There hasn't been many in the world of Blockchain and Bitcoin as active in India as Amit Bhardwaj. And there is a reason why he has been so driven to bring cryptocurrencies such as Bitcoin to the forefront of India's mind: India is in the midst of a financial crisis such it hasn't seen in decades, and something has to change.

Amit Bhardwaj, founder, and CEO of Gain Bitcoin has been enthralled with Blockchain and Bitcoin even when he was employed as an IT specialist back in 2009 when the cryptocurrency first made its debut. Even in 2013, Amit Bhardwaj had already started an online E-commerce site called HighKart that accepted Bitcoin as payment for goods and services, and in a time before Bitcoin was widely accepted.

Amit Bhardwaj Explains How Bitcoin Can Revolutionize India

India is poised to take over China population wise, with 1.32 billion citizens. As the world's most populous country in the world, a little over 233 million Indians still don't have bank accounts. And since India's Prime Minister Jan Dhan Yojna has demonetized the economy, it has really put a strain on those trying to catch up, with the number of people who have a bank account still less than 200 million.

Another issue that Indians face is the expensive remittance fees which are as high as 15 percent for bank charges and conversion fees. And India's remittance markets is one of the largest in the world at $70 billion.

Amit Bhardwaj and GBMiners

After seeing the potential that Bitcoin had to offer, Amit Bhardwaj decided to take up mining for the Cryptocurrency himself. But being a solo Bitcoin miner can be very difficult because the profits get chopped up after paying for the expensive equipment and electricity it takes to run the rigs used in solving the complex puzzles in the Blockchain.

Finally, after a few years of struggling alone trying to prove the immense worth of Bitcoin, Bhardwaj finally found people of like minds. “Expansion has been the only logical option,” Amit Bhardwaj said in an interview. And from those like minded people came the ingenious idea of GBMiners.

GBMiners mined its first block back in August of 2016, and since then has become the only Bitcoin mining company from India representing itself as a leader in the Bitcoin mining industry. It holds a little over 86.62 PH/s (or almost 5 percent) of overall hash power as evidence to this. This equates to some serious computing power coming out of GBMiners.

What Is a Bitcoin Mining Pool

Amit Bhardwaj's revolutionary startups, Gain Bitcoin and GBMiners, are what we call in the Bitcoin community "Bitcoin Mining Pools," or BMPs. People in the BMP pool their money and resources together so that they are able to combine their hashing power while splitting the reward (which is Bitcoin) equally according to the number of shares each member has contributed to solving the block. Bitcoin Mining Pools were born as an answer to the issue of the increase of mining difficulty, which makes it harder for smaller miners to make any headway.

People Need to Know That Transactions Involving Bitcoins Are Valid

One of the biggest issues facing Bitcoin and other cryptocurrencies is the fact that the general public still misunderstands them and how the whole process works. Amit Bhardwaj is working night and day to change that. That change starts in his own back yard:

“India is still getting there, but before the full-fledged acceptance of bitcoins, we will need a policy-level framework to come into existence. People need to know that these transactions hold legal tender before they can start using bitcoins at scale. Once the government or RBI recognises it, then there will be no looking back as the talent pool in India is so huge that within weeks we will have multi-fold adoption of blockchain technology in various fields which will pave the way for cryptocurrency to be integrated seamlessly,” says Amit Bhardwaj.