As India recovers from the announcement of the banning of two of its biggest banknotes, a new mining pool, GBMiners, is attempting to fill a gap in the country with the adoption of bitcoin.
With over 250 million people unbanked in India and as the world’s largest inward remittance market, which received just under $70 billion in 2013, India represents a prime location for bitcoin adoption. As bitcoin has grown in popularity throughout the years, the Indian market has gladly jumped on board with the likes of Indian bitcoin exchanges Zebpay and Unocoin, illustrating that bitcoin’s growth in India is set to continue rising.
And yet, despite the arrival of bitcoin in the Indian market, GBMiners believes more can be done to achieve greater things for the country and those who are underserved.
CCN caught up with GBMiners co-founder Nikunj Jain and co-founder and investor Amit Bhardwaj to find out how GBMiners started and what they are hoping to achieve.
Largest Mining Pool in India
Speaking to CCN, Jain revealed that he and his partner, Sahil Baghla, met Bhardwaj, who owns more than 100 Petahash of bitcoin mining power, approximately five percent of the total and highest owned by an individual globally.
However, it was only after talks had taken place regarding the restrictions on most bitcoin mining pools that Jain and his team started considering the likely solutions that could facilitate the operation surrounding bitcoin mining.
After the completion of several trials, Jain found that improvements had been made.
We started researching, put out some of our test servers and most of what Bhardwaj said resonated with us.
Since mining their first block on 31 August, the team have reached around 65 Petahash of bitcoin mining power, but they are aiming to cross three figures before the one-hundredth day since their first block.
India at a Cross Road
Now is a very interesting time for India as it continues its journey toward massive bitcoin adoption with three things taking place: the recent demonetization, which has demonstrated the pitfalls of a centralized money supply to the Indian investor class; the Indian real estate industry, which has been stagnant owning to over construction for the past three years; and gold, considered India’s favorite investment asset, which has recently come under the ambit of a new stricter tax regime and has been stagnant for the last three years.
Jain said bitcoin’s time in India is now.
I believe times couldn’t have been better for the Indian investment class to fall in love with bitcoin. A change being clearly demonstrated by a rapidly growing number of queries we receive everyday seeking advice in setting up mining rigs.
Reaching Out to the Average Consumer
For the average consumer understanding bitcoin has its challenges while buying a significant amount of bitcoin through various exchanges can prove difficult for users due to withdrawal limits.
As such the team at GBMiners are hoping to become an attractive avenue for investment opportunities. Bhardwaj explained that he believes that GBMiners debut will serve itself well and that this will help to boost bitcoin’s growth in India.
The average Indian consumer and the Indian HNI/investor are likely to gain significantly by participating in the blockchain revolution. It will be a chain reaction the day it reaches its critical mass and we are trying to both seed and be prepared for it with our products when it reaches there.
GBMiners have a busy few months ahead as they continue working on additional products in bitcoin, blockchain, and cryptocurrency. In the next two months, the team will be launching a bitcoin bank, a bitcoin fund, and a FinTech incubator.
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