Hello guys, thank you for your answers and interest on this topic
The problem is that Nigeria is not having good electricity. Nigeria is a developing nation and we can expect low cost of electricity usage if compared with developed nations, everything produced in the country (not imports, but electricity bill) would be cheaper in a developing nation if compared to a developed nation, that would have been an advantage to run miners in Nigeria but no constant electricity. In Nigeria, most people either have to depend on generator or solar as backup plan and as alternatives. It will not be a surprise if you see Nigeria to be among the first 5 countries that import generator annually.
Thank you for your answer. Yeah I can understand now, with in all the answers here that electricity is globally not stable in Nigera.
The average household cost is $0.05 per KW/h, while industrial usage costs $0.08 per KW/h. However, as Charles has explained, the cost of electricity is low, but the light is unstable; therefore, if you must run a mining back, you will need a solar, inverter, or generator backup to avoid blackouts.
Mines or mining farms are not illegal in Nigeria, as far as I am aware.
as a foreigner, if you make a profit from a business in Nigeria, you are subject to taxation based on your annual earnings.
I will dive into the Nigerian taxes system more deeply. About electricitym despite unstability, the price is quite good.
Hey i want my home paid with btc 2, you are welcome to Nigeria, this your name attracted me to the thread. Without wasting my time let me go straight to your questions. If you want to establish Mining Farm in Nigeria, it is a developed idea but the country can offer you large place of land if you need it. But electricity is zero that you have to buy your electric power generator. And also you will pay tax to the government. Then before you come you have to have a friend friend Nigeria who will direct you where and what to do. So that if you want to do in the room he will provide for you or in the public place. The cost of electricity is very low but undependable.
Yeah absolutely. The main idea is to replicate what we built in Bulgaria and Algeria.
The idea is to find the cheaper Th/s per ASIC. For example, I bought palets of used S9 and S17 which are not the best and updated ASIC. But the cost per TH is great compared to other servers (at least when i bought them), and with some cheap electricity we can do some profit quickly (ROI in less than 2 years in Algeria, now we are almost doing full profits)
Depending on the place, I don't organize things in the same way. For example in Algeria I had the opportunity to rent a part of a factory and to pay for my electricity in cash/BTC every month, without any contract needed. In Bulgaria I found 3 guys interested to host the servers and to manage them, it was difficult to build a "trust" and confidence between us but it is now working very well.
I am wondering what would be the best thing to do in Nigeria. Reading all your answers, I think the best thing to do would be to rent some industrial location, and to share the electricity with someone which already own a huge electrical contract.
In Algeria and Bulgaria electricity are not greatly stable neither, especialy in Algeria. But once your ASIC are hitting ROI, it is not really an issue to have some random power downs, or electrical cuts. If you have someone who can check the ASICs and PSU, and reboot when necessary, that's fine. I am not looking to have the most stable mining farm on earth, I just want more passive incomes and to share it with people from developping countries through my taxes. I am ok to pay taxes, when it is in my opinion a fair trade between us and the state. I would agree to pay a little bit more than 10% in Bulgaria for example, it is an honnest deal.
With the guy I am working on the farms, we thing that to be present in at least 4 countries could be great.
When we arrived in Bulgaria, electricity was ultra-cheap. After one year, the Ukrainian war started. Electricity price went up but now it is still profitable. Maybe not in the next months or in 2024.
Algeria doesn't have this issue for now. But who know what will happen in the next months/ years ?
Or if the legislation changes in Europe / Algeria about POW coins (Mica law in Europe for example), we don't want to have "all our eggs in the same bucket"
I hope that I will have the opportunity to discover your great country in the near future
