Topic: Mining Bitcoin in Nigeria (Read 110 times)
This has been discussed in this thread when the thread was the only thread for the naija people to discuss things concerns them. https://bitcointalksearch.org/topic/naija-novice-hangout-newbies-introduction-orientation-thread-5121680 though it was not a topic (thread) on it own but it was a subtopic in the thread foe us to discuss amd Charles-Tim and others discussed extensively on the course. And we said, the problem in Nigeria concerning bitcoin mining is the electricity as Brainboss emphasize it. We also brought out the solution of using Solar System but the kind of Solar System that can power the Mining Machines will cost more and if it is possible as well it is the Northern Nigeria that is good and not the Southern Nigeria.
Mining has wrecked many people I know because it is not that profitable to mine Bitcoin alone. What people are doing is to join mining pool of big companies and share the profits. It is very challenging for a single individual to mine bitcoin even in a situation whereby electricity is provided like it is in some part of Nigeria where electricity is free. Fast computers have changed the game so to remain in business, you need advanced gears which are expensive.
This reminds me of how Ola of Lagos, that popular naija guy that do car blog and content advertised one Bitcoin mining one time for one company, asked Nigerians to invest and run away with their money and this is because Nigerians don't even have indepth and knowledge of what Bitcoin mining is about in other part of the world and how it can work in places like Nigeria. The truth is that, Bitcoin mining business can't be done here in Nigeria because of many factors.
First one is electricity, unlike then when Kw/hr was been subsidized, if you are in Band A in Nigeria and you want to run mining in Nigeria with the equipment for large farm, what you are going to be getting will not be sufficient to run the company. By the time you calculate the running cost in a year, you will fold up immediately and look for somewhere else and another things is revenue, whether you are profitable or not, the Nigerian government will be at your door step, think twice before you invest in mining business.
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Mining in Nigeria isn't worth it, we don't have stable electricity supply in most parts of the country to reduce your expenses on power for your mining farm. For the areas with high supply of electricity, the cost is also high and if you want to provide your own electricity through solar or other means, that's also going to cost you alot to maintain for a long duration.
Mining is like wasting money in Nigeria and this is the reason we don't have them numerous in the country. Instead of investing into mining, put that money as an investment in Bitcoin and hodl. You're likely to be more profitable than a miner because for starters you don't have any expenses for maintenance.
There's a reason the business isn't popular in the country and na because say some people done try am and see say nothing come out. For this country ehh, any business wey you launch and e dey do well, people no dey hard copy also as plenty people no dey run mining, that one suppose send you signal say na bad business for this side.
Mining is like wasting money in Nigeria and this is the reason we don't have them numerous in the country. Instead of investing into mining, put that money as an investment in Bitcoin and hodl. You're likely to be more profitable than a miner because for starters you don't have any expenses for maintenance.
There's a reason the business isn't popular in the country and na because say some people done try am and see say nothing come out. For this country ehh, any business wey you launch and e dey do well, people no dey hard copy also as plenty people no dey run mining, that one suppose send you signal say na bad business for this side.
OP, you have done a good research and findings here and I commend you for this but I think you should also know that anything mining of Crypto in Nigeria here would be less attractive because currently the situation or economy of the nation is not encouraging though. Power supply in the country is not worth it and the miner needs constant electricity to be able to do it's task. We all know that the cost of petroleum products currently is on the high side which means spending more on power supply which can be draining.
Currently, there are no maintenance office for the miner in the country which means you either sending your miner out or inviting the engineers to come and we all know that is a huge expenses to incure. Lastly, the government has not really declared their stand on Bitcoin which makes it more risky to take upon because if the government discovers such, it would be an issue except you hide it forever till it is officially recognised by law in the country.
Currently, there are no maintenance office for the miner in the country which means you either sending your miner out or inviting the engineers to come and we all know that is a huge expenses to incure. Lastly, the government has not really declared their stand on Bitcoin which makes it more risky to take upon because if the government discovers such, it would be an issue except you hide it forever till it is officially recognised by law in the country.
Mining has wrecked many people I know because it is not that profitable to mine Bitcoin alone. What people are doing is to join mining pool of big companies and share the profits. It is very challenging for a single individual to mine bitcoin even in a situation whereby electricity is provided like it is in some part of Nigeria where electricity is free. Fast computers have changed the game so to remain in business, you need advanced gears which are expensive.
Yes I’ve noticed there are less people into mining in Nigeria, one of the factors is the expensive equipments and maintenance. This prices are high due to the current naira USD exchange rates($100 which was #36,000 then to #155,000 now). Individual mining is more challenging but if you have the money to invest in high quality equipments and energy needed it’s quite profitable. I think it’s not for the struggling Nigerian man. Before you get into it you have to check ya sef very well if this is what will bring you profit or not. 
Mining has wrecked many people I know because it is not that profitable to mine Bitcoin alone. What people are doing is to join mining pool of big companies and share the profits. It is very challenging for a single individual to mine bitcoin even in a situation whereby electricity is provided like it is in some part of Nigeria where electricity is free. Fast computers have changed the game so to remain in business, you need advanced gears which are expensive.
Solo mining is less profitable and with the high cost of things in our country, I think that you might not be able to make any profits from the cost of such setups. Remember as a miner, you need a steady power supply. And you won't depend on source like PHCN but on self power. You are either going to purchase petrol, or get a solar system setup that would last your for days and continually. Again, the cost of maintenance would be on your neck. In Nigeria where we have few or no technicians to help repair such equipments, you might have to send them to other countries for maintenance, which would inquire cost.. I don't actually buy the idea as it's not profitable and more expensive..
Introduction: What is Bitcoin Mining
Bitcoin Mining is an essential aspect of the bitcoin network, it is the process of validating transactions and adding new blocks to the blockchain.
We know how mining Gold is, mining bitcoin is like digitally mining for Gold. Now instead of digging the earth with pickaxes and shovels you use computing power to solve complex mathematical problems which are transactions waiting to be confirmed and verified.
Potentially there a lot of miners competing to solve a problem, only the first person to solve it gets rewarded unless you’re part of a mining pool (a group of people who come together to combine mining power to increase their chances of success/reward).
As with a race, only the fastest wins, so to better your chances your computing power must be fast. Once a miner solves the problem and is rewarded a new cycle starts.
Bitcoin mining is associated with proof-of-work and blockchains.
Bitcoin as the major cryptocurrency has a lot of opportunities and Value and as the leading crypto, its mining is most profitable.
For those of us in Nigeria we’re faced with some challenges when it comes to Bitcoin mining as against other developed countries but that doesn’t make it impossible.
While I was researching on mining I came across this article on a website, the writer did justice to the topic, so I decided to share it here for anyone who might want to venture into bitcoin mining in the country.
https://monierate.com/blog/how-to-mine-bitcoin-in-nigeria-as-a-beginner-cost-included
Equipments and Cost for Bitcoin Mining in Nigeria
These are the tools you need to be a miner;
1. Hardware Equipments: the major mining tool is the ASIC miner, it is the heart of the operation, the price ranges from ₦250,000 to ₦12,000,000 depending on the model and hashing power
2. Cooling Equipment: You need a cooling system coz the operation generates a lot of heat and cost is depending on your setup
3. Software: This connects your hardware to the network eg Cgminer, Easyminer, BFGminer etc
4. Electricity: This is an essential requirement, our power supply is not a reliable source and so miners should look for alternatives
5. Internet Connection: A stable and fast network connection is crucial. Average cost of data might jus be ₦20,000.
6. Bitcoin Wallet: You’ll need a secure place to store your Bitcoin. Explore various wallet options (hardware, software, online) to find the best fit for you. Costs will vary depending on the chosen wallet
7. Power supply alternatives: solar panels, generators, fossil fuels.
8. Maintenance and Repairs: Regular maintenance is necessary. Budget ₦150,000-₦450,00 monthly for potential repairs and replacements.
How to Setup your Bitcoin Mining Hardware
Anybody with the right skill and resources can mine bitcoin.
Bitcoin Mining is an essential aspect of the bitcoin network, it is the process of validating transactions and adding new blocks to the blockchain.
We know how mining Gold is, mining bitcoin is like digitally mining for Gold. Now instead of digging the earth with pickaxes and shovels you use computing power to solve complex mathematical problems which are transactions waiting to be confirmed and verified.
Potentially there a lot of miners competing to solve a problem, only the first person to solve it gets rewarded unless you’re part of a mining pool (a group of people who come together to combine mining power to increase their chances of success/reward).
As with a race, only the fastest wins, so to better your chances your computing power must be fast. Once a miner solves the problem and is rewarded a new cycle starts.
Bitcoin mining is associated with proof-of-work and blockchains.
Bitcoin as the major cryptocurrency has a lot of opportunities and Value and as the leading crypto, its mining is most profitable.
For those of us in Nigeria we’re faced with some challenges when it comes to Bitcoin mining as against other developed countries but that doesn’t make it impossible.
While I was researching on mining I came across this article on a website, the writer did justice to the topic, so I decided to share it here for anyone who might want to venture into bitcoin mining in the country.
https://monierate.com/blog/how-to-mine-bitcoin-in-nigeria-as-a-beginner-cost-included
Equipments and Cost for Bitcoin Mining in Nigeria
These are the tools you need to be a miner;
1. Hardware Equipments: the major mining tool is the ASIC miner, it is the heart of the operation, the price ranges from ₦250,000 to ₦12,000,000 depending on the model and hashing power
2. Cooling Equipment: You need a cooling system coz the operation generates a lot of heat and cost is depending on your setup
3. Software: This connects your hardware to the network eg Cgminer, Easyminer, BFGminer etc
4. Electricity: This is an essential requirement, our power supply is not a reliable source and so miners should look for alternatives
5. Internet Connection: A stable and fast network connection is crucial. Average cost of data might jus be ₦20,000.
6. Bitcoin Wallet: You’ll need a secure place to store your Bitcoin. Explore various wallet options (hardware, software, online) to find the best fit for you. Costs will vary depending on the chosen wallet
7. Power supply alternatives: solar panels, generators, fossil fuels.
8. Maintenance and Repairs: Regular maintenance is necessary. Budget ₦150,000-₦450,00 monthly for potential repairs and replacements.
How to Setup your Bitcoin Mining Hardware
Quote
You would need to follow the steps below:
Step 1: Choose a space that’s well-ventilated and dust-free. Remember, your miner will generate heat, so make sure there’s plenty of air circulation.
Step 2: Assemble the ASIC miner by following the manufacturer’s instructions. They often come with guides that walk you through the process step-by-step. Be patient and take your time with this step; it might include downloading and installing the mining software compatible with your hardware.
Step 3: Connect your miner to a power supply to make sure the power connection is secure, but don’t turn it on just yet.
Step 4: Now, connect your miner to your router using an Ethernet cable. This will give your miner access to the Bitcoin network.
Step 5: Turn on the Miner and power it up. You’ll probably hear a fan noise — that’s a good sign. It means your miner is working to keep itself cool.
Step 6: Join a Mining pool to increase your chances of earning bitcoins. Pools like Slush Pool, F2Pool, and AntPool allow miners to combine their computational power and share the rewards.
Step 7: Start the mining process by running the software. Monitor performance and maintain your equipment to ensure efficient operation.
Step 1: Choose a space that’s well-ventilated and dust-free. Remember, your miner will generate heat, so make sure there’s plenty of air circulation.
Step 2: Assemble the ASIC miner by following the manufacturer’s instructions. They often come with guides that walk you through the process step-by-step. Be patient and take your time with this step; it might include downloading and installing the mining software compatible with your hardware.
Step 3: Connect your miner to a power supply to make sure the power connection is secure, but don’t turn it on just yet.
Step 4: Now, connect your miner to your router using an Ethernet cable. This will give your miner access to the Bitcoin network.
Step 5: Turn on the Miner and power it up. You’ll probably hear a fan noise — that’s a good sign. It means your miner is working to keep itself cool.
Step 6: Join a Mining pool to increase your chances of earning bitcoins. Pools like Slush Pool, F2Pool, and AntPool allow miners to combine their computational power and share the rewards.
Step 7: Start the mining process by running the software. Monitor performance and maintain your equipment to ensure efficient operation.
Anybody with the right skill and resources can mine bitcoin.
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