After the ban of Bitcoin mining in China, India can be the new hub of mining and blockchain innovation as Beijing is distancing itself from the crypto industry.
Cryptocurrency enthusiasts in India are being made offers for setting up mining facilities. India has some of the lowest priced electricity that is around $0.08 per kWh in 2017, whereas in it was $0.09 per kWh.
Manu Wig, one of the promoter of BFXCoin and planning to open a mining facility told a local newspaper,
There are countries across the globe inviting miners to initiate mining activities. They are offering free electricity, rebates on set-up as well as tax advantages, along with citizenship offer.
This has come to India even after a rigid stance by Government of India about this nascent industry. Recently, Indian Banks have also tussled with crypto exchanges and shut down on transfer for crypto trading. Many offer have been made to engineers and they see this as a golden opportunity to work on. But, due to regulatory issues and no proper operational law set for the cryptocurrency mining, the opportunity can go on back foot.
Entrepreneurs are expecting incentives from the government in order to open a mining facility within the country.