Crypto miners in India install rooftop solar units to cut power costs

Most of the crypto miners in India are setting up solar rooftop power units and battery backup in their residential facilities to cut expensive power costs.There are also more enterprising ones who are evaluating cold countries nearby to establish system infrastructure to protect against heat problems and subsequent operating prices. India's mining cryptocurrency has just got smarter. It is a virtual currency that uses blockchain technology for its existence and secure transactions online. The famous cryptocurrencies are ethereum, bitcoin, lightcoin, and darkcoin, and many more. Crypto-mining is earning cryptocurrency through solving cryptographic equations utilising high-end computers. The extremely secured problem-solving process consists of verifying data blocks, and these transaction records are joined to a public ledger using blockchain technology. Solving complex mathematical problems in a decentralised environment online guarantees cryptocurrency to users. Hyderabad-based Ajay K, who was an active stock market trader once, has been in the business of crypto-mining for the past several years. He set up a solar rooftop unit of 5 Kilovolt-amp (kVA) with battery backup a year ago to cut costs on power. The hardware infrastructure absorbs high power, and it’s the major cost and great difficulty in crypto-mining. On average, the power consumption for crypto-mining could be to the tune of Rs 30,000 to Rs 50,000 per month. While a basic cryptocurrency mining system starts at Rs 50,000, the professional one with a high-end motherboard and eight graphic cards costs about Rs 4,00,000. Now, the import time for customised motherboards and graphic cards from China and Singapore has been decreased to seven days. The customs clearances are processed immediately. Earlier, the import used to take about a month, said Bhimavaram-based Krishnam Raju who caters to Andhra Pradesh, Telangana, and Tamil Nadu markets. Image Source Also read: Maha govt to provide subsidy to residential users for rooftop solar