The CEO of Gain Bitcoin, Mr. Amit Bhardwaj has given his customers a reason to smile all the way to the bank by assuring them that the company will have enlarged infrastructural capacity and excellent server uptime to maximize cryptocurrency mining. The serial entrepreneur who has a knack for building innovative ecosystems of products based on blockchain and Bitcoins has worked with prestigious companies like Reasoning Global and Infosys as an Information Technology specialist.
A man, who hardly takes “No” for an answer in a situation where he can deploy his creative talents, launched the first venture in 2009. Before that, he had a nine-to-five job, but his heart and mind were set on a distant horizon of opportunities. You might be wondering what opportunities his sights were set on even while he was dawdling on a desk job that hardly satisfied his dream.
Mr. Amit Bhardwaj knew there was money to be made in blockchain and the cryptocurrency business as far back as 2013 while many people were still clueless about the venture. It was during the period of lulling ignorance that he set up an eCommerce platform called HighKart.com that took Bitcoins in exchange for various products. Today, he is the principal of the company.
Anyway, perhaps you are trying to figure out what Gain Bitcoin stands for as a company. It is a transaction method the company uses for the payments in cryptocurrency or Bitcoin, which is a form of money that is transacted through a network block where miners confirm their transactions.
Actually to make it simple for you to understand, let us just say it is a digital currency which is not supported by any central bank or government, but which has the power to enable online purchases of goods and services. It is efficient, time-saving and convenient to use.
The concept of Bitcoin was strange to many people when Bhardwaj launched HighKart in 2013. The trading space it had was limited because many people were using it as an investment commodity but not as a medium of transactions. It is the knowledge that Bitcoin could be used as real money that prompted the entrepreneur to venture into the mining space setting up the agency known as Gain Bitcoin.
The verification of operations and other mining mechanisms of Bitcoin so impressed Amit Bhardwaj that he lost no time to buy his mine and set up his operations at home! That was how GBMiners based in Delhi was born. It is a mining pool where collectors of Bitcoin miners share their hashing powers and resources to solve a block or math problem, and the rewards are distributed to all the users in proportion to the amount of work they have done.
The company now has over 1,000 miners, and it employs twelve people. With a daily output of 80-100 Bitcoins, the miners distribute the coins among themselves in equal proportion according to some shares each contributes to mine a block once they have mined a block.
The pooling of Bitcoin mining resources became popular when it was realized that it took years for slower miners to generate a block due to the difficulties they encountered. It is easier for miners to produce a block quickly when they pool their resources. That also enables them to consistently get a reward of the Bitcoin block rather than randomly getting a share once every few years.
Presently a single Bitcoin is equivalent to almost Rs 1 lakh which three months back was worth around Rs 45,000. Since that time they have mined around 5,400 Bitcoins. Many banks in India are now acknowledging the advantages of Bitcoins, and the trade in the digital currency is now rapidly growing with more than 700-800 Bitcoins being operated daily at an estimated Rs 500 crore per year.
Michael Sanduso lives in Toronto, Canada. He is a freelance writer and editor, tech geek, and stay at home father.