Topic: Bitcoin Mining in Nigeria (Read 349 times)

hallo

I understand why the use of Huobi is prohibited in Nigeria. source

Training youths about blockchain technology is far from bitcoin mining. Exposing students to blockchain technology is to have first hand information about bitcoin and other  cryptocurrencies, its consensus and how it operates. The training will further expose them to opportunities that can be tapped into around blockchain technology which is numerous.


Again, mining of bitcoin is not a pathway to make the country become a crypto friendly place for the people living there. Before this company that are planing to start up an hydro mining project, I have not heard of any before in Nigeria. It is not about starting it but about sustaining it and this does not have any significant impact on the country’s stand of accepting bitcoin. It will only help them boost their revenue from the use of such facilities in the country.

So let me get this right, they are building more mining farms exactly here there is no electricity, because that....makes sense 


Pretty understandable since there is only one, it's not really a tough competition, but f course at any time you can have your fam on fire so you lose even the 1 out of 1 position. Especially with the wiring and the planning trojan mining has showed on their front page, fire might be a bigger danger to their claim than an eventual competitor!


First time I've ever heard a system being called like that, but ignoring the actual issues and how hard is to deal with the disorder, is quite funny since it's caused by uncontrolled electrical impulses. Interesting one!

This country is just so messed up that even if you have the opportunity set it up  in a area with 24/7 power supply you will still face so many challenges mostly from government unless they don't know what you're up to, so is not advisable to set such thing in Nigeria maybe when the system changes but not this current Nigeria.

Trojan Mining, a Nigerian bitcoin mining company, announced their work-in-progress 500KW hydro-powered bitcoin mining facility in Nigeria. mining Bitcoin in Nigeria can be a lot harder than mining it in developed countries, that does not make it impossible.Trojan Mining's plan is to become the leading bitcoin mining farm in Nigeria,” stated the company's CEO, Yassar Siyanbola. The momentum for bitcoin mining in Africa is building, especially in remote areas where power availability is scarce.

Cryptocurrency is now legal in Nigeria and this is a good news. Maybe this will also encourage individuals to go into mining. This will likely be hard to achieve because the cost of electric supply will be challenging, and also the lack of consistent power supply will be a big barrier for miners to be successful. In other countries where mining is profitable, there is constant electric supply at a cheaper rate. Nigeria is blessed with abundant solar energy but it will be very expensive to set up. It is also not advisable to depend on solar alone for mining because when there is no sunlight, like during the raining season or at night, work will not be done. If you want to set up a mining farm down here in Nigeria, that miner might run at loss.

You can't be a successful miner in Nigeria without having your own source of power, if all you have to rely on is the grid power you will never make your money back or it will take a very longer time to get your money back, the grid power of the country is so epileptic and unreliable.

The only option is to spend more money on creating your own power source, like wind energy or solar energy, and this move will make your ROI to be longer because you have to make the money you spent on power bad as well as the Asic miners too. It's not easy to be a miner living in Nigeria.

In a truly free market there is no "as it should be" thing, the market dictates bot profit and loses, Bitcoin is pure capitalisms and open economy, some succeed some fail, there is no rule for an activity and there should be none.


Trading is not a stable source of income, those money have to come from somewhere, just as in gambling, imagine everyone as making money from trading, where is that coming from?


Actually the guy behind that "company" is the subject in my topic:
Rate the safety of this mining setup
So yeah, commie parade of red flags!

I guess the OP is going to showcase this thread into another of their "Merit me please" thread lists.

I got nothing against them though. Seeing news about people develop their own mining setups gives me a "feel good" notion too. But its way smaller than what is needed to make decent ROI and to pay back the workers who may get employed. Seen many of them put up brave words and then a news article too, but after a few years they have vanished and sold off their gear leaving any potential investor or worker without payment.

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The name "Trojan" itself gives me red flag vibes. I would ask the OP to follow this case up for a year and then let us know. I have done the same for many and the results were not good.

There is no need to advocate for bitcoin mining right now, not for any country, since it is not as profitable as it should be. There are some factors that make Nigerian mining not to work, first of all, the cost is high, but aside from that, how many people can afford to get a private, steady source of electricity to run the mining equipment? It seems to me that cryptocurrency trade is the most reasonable cryptocurrency strategy in the country, whether it is altcoin, bitcoin, P2P, altcoin development, or local exchanges.

Mining has nothing to do with crypto adoption, the EU doesn't have any kind of mining yet when you look at ownership and shops allowing you to spend coins they are the only ones challenging the US. Mining is a business! Besides, one tiny project with 500Kwh, of power that would host 0.005% of the mining gear in the world is hardy a game changer.
I've seen how the 200MW magical mining farm in Salvador has produced nothing but hot air, I would be surprised if this would change something.

It's one project that is going to benefit a few selected individuals and a drop in the ocean globally, so hold your horses!

Nigeria and Bitcoin is a name you can't seem to get off your head when its come to global consumption, awareness and even  adoption of Bitcoin but for some reason the government of Nigeria seem eager like any other government to turn a blind and rejectful eye on the use and transaction of Bitcoin. But notwithstanding the awareness and consumption is something that the Nigeria population and youth are still widely incorporated with and I believe that's something that is helpful to the Bitcoin growth and community at large.

Bitcoin mining has been something of very challenging factor to set in Nigeria and I can say not only Nigeria maybe other neighborhood country due to the lack of availability of the material and also power problem that the region possess but this factor is now changing as the drive and use of Bitcoin has driven so many people to the edge of different ways of making this a achievable.

TROJAN MINING A Bitcoin mining company in Nigeria has launch and showed progress on their hydro mining project of which was a big surprise for me and I would love to know the possibilities of how this can affect and emboldened other company to begin to bring also other mining farm which can further build the use and adoption of crypto (Bitcoin) in Nigeria and other countries in Africa.

The new administration in Nigeria, I would say isn't against crypto and Bitcoin that much and this is also a big win for Nigeria as there are even plans ongoing on training youth on the technology around Blockchain tech.

it's not as massive as the new president that Argentina got who is a full Bitcoin enthusiast or maybe showing cause of politics but I think Nigeria can also be crypto friendly like many more African countries will, and the mining industry is also a big step in achievement of this. what do you take on this ?