According to BIS, electricity used in the process of mining bitcoins is staggering, estimated to be equal to the amount Singapore uses every day to power itself. The majority of Bitcoin mining is, therefore, done in green countries like Iceland and China. “If you mine it in India, you need to put an air-conditioning system as well,” says Sogani of Block Next.
“Your electricity costs go up substantially, so it does not make sense to mine it in India. Even if the government wants to do so, it will have to put the servers outside India to make it cost-effective.