- The Dalit Indian Chamber of Commerce and Industry (DICCI) and Mahabfic.com are launching a bitcoin mining training program geared towards youth and the socially disadvantaged in India.
- The training program will be conducted across 30 cities. First one in Pune to be held in May
- The founder of Mahabfic.com, Dr Tausif Malik spoke with CoinCrunch about the idea and its implementation.
- About the recent RBI Announcement to Ban the Banks from dealing with Crypto Businesses, Dr Malik says, He is happy with the decision as Crypto is a Wild Wild West and the Government is moving towards regulating it.
Bitcoin Mining Training Program
DICCI (Dalit Indian Chamber of Commerce and Industry) is joining hands with MAHAbfic.com, to provide Bitcoin Mining Training Program (BMTP) for training Dalit youth from rural areas. The idea is that the training will enable the young kids of farmers earn an extra income by bitcoin and cryptocurrency mining platform.
The program is aiming at training the youth in 30 cities of India, making Pune the first city, and the training should begin in Pune in May.
Mahabfic.com founder Dr. Tausif Malik announced the partnership on LinkedIn first on March 15th. Ever since then it has created a lot of buzz in and around India. It is one of a kind and possibly World’s largest training program for Bitcoin Mining.
But what most publishers aren’t telling us is the hows and whats about the project. How will it be implemented, how will the farmers get money to buy mining equipments, how will they be trained? I got in touch with Dr Malik to get you the answers to all these questions. Here’s a short transcript of the conversation.
Who Is Dr Tausif Malik and How did he learn about Bitcoin?
Dr. Tausif Malik is an entrepreneur, Maverik, Business Evangelist and Artist, according to his Linkedin profile. He tells me he hails from a town called Junnar, a city somewhere between Pune and Mumbai. Dr. Malik has worked in India, UAE, Oman and the US. He has numerous ventures under his belt. His latest being Mahabfic.com. The complex acronym stands for Maharashtra – Blockchain Fintech ICO and Cryptocurrency.
He runs several portals for startup developments, news and also an academic journal for Blockchain, Fintech, ICO and Cryptocurrency.
He learnt about Blockchain from a friend Quayaum Qamar, a blockchain Entrepreneur back in October 2017. Dr Malik is currently focusing on the BMTP in partnership with the DICCI for the socially disadvantaged youths from villages in India.
Tell us more about the training
“It is a 3 day program. Two days for Technical. One day for Business. We have created a program and it will be delivered through the DICCI office”
He further explains that the eligibility criteria set for the participants. A participant has to have completed atleast 12th Std in School. The classroom training will be delivered to 100 Participants in one session.
How will the Participants buy the Mining Equipment?
“DICCI will help them setup the business, help them also with Government grants or loans, whatever is available”
Interested entrepreneurs can use the grants and loans like Prime Minister’s Mudra Yojna to setup the Mining business.
Will it really help the Dalits from Rural Areas?
Although we did not ask this question directly, this example came up in the course of the conversation. If a Villager would travel to Pune for work, he may only be able to send a fraction of his earnings back home. So, lets say he is driving an Uber and making 30000 a month, he has to spend a lot of that money on his own living expenses.
With mining, he can make money sitting at his home, in his village. He makes the maximum profit as he has to spend less for expenses.
What about Power cuts in the villages?
“Solar Panels will generate electricity and store in a battery. We will have dual supply source. When power goes out, we use the power stored from Solar Panels”
Dr Malik explained that not only Bitcoin Mining, but installing Solar panels will generate more employment across industries other than Blockchain. Overall uplifting the population of the village financially.
Why did you choose Pune?
“Pune missed the opportunity to become the Silicon Valley 20 years ago and Bengaluru seized it. We can now make Pune the hub of Blockchain”
Where can the villagers buy the Solar Panels and the Miners?
“We have a partnership with a Chinese company for the miners. We are also working on partnerships for the other equipments. But I wouldn’t mind if someone would want to buy the equipment from somewhere else. We want to see the village youth self-employed. That’s the goal.”
RBI recently gave an ultimatum to banks to wind up their business relationship with Crypto related businesses, what do you have to say about that?
“Right now it is like Wild West. I want to thank the RBI and Government for taking a step forward to maybe put a road map for proper regulation which will create a healthy environment for new emerging business to sustain”
Dr Malik tells me how the regulations came to being after almost 2 years since the IT outsourcing companies started operating in India. He shares his early days of selling credit cards by going door to door and at the time there were no regulations around it as well. Dr. Malik is positive about the move from RBI and says that once the regulations are in place, it will help his program and the youth in generating income by Mining.
Bitcoin Mining is dominated by China. Dr Malik wants India to be part of the revolution and soon dominate the space. The BMTP will span over 30 cities and aim at empowering thousands of Dalit youths to start mining bitcoins and become self employed.