This is a consecrated linga of Karkotak Nageshwar Mahadev. There are two lingas, one inside the well and one at the temple.
There is a place to sit and meditate. You can go into meditative states here effortlessly.
How to Get there
The temple is located at Nag Kuan, Jaitpura; north of Kashi Vishwanath Temple.
Map:
https://goo.gl/maps/itdxjCYbBoLkzndw9
About Shree Karkotak Nageshwar Mahadev
Kashi Khand Chapter 66 describes various Teerths (Sacred Ponds) and Shiv Lings around Jyeshteshwar Ling. In that context, the sacred Epic mentions Karkotak Nag and Karkotak Vapi (Well).
A person who bathes in Karkotak Well and worships Karkotak Nageshwar need not have fear of death due to any kind of poison. No venom will be able to find way inside his body.
It is worth mentioning here that Karkotak Nageshwar Ling is submerged in the water of Karkotak Well. When the water level recedes or the water is removed for cleaning purposes, the Ling becomes visible. However, as long as the Ling remains submerged in the water, the water in the well attains divinity and people pray this well with all divinity. Just two days before Naag Panchami day, the water is drained out and there are steps leading to the bottom. Devotees reach the bottom and worship the divine Shiv Ling. Special poojas are performed for removing negativities due to Rahu Ketu afflictions as well as Kaal Sarp Dosh etc.
However, at the main entrance just before going to the Nag Kuan, there is a temple, where one Shiv Ling has been installed which is worshipped as Nageshwar.
Devotees who worship this Ling will gain control over snakes which also means that they will have no fear of snakes (Ling Puraan, Chapter 7 of the supplement).
Patanjali did Sadhana here
It is said that Patanjali did sadhana here and wrote commentary on Panini’s Ashtadhyayi. It is also said that this well is the entry to Nag Lok.
Read More:
Shiv Lings of Kashi by Lalitha V