GBMiners is a Bitcoin Mining Pool launched in August 2016. It is India’s first bitcoin mining pool and the second largest after China where collectives of bitcoin miners pool-in resources and share their hashing power to solve a maths problem or a block.
BW Disrupt interacts with Amit Bhardwaj, Founder, GBMiners and spoke to him
Tell us about the inception?
I built up my first GPU miner rig in early 2013 and mined our first block at GBMiners in August 2016. GBMiners is a Bitcoin Mining Pool where collectives of bitcoin miners pool-in resources and share their hashing power to solve a Maths problem or a block, the reward for which is distributed among users based on the proportion of work done. This works better than individual mining (unless you have a farm of ASIC systems for bitcoin mining), which could take ages to generate a block. For mining to be profitable, the hardware needs to be put in the area which is cold and the electricity is cheap.
What are the unique key points of your company?
- India’s first bitcoin mining pool - GBMiners is mining at 5% of the world’s total mining power - Pool’s Lifetime Luck >108% ( this is higher than any other pool in the world at such a scale ) - GBMiners uses PPLNS payout method that ensures max. revenue for you - We have a low pool fee of 0.9% and transaction fees is included in the reward - Payouts are done daily and users are earning 5% higher payouts as compared to other PPS pools
What are your future plans?
I am big believer in bitcoin, blockchain and cryptocurrency. Along with running GBMiners and CoinBank, I invested in Satoshi Studios, which is blockchain incubator. As part of my future plans, I am aggressively looking to invest in more startups who are building anything great in this space. What is the funding status and monetization model?
We haven’t raised any institutional investment. I funded the development of the GBMiners pool myself. To find a right talent in India who can do the development on blockchain was tough. That’s when I was introduced to Darwin Labs and they helped me with the development. What challenges are you facing in running your business?
The biggest challenge is of finding an appropriate place where we can do the setup and where the electricity cost is not high.
How do you look at expansion?
Apart from GBMiners, I also run CoinBank. CoinBank is a Bitcoin Wallet which offers interest on your Bitcoins.
What is the current scenario in Bitcoin segment and its future in India?
Bitcoin mining is a specialized field. Considering bitcoin does not have a central bank like issuing entity, it’s users are known as miners who use software to solve Maths problems to be rewarded with bitcoins in exchange. Now hardware requirements for bitcoin mining have undergone a sea-change because the complexity of the problem increases depending on how fast the problem is being resolved. So from using CPUs to graphics cards to special bitcoins systems to ASIC-based circuits to mine bitcoins, the stress has always been to have a fast system but one which does not heat a lot, as that increases cooling overheads.