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Should India use its burgeoning green energy for crypto mining? – Quartz India

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On the face of it, India’s rising status as a green-energy powerhouse and its small, discrete, and energy-guzzling cryptocurrency miner community are an explosive match waiting to happen. 
However, a lack of regulation and expensive power, especially given the country’s tropical climate, hinder such prospects.
India’s digital coin ecosystem is rapidly expanding. While there is no official data on the extent of crypto players in the country, more than 100 million Indians are estimated to be part of the $3 trillion global community. It ranks second on the world cryptocurrency adoption index, according to Chainalysis.
Cryptocurrency mining, the complex process of creating new virtual coins through some high-level mathematical equations, is one of the ways to own these assets. However, it is still a small subset of the sector in the country. And there are several reasons for this.
For a start, digital assets are technically illegal in India.
Experts say there are a considerable number of miners in India—up to 300 people and 40 organisations, according to some—discretely producing cryptocurrencies like bitcoin and ethereum. They operate on a small scale due to a lack of regulatory clarity.
“It is a disorganised sector,” said Raj Kapoor, founder of industry body India Blockchain Alliance. “Everybody is worried about a clampdown on cryptos. It is a great opportunity from a growth perspective, but India is missing the bus out here.”
A long-running dialogue between industry experts and the government over the ecosystem’s benefits and pitfalls has failed to bear fruit till now, he said.
The second hurdle faced by virtual coin players in India stems from the process of crypto-mining itself: It requires highly specialised computing equipment that consumes vast amounts of power and produces a great deal of heat. Among the thousands of virtual tokens in circulation around the world today, bitcoin alone is said to use up more energy than the entire nation of Argentina.
This makes crypto-mining better suited to colder climates. In a tropical country like India, only a few states—Jammu and Kashmir and Himachal Pradesh among them—have temperatures suitable for the process.
It also often comes down to places with the cheapest energy.
In India, power typically costs between Rs5.20-8.20 (7-11 cents) per kilowatt-hour on average each year. In Kazakhstan, by contrast, where many crypto-miners fled following a Chinese crackdown earlier this year, the cost is around 4 to 5 cents.
Yet, Indian crypto players can overcome this hurdle by upgrading their green credentials. And that’s where the country’s changing energy portfolio comes in.
India is the world’s fourth-largest solar power-producing nation. It is a top candidate for growth in sources of renewable energy, according to consultancy EY.
“Mining may not be profitable in India because of the electricity costs,” Nischal Shetty, co-founder of Indian cryptocurrency exchange WazirX, told Quartz in July. “If you get into renewable sources of energy like solar panels, it may be cost-effective.”
Electricity generated through solar power can avoid putting pressure on the national grid. The initial outlay aside, miners can produce cryptocurrencies using this form of energy at minimal cost—a photovoltaic farm can pay for itself in about two years, Kapoor said.
More than half of the country’s power requirement of 817 GW by 2030 will be met by clean energy—up to 280 GW by solar energy alone, according to India’s central electricity authority.
In the past six years, India has invested around Rs4.7 lakh crore in renewable energy space, with Rs1 lakh crore expected to be invested annually till 2030.
Since India’s crypto-mining community is still relatively small, even if it taps into the green power grid for its vast energy needs, it will hardly cause a disruption.
In any case, India experiences considerable wastage—nearly 20% of all electricity produced annually, according to experts—due to technical and commercial reasons, according to the power ministry.
“Not all of the wind energy is being utilised,” said Siddharth Sogani, founder of the cryptocurrency and blockchain research company CREBACO Global. “A lot of it is getting wasted.”
A strategy to fix this inefficiency will be a win-win for both the government and cryptocurrency miners.
Besides, cryptocurrency players are themselves are moving towards a more energy-efficient “proof-of-stake” algorithm from the “proof-of-work” protocol—the former can be operated from a laptop while the latter requires specialised computing equipment.
Bitcoin mining will still be profitable for more than a century, Sogani said of India’s potential to become a global hub for crypto mining. “We shouldn’t wait. The infrastructure should be there.”
An entire new virtual world of possibilities may be waiting to be tapped in India if only regulatory knots, energy needs, and efficiencies are synergised.
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Intel, Block Supporting Mining a Positive for Bitcoin’s Price: Analyst – CoinDesk

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Large tech companies such as Intel and Block (previously Square) delving into making mining more efficient and accessible is likely to help the price of bitcoin by encouraging mass adoption, said an analyst for U.K-based digital asset broker GlobalBlock.
Intel, one of the world’s largest chip makers, said on Jan. 18 it will unveil an “ultra low-voltage bitcoin mining ASIC” which will be a more efficient specialized mining computer, competing with current miners that are in the market. “The fact that a $200+ billion tech firm is providing solutions for Bitcoin mining is more confirmation of big players entering the crypto space,” said GlobalBlock’s analyst Marcus Sotiriou.
The chipmaker said its new miner will reduce power consumption by about 15%, Sotiriou said, adding that such an increase in efficiency will help more institutional investors to enter the sector as ESG (environmental, social and governance) is one of their key investment priorities. If such a scenario plays out, it will likely help support bitcoin’s price.
Read more: How Bitcoin Mining Works
Crypto miner Griid Infrastructure, which is going public via a merger with special purpose acquisition company Adit EdTech Acquisition Corp., has already signed a supply agreement with Intel to potentially buy the chip maker’s new ASIC miners, according to a filing.
Meanwhile, payments giant Block said on Jan. 13 that it’s going ahead with its plan to build an open-source bitcoin mining system to make “mining more distributed and efficient.” If this feature is integrated with Cash App, it might increase the use of bitcoin to pay for goods and services by its users, furthering bitcoin adoption by the masses, Sotiriou noted.
“If successful, this will dramatically increase bitcoin’s use case as a means of exchange, rather than just a store of value – this would result in significantly more adoption and hence help bitcoin reach price figures of over $100,000,” he said.
Bitcoin is now trading near $42,000 since reaching its all-time high of just under $69,000 in November. The stocks of some miners, which are highly leveraged to the price of the crypto currency they mine, have tumbled more than 50% since their peak.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Aoyon Ashraf
Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets
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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
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Dogecoin value 2022: Why did Elon Musk make the cryptocurrency's value rise? – Marca English

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Dogecoin’s value increased by 5,859% over the past 12 months
Dogecoin rose to $0.20 – a 15% increase in value – after billionaire Elon Musk announced Tesla would accept the cryptocurrency for purchasing merchandise.
The cryptocoin with the shiba inu dog meme originally started as a joke, but Musk’s various tweets about it have helped Dogecoin increase by 5,859% over the past 12 months, according to Coinbase. Tesla’s website started accepting Dogecoin soon after, with items such as an electric quad bike for kids priced at 12,020 doge ($2,368), the “Giga Texas Belt Buckle” for 835 doge ($156), and a whistle for 300 doge ($57).
This is just one of many tweets by Musk regarding Dogecoin, the first one coming December 20, 2020 when he tweeted, “One Word: Doge.” Shortly after his tweet, the value of Dogecoin rose by 20%.
Musk followed that post with a barrage of Dogecoin-related tweets in February 2021, including, “Dogecoin is the people’s crypto,” and “no highs, no lows, only Doge”. After these tweets, Dogecoin’s value soared by roughly 40%.
After a full year of showing support for Dogecoin, on December 14 Musk said Tesla would accept the cryptocoin to pay for merch. Dogecoin spiked more than 20% after his tweet.
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This mom quit her job to focus on crypto full time and build 'generational wealth.' Now she makes around $80,000 per month – CNBC

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This mom quit her job to focus on crypto full time and build ‘generational wealth.’ Now she makes around $80,000 per month  CNBC
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