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I talked to people who are solo mining but not mining Bitcoin. I searched for the prices of equipments and compared the costs, big difference for US and here.
For example, For this miner I'd have to pay $500 extra for custom duty and delivery. Another big impediment is the requirement of setting it legally. The compliances of AML are very tough to fulfill. There are many Bitcoin related companies have already gone offshore because of these.
If you somehow fulfill all of these then there's a tax on any gains you make are taxed at a rate of 30% (plus 4% cess).
So, you see the Bitcoin scene in India is not promising and the current government is not supportive of Bitcoin, not at all.
Also, the prices of electricity are much higher but it's a secondary thing.
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