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Bitcoin in Nepal – How to earn bitcoin in Nepal

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Bitcoin in nepal

Bitcoin cryptocurrency users are rapidly growing around the world. In some parts of the world, Bitcoin is a more active way to transfer money across the border. Many people around the world feel more comfortable holding their part of the wealth in a securely stored bitcoin wallet. But the cool part of bitcoin is we can mine bitcoin too. We can make/earn our own bitcoin. what in the case of Nepal how can we earn bitcoin?

Till now the Bitcoin in Nepal is not used as a payment method or our small or large retailers don’t accept this Bitcoin currency. But can we earn or mine bitcoin from Nepal? continue reading this post for complete detail.

What is Bitcoin?

bitcoin founder

The item called bitcoin was well-established in August 2008. When two software engineers name called Satoshi Nakamoto and Martti Malmi enrolled their first domain name called bitcoin.org. Nakamoto released his document called a white paper inserting title called “Bitcoin: A Peer to peer electronic cash system” The bitcoin journey starts from here,

Bitcoin is simply generated by computers all around the world by using free bitcoin software. Bitcoins are a digital currency that isn’t printed like NRS, EUR, USD. Bitcoin is stored in a digital wallet called a blockchain. It works as a Peer to peer electronic cash system means The transaction is done without any help from the middle central bank or any middle authority. Bitcoins don’t depend upon any banks or any single authority.

Around the world, bitcoin users are identified by their wallet addresses. Because of it’s fast and secure service and low transaction fees both nationally and internationally. This makes bitcoin popular day by day.

Who are bitcoin miners?

bitcoin miniers

The person who produces the new bitcoin is called bitcoin miners. Now you are confused that how the new bitcoin is produced in the market. well, I am here to give you an explanation of how the mining works. We know that bitcoin currencies are not controlled and run by any central bank or any authority. Then how this bitcoin successfully making all those transactions successfully and securely?

Those transactions contain lots of puzzles and math problem which help to solved by high capacity computers. And the person who runs these computers and solves all those problems completely are the bitcoin miners. There is new bitcoin produced as a result and it contains transaction fees too and fees are in the form of bitcoin too. This bitcoin number only can limit up to 21 million. Once this number of bitcoin mining completed. There will not be any bitcoin to mine unless the bitcoin protocol change to allows for large mining.

Usually, You can’t mine the bitcoin in your normal computers. It requires a higher capacity for computers which cost expensive too. Along with higher capacity computers, these higher capacity computers consume lots of electricity which increases your electricity bill too.

How to setup bitcoin miners.

bitcoin mining

As I mentioned above, bitcoin needs high capacity computer hardware and it consumes lots of electricity. Make sure that you earn more than your expenses. Many miners in the world earn a decent amount of money but there is also a miner who’s expenses are high then their income so makes sure that you don’t face this same problem when starting your bitcoin mining journey.

Simply to mine bitcoin you need to download free bitcoin mining software. But the confusion arises here to chose where to mine your bitcoin there are many ways to mine.

1. Bitcoin mining through CPU/GPU

bitcoin mining gpu

In the past few years ago, The normal computers were able to mine the bitcoin. But in today’s world, the bitcoin mining process is complicated that normal computers cannot mine bitcoin. Normal computers don’t have the ability to handle today’s world mining complexability.

You should boost your PC GPU to the minimum of clocked processing speeds of executing 3,200 32-bit instructions per clock, which was 800 times more than the speed of a CPU that executed only 4 32-bit instructions per clock. If you can make your GPU to this level you don’t have to face any problem in your GPU while mining. Actually the more powerful your computer is the more bitcoin you produce.

Actually the GPU/CPU mining is dead these days. GPU mining process cannot compete with the ASIC mining process. Every minister chooses ASIC for the best mining experience.

2. Bitcoin mining through ASIC miner

ASIC

Application-Specific Integrated Circuits (ASICs) are especially created to do one thing at a time and that is mining a bitcoin. These cheap basically designed for the miners having advantages like low power consumption, having a stunning speed for mining more bitcoin and efficiently. ASIC can go up to 2 TH/sec speed.

Having all these features for miners it usually cost expensive too. Before buying this beast machine measures your mining project if it perfect for you and you can go for. Or you can go with a high capacity GPU machine.

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Factor to be considered for bitcoin mining

1. A minor estimate before executing mining

Generally, To the loss of individuals, it is not easier to make a good earning from home-based mining. To make their bitcoin mining profit good they must be building a capable mining machine or they can afford a readymade machine so that they don’t have to face a problem related to the machine

So before starting your bitcoin journey you better estimate your budget before starting your mining journey which can help you a lot in your mining journey.

2. Your machine charge

Another thing to be considered while operating a mining machine is your machine charges. A decent bitcoin mining machine can cost up to $500 to $2000 according to your need and requirements.

To cover-up, your original investment which you established for better bitcoin mining should be enough that it covers up your whole amount of cost which you afford for the active bitcoin mining.

3. Electricity charges

Bitcoin mining machine consumes lots of electricity. All these high capacity bitcoin machines need a good amount of electricity, as well as your electricity flow, should be stable so that your machine doesn’t stop in the middle of the work.

In context of Nepal we Nepalese people face lot’s loadsheding problem so make sure that you have solving factor for this problem.

4. Time and maintenance

When you start bitcoin mining journey you should give lots of time at the begining, at the time of installation. You should have enough time for proper installation. You also need to have quality time for learning a bitcoin mining too. Take your time for the decent bitcoin mining so that you have a good profit in your long run.

Bitcoin machines should be checked from time to time so that you can figure out machine problems earlier so that you can give time for maintenance. We know that if the machine stops our mining gets stuck too so make sure that you give lots of time to the machine. so that you can maintain your machine before you get stuck in the bitcoin mining.

How to buy and sell your bitcoin?

buying and selling bitcoin

Generally, The trend of buying and selling bitcoin is continuously increasing nowadays. Bitcoin price is climbing day by day because it has better features than our paper note. nationally and internationally transaction fee is low too. Many people take bitcoin as an investing factor too because it skyrockets performances about price charts of the past few years.

Buying or selling bitcoin online:

To make purchasing or sell your first bitcoin online in Nepal, First, you need to open an account on a cryptocurrency exchange like Bitfinex, Poloniex, Bitstamp, etc. The cryptocurrency exchange will help you to buy or sell your bitcoin in your favor. To make your account on this cryptocurrency exchange platform you need fulfill some of the requirement as per they require like KYC, photos, address proof, etc

All this cryptocurrency exchange accepts payments via bank transfer or credit cards. And some accept PayPal too. Your transaction can succeed within a minutes or sometimes it can take up to a couple of days too. They also charge some fees as per your order.

Buying or selling bitcoin with cash

In Nepal, there aren’t any local platforms that sell bitcoin by taking cash. Or any bank that provides it. The only way to buy or sell bitcoin through cash is you need to find a person in your local area who wants to buy or sell bitcoin by accepting payment via cash.

Conclusion :

As a Nepali, you can mine the bitcoin. But Nepal has declared that According to the Nepal Rastra Bank Act and the 2019 Foreign Exchange Regulation Act, Nepal Rastra Bank has officially declared Bitcoin and other cryptocurrencies as illegal forms of financial tender. Mine bitcoin on the behalf on your own by taking authority from the Nepal rastra bank.

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2 Comments

2 Comments

  1. lamborghini huracan

    September 25, 2020 at 4:54 pm

    thank you!block chain

    • Pratik bhatttarai

      September 26, 2020 at 1:35 pm

      welcome. Stay tuned with us for more posts like this…

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