Crypto Mining: As the world is moving towards the digital age, cryptocurrency mining is emerging as a big industry. United States to lead crypto mining by 2025. The United States, in particular, remains the global leader in Bitcoin mining. This change started after China banned crypto mining in 2021. Because of this, mining companies had to look for a new place and America became the primary destination. In the meantime, let us know where India stands in crypto currency mining.

United States as global mining center

The United States now controls approximately 37-44% of the global Bitcoin hash rate. Along with this, Texas, Georgia and North Dakota provide two big benefits. Cheap electricity and favorable mining regulations. Many mining companies here use renewable energy sources, which makes mining work much more efficient and sustainable.

Despite the ban, China is a big player

Even after the 2021 mining ban, China is still contributing about 20% of global Bitcoin mining capacity. Many mining operations in China now operate underground. At the same time, mining often shifts to areas with abundant hydroelectric power in order to reduce exploration and electricity costs.

remaining major mining areas

Along with this, countries like Kazakhstan and Russia have also emerged as big mining centres. Due to low electricity tariffs, Kazakhstan holds about 12% of the global mining share. Along with this, Russia holds about 10.5% share due to its cold climate and cheap electricity. Along with all this, Canada and Iran are also contributing to the global mining capacity.

India’s position in crypto mining

India ranks very low in terms of mining capacity. Its contribution to the global hash rate is only 0.03%. The main reason for this is regulatory uncertainty. Actually, there is no legal policy to clarify whether mining is allowed here or not. For this reason investors hesitate. Apart from this, the cost of electricity in India is much higher than many other countries. Along with this, let us tell you that even though India is weak in the matter of mining, it ranks first in the world in adopting cryptocurrency.

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The Bangalore Zonal Office of the Enforcement Directorate (ED) has taken action in a large cyber investment fraud and attached an amount of about Rs 7.02 crore. These rupees were frozen in 29 different bank accounts which were opened in the name of many fake companies. This entire scam was carried out through a mobile app named Sharehash.

This app named Sharehash gave people to earn a big profit in the name of cryptocurrency mining. After investing on the app, initially the trust of the people was won by giving some money in return. This was the same old Ponzi scam, in which initially a little money is returned and the remaining amount is submerged. When the number of investors increased and the amount of crores was deposited, then suddenly the app was disappeared from Google Play Store and no response was received from the company.

Scam through these companies
ED investigation revealed that this entire scam was run through many companies, including Cotata Technology PVT. Ltd, Siraleen Tech Solutions Pvt. Ltd, Crampington Technology Pvt. Ltd, Nileen Infotech Pvt. Ltd and moltres exim pvt. Ltd. All these companies were registered through fake KYC in the name of unemployed youth during Covid-19 epidemic. Their registered addresses were either found wrong or closed.

The ED investigation also revealed that the money received in the bank accounts of these companies was transferred to secondary fake companies via payment gateway and from there either taken into cash or invested in the purchase of gold.

ED is investigating the entire network
Not only this, more than 40 bank accounts were used in this scam so that where the money came from and where it went, it could not be tracked. The directors and owners of most companies did not even respond to the ED summons or refused any kind of relations.

ED started this investigation on the basis of FIR registered by Cybercrime Police, Bangalore. This FIR was registered under various sections. At present, a thorough investigation of the case is going on and the ED is investigating the entire network.

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