Topic: Bitcoin miners in Nigeria (Read 444 times)

Mate no vex o. I dey wonder as this paddy man take dey get him update say bitcoin dey illegal for Nigeria and  CBN don ban am . Omo CBN na National assembly to make and pass law?
To The Best of my knowledge, cbn only prohibited the banks from carrying out any Crypto currency related transaction in Nigeria but Dem no ban am. Na national assembly fit sit talk about am then pass into law. As far as I am concerned, bitcoin no dey illegal for Nigeria not until national assembly talk and pass am into law say make Nigerians no deal on Crypto den I go believe and agree say bitcoin dey illegal for Nigeria but as it stands now bitcoin no dey illegal for Nigeria. Na just for fear say make police and efcc no use person shine naim make every Oman dey mind him ways with bitcoin and Crypto publicly.
Prevention is better than cure.

The use of bit on in Nigeria is not illegal. That is a wrong Information. CBN has nothing to do with Bitcoin mining in Nigeria. CBN only ban crypto currency transaction through banks and not even p2p. Though I have not seen any mining in Nigeria, and I do not know if there is any. I believe Binance company has the mining equipment in their office and presumably they do mine. But I am not sure. If Nigerian government ban the uses of cryptocurrencies in the country, they would not accept exchange.

You forgot to mention the Onne / Eleme part of Rivers State. They too are a local government with the presence of multinationals there. They have sea port and gas turbine is used to power their electricity as they are oil rich city based on my findings.  That axis of the state would have been preferably a hub for blockchain enthusiast most especially the miners because there they have 24 hours power supply which is favorable for miners to run their bitcoin mining farm. They do not pay electric bill just  as @lida93 has stated and that has been the normal thing going on there.

If you read Charles-Tim replies, you will see why mining bitcoin with solar may not be profitable and its seems like the best is still getting electricity from Bedc but I'm planning on researching about how biogas energy might be profitable though.

Like I been talk am say bitcoin mining dey very expensive and the people wey dey around those axis wey light dey steady no too fit get the resources to start up the bitcoin mining farm and people too wey get the Idea probably no dey that side so to dey setup that facility for those areas go need constant monitoring and inspection which we all know say na resources wey dey involved for that parol. As you talk say person wey don setup that bitcoin mining facility no fit temper with am again na true Sha because e don spend resources but for somebody to set up such facility, e for good say where the person set up the mining farm na personal property or place wey nobody too dey get access to make e dey protected and too for last long without any disturbance.

True true education na power but I no sure say this ideology reach Bitcoin mining because e get plenty people wey already know about mining but I believe say you already know say Bitcoin mining no be small work and a d very expensive work wey dey require plenty money and some times the reward no dey really worth am na e make most persons dey prefer mining pool to farm.

I go like be part of any mining farm but I know say anybody wey successfully set up Bitcoin mining farm, no go want temper with am because he already know how much he don invest and he no go want compromise those investments especially getting people wey fit later batray am.

This topic go Sha because as it stands now we din begin know places for some areas now wey dey get steady electricity supply. E good make we for know Weds person go fit for ant of those places go start up something wey dey always require constant power supply. E get one place wey Dem tell me for orashi say light dey dey there steady non stop. Even if e go under like atmost 30 minutes Dem don bring am back. You see ehn how I wish the people living in these places get the idea of bitcoin mining, them for do. Begin am sharp sharp without any delay but as e b Dem no get idea Dem no even know wetin be bitcoin even the ones wey know no get the resources to start up bitcoin mining. Abi na Bonny wey dey use gas turbine with twenty four hours light. You see, truly information and education is powerful.

I no really know of the situation of the light  since late last year but I know say for the time I been dey there , Afam have been one of the places with highest hours of light (24/7, that's if nothing is wrong with the transformers.) And you wan sweet aspect of their light be say we no been dey pay Nepa bill and even if light spoil, them no go fit tell tenants  to make any unnecessary contributions.

So I go boldly advice people to go check that place out and I promise you say you no go regret your decisions and where problem fit dey na when it comes to cooling and na that one fit consume money comot from the miner hand.

Small small this thread don dey bring good places wey person fit go set up mining business. I bin go visit my friend for Afam one time and the guy carry me go the electricity generating plant. My people I see massive big generator wey dey produce power. My man even tell me say dem no dey pay NEPA bill because na the community dey host NEPA but the light no too steady the way eh dey before because some of the generating set done spoil. Dem arrange some of those power generators since 1982 and the government no dey maintain the station. But I still agree say Afam na good place to mine if them dey still they get constant and free electricity.

I also know of a place in Nigeria with a 24/7 electricity power supply and it is absolutely free because of the presence of the power station there and the agreement the company held with the host community.

I once lived in Afam oyigbo in Rivers state where I discovered that meh the light there was something else and for the period of the 1 year Iived there, the only took the light once and that was because the transformer had a little issue but the light was fixed in less than 3 hours and that was when I began thinking of the possibility of having a mining pool or farm as the case may be and I also tried writing to some persons and entities but got no reply then.

If there is anyone in Nigeria who's into mining and at some point needs a place with absolutely free and constant electricity, then Afam oyigbo should be considered because of the presence of the Afam power station there.

The use of bitcoin in nigeria is consider illegal because CBN itself has made it clear that bitcoin shouldnt be transacted with any bank so nigeria having bitcoin miners is still of suprise to me because this act will just attract the authorities to you. And even if there are possible miners here, i think they are not many and it would definetly be solo miners because i would say its imposible to commence pool mining because of the lack of the many criteria that involves bitcoin mining.

To be frank with you OP, bitcoin mining as we all know needs constant electricity power supply and I believe we into the bitcoin system knows that very well. With the epileptic power supply  facing the country is nothing to write home about.  Although there are some part that receives constant electricity power supply but based on knowledge and information, they are not properly informed about this and I really do not know if they can be able to set up the facility for mining of bitcoin.

@Charles-Tim what you have said about the electricity power supply of the north is nothing different from the truth. Like in zamfara, kaduna and Abuja where I once was do enjoy nearly  24 hours electricity supply but I doubt if they are really aware or can be able to do this there.

TV does not that consume electricity. Freezer and Iron consume electricity, also air conditioner and pumping machine.

1 horsepower (HP), 920W in average
Iron, 1100W in average
Modern freezer, 310W in average. You can tell us yours because it may be below or above 310W.

On a generator that has 2100W running capacity. Use it for only bulbs and see the hours it would last. Use it with only freezer too. Use it with only AC too and see how it would consume the fuel very fast. Or use it only with iron on for hours and see how it will consume the fuel very fast.

Okay. Let us talk about solar. It uses use use battery with it. The more the electricity consumed the more you need more solar panel and more batteries.

A solar of 300000 naira may not be able to power AC. What wattage is your Solar generator? And when did you buy and install the solar generator for us to compare inflation rate? With it, we would be able to easily know if it can power AC, but I doubt that solar generator of 300000 naira would be able to power 1hp AC successfully.

Iron wattage is higher than AC. Average of 1100W for iron.

Let us now discussed about miners.
You can no more use CPU, neither can you use GPU to mine bitcoin again because of the mining difficulty that has significantly increased because of increase in mining hash rate. Bitcoin mining requires ASICs. Let us talk about 2 Antminers that miners can use profitably these time, provided if electricity supply is cheap.

Bitmain Antminer S19 Pro 110TH - Bitcoin Miner, 3250W
Bitmain Antminer S19 XP 140Th - Bitcoin Miner, 3010W

Three times more power required than iron, almost 4 times or more than 3 times more than 1hp AC.

For more profit, a miner may need more than 1 modern ASIC and just 1 ASIC consumes electricity far more than the appliances that we use at home to generate high hash rate to make mining to be profitable using cheap electricity.

You need more solar panel. You need more batteries. There are days sun is not going to come out at all during raining days, although Norther Nigeria is hotter and better. During hot days, you may need coolers or cooling machines that will also consume electricity. You need more money for electricity if you want to mine with solar. Maybe profitable, but you need to make appropriate calculation for not to run at loss.

About using plant, I have discussed about it while commenting about using solar just now up on this post, no need for me to repeat it again.

You can not mine bitcoin in your room or living room, ASICs make so much noise that humans around a miner can not bear with. You can use a separate room with sound proof materials and also use noice reducer or so on your miner.

Brotherly ONELGA go make sense die since them they get steady light because most of the electric plants there they use gas turbine.The place also make sense because na semi- urban area and the place also get basic amenities way fit make life sweet small. But my only issue with the place na insecurity. Bro. The place bin raze to the extent say people bigin dey sell their property cheap. If those men come get intel say you dey mine Bitcoin, them go just open office for your head. Before you know elders, youths even women go begin come for compensation because them go feel say you dey make billions for their community.


Although I never get info about electricity for Bonny Island but the place fit bi the ideal place for this mining project. The place dey peaceful and them still get the same oil company settings like ONELGA. You fit even run electricity package with some companies their if you get connection for the firm.

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Another thing wey fit discourage miners for Naija na the cost of importing mining equipment. I no sure say any company for Africa dey produce those facilities. Another Wahala fit bi how to maintain the facilities because people wey dey fix am fit no dey for our country.

But I no lie oh, this mining business go bi very coded way to make small money because many people no go know wetin you dey produce.

I am a solar expert to some extent. A Solar that can carry a deep freezer and TV, electric iron can not carry the Mining machine? Let me give a break down of the solar I am using which is not up to the #300k that I earlier mentioned. Solar Panel 150W #36,500 x2, Controller #10,000 x1, Battery 200A, #120k, x1, Inverter 1KVA #45,000, Cable (2yards) #18,000 and Labor #15,000 and the sum total is #244,500 now what you just have to do is to add one extra battery. Backpack Bag Bitcoin Mining Machine is also there to use which can be put at your back move it along. Therefore the 1 million you mentioned is for a very big solar generating plant.

How do know that to use Solar in Nigeria is too expenses or are trying to make a guest work. It is nor. Do you know that people are mining bitcoin in their rooms, or palours? What do you think they are using, is it electricity plant? This are the statement people made that is making others to be afraid to go into mining business, mining is not expenses as you thought.
My broda that is GAS TOBINE and it is not NEPA as piple sae. Gas Tobine is most found in the rural areas, come to my LG, you will see dem many. Gas Tobine is good but when it has easy my broda in some times it take months for the Shell company to fix it for the community even though they have light in the House Boats.

You can come straight away to Onelga and start your mining company. Let me be your landlord; I will probably give you a space at a discounted rate 😏

Jokes aside, this thing that a few areas are enjoying in Nigeria could have been possible all over the country if our resources were being managed properly and channeled in the right direction. Electricity should not have been part of the calculated challenges Nigeria should face. 

You are correct mate, Onelga is one of the local government areas with constant power supply in Rivers state Nigeria as an oil producing community they don't have to pay for the constant electricity they receive. I have been their countless time and it's a plus for anyone planning of where to settle a mining farm.

Another place still in Rivers state of Nigeria that enjoys uninterrupted constant power supply is Bonny LGA, also an oil and gas producing LGA, recently they celebrate decade of uninterrupted power supply in their communities , all unpaid for as part of what they benefit as host community to the oil exploration companies. These are sites that can be economical and profitable for potential miners in Nigeria.

I guess this is what you mean:

Electricity is very cheap in Nigeria compare to oversea but our problem is that light is not constant like foreign countries.

CBN has no say on bitcoin and crypto mining mining generally. I do not know if those that are distributing electricity has say on it, but highly likely. Also definitely the government has say on it.

To use solar for mining is very expensive and I will not advise anyone to try this. You said #300k,this amount is too cheap to get on solar to mine bitcoin. At least up to #2m worth of solar panel and the installation, na e go fit mine bitcoin. Solar should be used as an alternative in mining, maybe you can use it when the sun is high and in the evening, you swap to electricity or vice versa. In raining season how will you mine bitcoin when there is no sufficient sun to use. Therefore solar mining is very expensive to use and will be impossible for an average Nigeria to mine solo. Electricity is very cheap in Nigeria compare to oversea but our problem is that light is constant like foreign countries. Also put in consideration that bitcoin was banned in Nigeria and if you are a miner you might just get caught up with the law,because na CBN itself dey against bitcoin.

Is it postpaid or prepaid? I guess it is postpaid, not accurate calculation of the amount of electricity used.

As far as I know, electricity usage is not high in Nigeria if compared to western nations, and US is having the highest bitcoin mining hash rates. Purchasing power in those developed countries are much more than in Nigeria, also goes to electricity cost.

Maybe this can be helpful about electricity cost: https://www.globalpetrolprices.com/electricity_prices/

You can use the link to check both for household and business. Also use the methodology used.

Do you have any prove that bitcoin miners in Nigeria do not depend on public electricity? Do you know that there is possiblity of miners to use public electricity and pay less? We are Nigerians and I have read many news like that in China before the crackdown on mining that got mining hashrate to zero in China before it started to increase back again.

About mining with solar, maybe it is possible that is can be profitable. I put a link up there about a question I asked on mining discussion and experienced miners and other posters are pointing towards mining may not to be profitable in Nigeria with solar. Although, you can give it a try, but it is not what I can risk money on.

About supporting the mining with generator. Have you on your generator normally before with certain amount of fuel and see the amount of hours it will take before the whole fuel is consumed? If you use air conditioner, the hours can be reduced to divided by 2 of the normal hours it supposed to use. Miners are consuming electricity and it is like you are underestimating it. Mining with fuel generator will only lead to loss, even if used as support.

Maybe you just want to use the solar to power your energy reserving less consuming energy light bulbs, blender, television and laptop which are less consuming electricity and I still do not think 300000 naira solar with battery can power those I just mentioned with 12 hours supply. It will only surprise you that the power supply is not sufficient to power just one modern day ASIC that generates up to 100 terahash per seconds.

If you need a solar panel, with battery to power such miner, you will spend million of naira on solar power. Also do not forget about the maintenance costs. Expect those Chinese battery not to last more than 3 to 5 years. Also solar panel may be bad or not be functioning properly again and may need replacement.

Cloud mining are just scam. Phone mining is rubbish and also it is just no more than cloud mining because you will still depen on thrid party most likely (I mean bitcoin mining). Even how much hash rate phone can generate? Absolutely waste of time and waste of phone battery power. If anyone wants to mine, the only way now is to just join a mining pool with your miners which is what this thread is all about, or to be a solo miner if you are rich enough to become one, to the extent that it can lead to you having a mining pool.

About trading, it is easy to start, but it can be riskier than mining. I will advice just investment, or to just use the amount of money that someone can afford to lose to trade.