Is Bitcoin mining legal in India?

There are no regulations or laws in India that prevent people from mining Bitcoin or other cryptocurrencies. People are therefore free to engage in crypto mining if they so want. Under the Indian Income Tax Act of 1961, mining income or profit is taxed.

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How long does it take to mine 1 Bitcoin in India?

Mining of 1 Bitcoin takes place after every 10 minutes or 600 seconds, and as per data, it needs around 72 TW (terawatts) of power to mine one BTC. So, depending upon the power of your smartphone's hardware, software, or application used and the mining difficulty- it can take months to mine one Bitcoin.

What is bitcoin mining?

$BTC Bitcoin mining involves solving mathematical equations to process transactions on the blockchain and earn rewards.

By doing this, new BTC tokens are created and miners are compensated for their efforts, equipment and electricity bills as they take part in the proof-of-work (PoW) consensus mechanism. 

Some sophisticated hardware is needed to mine bitcoin profitably as the difficulty of the puzzles increases to reduce the speed at which the asset’s supply expands. The largest bitcoin mining companies own thousands of devices that can solve the problems faster than a human. The total value of the BTC they receive in return is considered to be the company’s revenue.

The cost of running large bitcoin mining:

The cost of running large bitcoin mining companies includes the electricity needed to power the devices, maintenance for the mining farms’ expensive cooling systems, personnel and other operating costs typical to any business.

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