Bitcoin Mining Pool platform GBMiners secures funds in Series A

Claiming to be India’s first Bitcoin mining pool platform, GBMiners, has today announced that it has raised an undisclosed amount in its Series A round of funding from Amit Bhardwaj’s Amaze Mining & Blockchain Research Ltd (AMBRL).

The company has said that the newly raised funding will be used to add support for mining of more currencies. GBMiners will now also support mining of currencies like Ethereuma and Zcash, along with Bitcoin.

Commenting on the funding, Amit Bhardwaj said,

I was really impressed after meeting Nikunj, Sahil and Ayush. I was intrigued after seeing the vision that the trio share for the Bitcoin, Blockchain and Crypto Currency industry. Their thoughts on how finance will be changed with the use of this technology was quite impressive for me. They have the required tech understandings to create a dent in the space. I am happy to be part of this journey.

The company charges a small pool fees of 0.9 percent, and says that it uses PPLNS (Pay Per Last N Shares) payout method that ensures maximum revenue for the users. Further, it gives daily payouts, with the minimum amount requirement being 0.01 BTC.

To add to your knowledge, PPLNS is a round-based proportional reward system where we instead of considering the total valid shares for one round, we take into account N shares even when they’re not a part of the round. The number N is currently for each blockchain twice the difficulty and the total shares per round, payout is based on sheer luck.

As of lately, bitcoin startups have started grabbing investors interest in India. Earlier this year, mobile Bitcoin startup Zebpay secured $1 million in its Series A round. Soon after raising funding, the startup managed a Rs. 100 crore turnover in just 10 months of operations.

The “average” miner earns no more than $100-200 minus their electricity cost per month.

Recently, Unocoin, a Bitcoin trading platform has also raised $1.5 million from Blume Venturs and others. Today, the company also announced the release of its API to enable bitcoin wallet transactions in India.