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9 sats \ 1 reply \ @k00b OP 26 Jan \ parent \ on: Maps of large bitcoin mines in the US, Canada, and more bitcoin_Mining
What have you done to try to set it up or do you mean research?
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60 sats \ 0 replies \ @Coinsreporter 26 Jan
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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