While Crypto is working tremendously on mining. On the other hand, there is a lot of work being done in India. The special thing is that global IT workforce in India is 11 percent. More than 1.5 million engineering graduates are passing every year. Even after that, less than 1 percent crypto mining is happening in India. Whereas India can become a super power of Global South in Crypto Mining. Let us first tell you what is a crypto mining? Where is India backward in this matter and where has the world reach? At the same time, what kind of possibility is there regarding crypto mining in India?

What would be crypto mining

Crypto mining is the process that bitcoins and many other crypto assets, new tokens and verify transactions. It is a fully decentralized network, in which special computers are used. These machines do complicated calculations, which are usually called cryptographic riddles to solve, so that every transaction can be confirmed and it can be safely added to the blockchain. Blockchain acts like a digital bookkeeping, in which every transaction is recorded. The miners contributing to this process are rewarded as a new tokens, which not only keeps the network safe, but also the miners are encouraged to keep it continuously active.

Many countries are doing mining

Many countries of the world have already moved forward rapidly in this region. The US, Canada and Kazakhstan have adopted Crypto Mining on a large scale by taking advantage of their energy resources, favorable policies and technical infrastructure. The US is currently handling 37.8 percent of the global bitcoin mining, which is the result of cheap energy and liberal market policies there. At the same time, small countries like Bhutan have also developed sovereign mining operations using their hydroelectric resources. In Texas, bitcoin mining is not only providing economic benefits, but also helping to stabilize the energy grid, reduce dependence on gas-based power plants and reduce power costs for consumers.

Some countries of the world have achieved great success in this direction. Norway has operated its bitcoin mining industry completely hydroelectric, which has not only reduced carbon emissions, but has also increased revenue. Bhutan has mined 12,000 bitcoins since 2019 and has planned to increase its mining capacity to 600 MW by 2025. El Salvador has taken an ambitious step to develop a "bitcoin city" using its volcanic energy. It is clear from these examples that crypto mining is not just a means of generating digital property, but it can also become an effective medium for investing in infrastructure, employment generation and economic diversity.

India is how far behind

On the contrary, India is still left behind in this emerging industry. Global IT workforce is 11 per cent of the country and more than 1.5 million engineering graduates are prepared every year, yet India's share is less than 1 per cent in Global Crypto Mining. This situation is not because crypto mining is restricted in India. In fact, there is no clear restriction on this, but policy instability, heavy taxation and lack of collaborative structures remain a major obstacle in the development of the region. After implementing 30% tax on Crypto income in 2022 and 1% TDS on transactions, several startups came out of India and settled in places like Dubai, Singapore and Estonia, where regulatory policies are more favorable.

8 lakh jobs and revenue revenue by 2030

It can be harmful for India to ignore crypto and its associated technology. According to the 2022 report of Nasscom and Hashed Emergent, if India develops the region correctly, the Cryptotech industry can generate more than 8 million jobs by 2030 and can make an economic contribution of about $ 184 billion. At a time when young unemployment remains a serious problem in the country, this opportunity can bring a big change for India.

Can be the leader of Global South

Crypto Mining is not just a speculative market, but it can open a new way of energy security, technical self -reliance and financial inclusion. India has not yet avoided the occasion completely, but it has huge technical talent, growing renewable energy resources and strong democratic institutions, giving it the ability to lead a digital revolution in the global south.

Crypto is the greatest need energy for mining, and this region can be an important opportunity for India. Mining requires huge amounts of electricity, but if it is linked to India's growing renewable energy resources, it can play an important role in energy stability. India aims to develop 500 GW renewable energy capacity by 2030, and this extra energy can be used for crypto mining.

There are possibilities in these states

Especially in states where there is excess of solar and wind energy, adopting mining will not only make additional energy correct use, but it can also become a new source of revenue for the states. States like Karnataka, Tamil Nadu and Gujarat have sufficient renewable energy resources, which can be used for crypto mining. This will help in stabilizing the energy grid and these states will get additional revenue, so that they will be able to invest more in development plans.

Some states of India have adequate power generation capacity, especially in areas where renewable energy resources are available in abundance. These states can take initiative to adopt crypto mining at a small scale without waiting for the approval of the central government. This will give a chance to better understand the economic and technical effects of this industry and in future the way can open towards more favorable policies.