Topic: Bitcoin miners in Nigeria - page 2. (Read 447 times)

All miners in the world face the challenge of electricity, but I found that Nigeria had one of the cheapest electricity supplies, so the biggest challenge is irregular electricity supply. Electricity regulations are not applicable to bitcoin mining, as they are everywhere else. The other challenge is assembling the gadget for mining, which is not cheap

You wan dey mine altcoins, altcoins wey go just fit vanish from the market without leaving a trace on how e waka? Even Bitcoin mining is not even advisable to engage in such since profitability no be something you fit associated with am for this side. I never hear say any Nigeria dey mine and all those things you dey see online like phone mining and cloud mining na just waste of time and I no go advise anybody to believe this things. Infact if you dey mine anything with your phone like actually mining and not the ponzi schemes wey full everywhere then you dey do more damages to your phone than any profit wey dat mining go give you.

If you dey find wetin go give you profit in the cryptocurrency industry there are better things to engage yourself with which are better than mining especially for Africans. We get trading, investing wey dey in different forms. This investing na broader topics so I go leave am but you see the basic investment strategy wey be say you go just buy and hold a coin is actually more profitable than mining. You see all the capital you go need to start up a mining farm, if you carry am just buy Bitcoin and hold, at the end of the day you go cash out majority and no forget the expenses for mining no dey end for the set-up day

If solar wouldn't benefits Miners they would not used it, if I am not mistaken or I have forgotten the country, but I believed in Russia, they have a mining firm that uses Solar System. But what I will say is, if you want to use Solar System in Nigeria for mining it will affect you because of the weather condition in the Country, but if you are at the northern part of the country then it might favour you to some extent but if it is at the South South then you will run with lost. Therefore, you can backup with a generator then from the month of November to March, you can use the Solar System very well.

I will say yes. All depends on your effort. If others are using it to make money, you can also make it from it. Bitcoin mining is not becoming more harder, they way it was that is how it is. The only problem we have in this part of the world (Africa), is our leaders who do not support bitcoin in their domains and also the inefficient of electricity.

According to Charles-Tim reply Solar may not be profitable and also the drawbacks I see in solo mining is how profitable is solo mining during rainy season?
I don't think solo mining would be effective now since bitcoin mining is becoming harder for altcoin it may likely be better

Electricity in Nigeria is the major issue in the Mining field, yes as you said electricity tariff rate is very high, I paid #10,700 for my apartment last month and when I asked the cashier about the hike fee of the bill, he told me that because light was coming regularly that was why the hike of price came, and I tried to know from him that the more the regularity of the light the more the bill increase and he told me with capital letter YES. So think of it how much one will pay if using NEPA light for mining.

Yes there are Miners in Nigeria and they are not depending on the Nigerian public light. But private light. Mining is one of the profitable investment in the crypto ecosystem. Each mining they make there is a unit of bitcoin they received. Like each transaction you make, the nodes in the blockchain made there percentage and that is the Mining fee you pay when sending coin from your wallet. I am not a miner and I believed Solo mining is preferable to pool mining, but if group people come together they can go for pool mining else solo is nice. The cost is depend on the cost of the equipment, in Nigeria the electricity will be the highest cost.
And in the electricity aspect, I will recommend Solar System for having 24hrs light. And that will cost you #300k which can carry whole system.

Yeah electricity is a major problem in Nigeria even outside of the fact of its involvement to mining. Starting a mining farm here in Nigeria is going to be really difficult especially as our government also has a restriction to crypto related issues but the good side is that it's like they have started embracing the fact that they can actually harbor some benefits from taxing of crypto related transactions and have decided to train some people on cryptography technology. but one thing is still missing from all ends, which is the lack of knowledge of the technology surrounding crypto. I could bet that even if Nigeria had stable electricity, most Nigerian don't know much about harnessing the benefits that comes with crypto. I think a firm or training institute should be put in place for people or individual to actually study the technical aspects that's surrounds crypto.

Let's assume you bought a coin of $1200 from "Mr. Satoshi" and because he has your wallet address and because the whole concept of Bitcoin is transparent and anyone with your wallet address can monitor or track whatever transaction that you do (in this case Mr. Satoshi) and even if you decide to transfer your coin to a new wallet address they still can track it.

If you don't want them to track your transactions again that's where Bitcoin mixer comes in to save the day.
It's quite very easy. Create a new wallet address, go to a good bitcoin mixer and deposit you bitcoin into the deposit address generated by the mixer, and after sometime, your coin will be sent into your new wallet address (from a different wallet) that way no one except you will know who owns your new wallet address.

And if you still don't get it you can just click on my signature and navigate around the mixer to know how it works.

Can you enlighten me about the Bitcoin mixer

I misread the OP as "Bitcoin mixers" in Nigeria.
Actually it is easier to have a Bitcoin mixer company than to mine Bitcoin in Nigeria. This is important now that chipmixer has paved way in the industry.
Talking about bitcoin mining in Nigeria, I believe we have discussed that in this board before where it was asked if the is a bitcoin mining pool in Nigeria?
If there's link to the thread it should be provided because it discussed it extensively.

It's just the knowledge and the funds to start the mining of a thing; if not, it could have been less expensive for me to conduct. 
I am lucky to come from a part of Nigeria where electricity is totally free. 
It could have been a bit profitable since electricity bills will be deducted from all budget expenses. It's just your maintenance that's if any of your appliance is damaged..

 
If there is anyone planning on starting a mining company, I will definitely recommend Onelga LGA in River State, Egi, precisely because that's one place I know for sure that one is not going to think of all sorts of electrical bills and government settlements.

Mining bitcoin can also be profitable, also mining altcoins. It depends how close you are to access constant and cheap public electricity just like I explained above. But generally, electricity supply in Nigeria is poor.

Overall the major issues Nigerians face in mining bitcoin is electricity but is mining altcoin like Bch, Doge and others profitable.

You can read this to have more information about mining in Nigeria:

https://bitcoinmagazine.com/business/nigeria-bitcoin-miners-will-profit#:~:text=Nigeria%20is%20leading%20Africa%20in,challenges%20to%20find%20economic%20freedom.

According to the article, it is stated that the whole Africa are responsible for only 2% of bitcoin mining hashrate generation.

Although, there are miners in Nigeria, according to this research: https://ccaf.io/cbeci/mining_map, also in other Africa countries most especially the white African countries, Nigeria, South Africa, Angola etc.

There are some regions in Nigeria that electricity is constant. I remember when I was in North part of the county, Katsina. If the light is not good in their GRA, they still have more than 12 hours of light, but if their light is good, they get over 23 hours of light daily. Also in Batagarawa, a local government in Katsina that I have gotten to, they almost have regular light supply. But I do not know about now.

I was on a call with a friend sometimes ago, he told me how electricity in their area is very good. That is in Western part of the country.

But generally, we have poor electricity supply in Nigeria. In my area, we hardly have light and now the transformer is not good again after it was repaired 2 weeks ago. If you want to mine in Nigeria, you can do more research about where there is good electricity supply, so far you can pay for the electricity that you are using.

But the problem is, the electricity that is good here today may become bad, you should be prepare to change your location again. I am not a miner, so I may not have the accurate information. But I know that there are some miners in Nigeria, although they contribute negligible hashrate to the bitcoin network.

I believe bitcoin mining would be profitable in Nigeria, if you can have access to public electricity, not from diesel or petrol powered plant in your house. Mining with solar may also not be profitable in Nigeria.

Bitcoin mining difficulty has reached a very high level to the extent that solo mining has become not profitable unless the solo miner is very lucky. Best to join a mining pool.

It depends.

If you want to know more about the cost, research more on:

• ASIC cost (go for better ones that is generating terahash up to 100
• Cost of electricity the miners you bought will be consuming per certain period of time
• Also you may need cooling machines
• Cost of electricity the cooling machines will be consuming per certain period of time

Know that ASIC are making noise. You may need sound proof materials. I think you should make more research on this.

The electricity bill in Nigeria is expensive and the light is not even constant and so is not profitable for mining bitcoin.Other means of generating are  expensive also.
Is there any Bitcoin miners in Nigeria?
If there is any, I have some questions

• how profitable is mining here?
• Are you mining as a solo miner or through a mining pool?
• what is the cost of setting it up?