Topic: Mining possibility in Nigeria (Read 228 times)

You pointed out the problems ,I love that  but I believe you could have move further to a proposal.  

MY PROPOSAL:

For you to consider minning  you must have enough  capital to start  it which is probably  a good capital  as alternate to investing in BTC.
Learn Dca strategy, learn how to invest , do research, purchase and start HODLing your coin . With this,  you don't really need to worry about those e problems  anymore just make sure you're upto date with your research  and news.

This is the little cake I could offer base on my knowledge.

Yes e dey possible but even though you have all the requirements to start the mining business, you will still need God environment and the last time when we discussed about this mining of a thing, some people suggested at the northern part of the country that it is best place to do mining work base on the land and the environment.

 But electronic or power supply is not guaranteed in the country and we all know that one. I small small mining industries are in the country and not the big once for now but we believe with time mining will be everywhere. There is money in mining business because a day one can make 40-60 dollars.

I have stayed in obigbo, precisely afam where the popular afam power plant is located in rivers state and I can tell you that till date they have 24-hour power supply without paying a single dime as any sort of bills and just as you pointed out, this is because they are the host community to the power plant company. If the resource to establishing a mining company is available, I think that would have been a great location to consider since the price of electricity won't be a variable to be considered anymore.

Although I have thought about the feasibility of mining Bitcoin in that environment, I have not made any practical research regarding other factors that is needed to bring this to reality. And also considering the whole banning wahala from the side of the government, I don't know if it won't be seen as illegal if the government discover that there is a bitcoin mining farm in her country.

There are some bitcoin miners in Nigeria however it is just a small home mining rig. We have the possibility off creating like an industrial Bitcoin mining rig but the fact is that are hindering this from fruition is more than just electricity issues. Electricity issues even maybe like the list of one of these factors. In Jos there is a hydro powered dam that generates electricity. In the Niger-Delta particularly Bayelsa, gas-flaring is still going on if not for the poor business atmosphere in the country nothing stops one of these Bitcoin investors from writing a proposal to these oil companies so that they can convert the gas flared with is destroying our atmosphere into electricity to mine Bitcoin. This is the issue. Our policies are literally sending investors aways as it makes it hard for them to do business here and thrive.

U knw say mining requires steady electricity supply and enough internet flow. And this two things wey i mention they very important to they successful for mining. This our countri e go hard say we see steady light o ah no go lie you. Steady electricity nah something wey i gell say e go take long time before niaja government fit solve this problem. And this one wey be say MTN done they carry people play well for this data. Dem done increase the price of data and the e no they last at all again.

We Don discuss dis one pass too but dat one no means. Yes you go fit do am but no light to mine bitcoin in the country. I think the last time when discuss am many people say na the northern part of the country nai good to mine bitcoin because of the weather and landmarks. But you know say things e no dey like before again. Everything now e dey cost so to mine go cost plenty money and if you know come make am di wey you want am.

Nigeria Government e no ban bitcoin but only restricted it from bank. As it dem know say plenty Nigerians dey use am and the government e no dey disturb dem and all what u need to do be say, you go fine a good location in any part of the country and do your mining but you have to pay your tax oh because if you pay the agents go worry you.

Nah now I get a clear picture of wetin C.T been the try to talk as you just calm down analyse the life for we country and that of abroad. True true for this country we they enjoy many things for free wey if nah abroad you go gat pay for am without abeg. I know how many times I don rapport with NEPA personnels make them no cut my light base how I delay to make payment for the month and them understand but that one no fit happen for outside country.

But even as that, social amenities dey wey we no the enjoy base on how we gofment no make am available for us as citizens wey be out right but those things dey for outside country so with the comparative advantage in the standard of living and expenses me I bliv say wetin we the enjoy them there no the enjoy whereas wetin them the enjoy we for here no dey follow enjoy am too.

Others don talk well here but make I throw mouth too for the matter, I go answer your question one after another so e no go dey complicated to read.

1: Yes it's possible to become a miner anywhere wey Bitcoin activity aren't officially banned. The mining activity can also be done legally or illegal too if to say the government dun ban am although I no go advice this one to avoid jail time.

2: The cult down in mining reward (wey be Bitcoin block reward) dey benefits miners in long time so this one no suppose be excuse why you no go mine, assuming every other factors dey okay. The current block reward na 6.25 Bitcoin wey miners dey share so make we just do a rough estimate say Bitcoin na $35k which means that 6.25 BTC = $218k+ then after the halving the reward come reduced to 3.125 and Bitcoin is trading at a minimum of $100k, e mean say the new reward is worth (3.125x$100k) $312k+ also if the miners been hodl the Bitcoin dem be received when Bitcoin reward was 6.25 dem dun get profits too and one certain thing wey dey na say the price of Bitcoin is program to increase after every halving based on the concept of demand and supply.  No forget too the transaction fees wey miners dey receive in addition to block reward.

3/4: (I go combine both last questions make my post no too plenty), the government never talk anytime bad against mining so doing it isn't illegal and if the government noticed an increase dem fit tax those running the business and make their own choppings or freestyle dem provided dem they pay for electricity dem dey consume. The only time a government go dey against Bitcoin mining na when dem dey against Bitcoin. Nigeria no get future for mining because no matter as you talk there's more profits in Hodling Bitcoin than mining and you know we only go where the money is made more. Put all those money wey you wan use set up a mining farm into Bitcoin and just HODL and see the results. Wetin I dey talk na say e no go become a popular thing.


To add to wetin Charles dun talk, make you no say before the whole subsidy removal alot of things were been subsidize in the country wey no be only the fuel, even dollars at a point was subsidize so we been dey enjoy for this country. With as low as anything wey you dey earn you fit live comfortable for your own house, get your own water, provide electricity for yourselves. Brother away eh you no fit do any of those things, you go pay tire. The rent matter na true too (monthly rent and other services and dem fit disconnect you without you saying anything, no be here you fit beg NEPA). You can live in Nigeria happily without workings, but you can't try that away because you have alot of bills to pay, no joke oh.

If you know you are not setting up a mining pool, and you do not want to risk it to be a solo miner, you can join a mining pool. If you join a mining pool, the reward is shared based on the mining hashrates each miners that connect to the mining pool are generating. There are common mining pools that a miner can join their pools and receive bitcoin as the mining pool is able to mine a block.

Light, money and the mining rig aren't the only challenge thst a miner can face when establishing a mining rig, setting up one is very time and money effective, this means you will require money to be a miner, yet this is not the most challenging aspect of it, there are many miners across the world all struggling in solving the complex mathematics equations and only the first to finish result in being awarded it's reward which is bitcoin, how versatile are you going to be among the thousands competing for same bitcoin reward in miming, how technically inclined are you in understanding about bitcoin mining, think about all these before considering starting a mining rig.

Not necessary to turn it to business, you can buy one miner and use it to mine at your home, but with noise reducer. If not for unstable electricity in my area, I would have preferred this.

For business, Nigerians like bribe. There are ways you can make this done in Nigeria. But you will be surprised that if you pay your electricity bill, you may not be bothered at all.

That does not mean that mining is banned in Nigeria. Bitcoin and other crypto mining are not banned in Nigeria.

I have friends in United States. The house rent they pay monthly is what you will pay yearly in Nigeria. The products they have access to their can have more quality but very expensive to what most people are using here. Bills are very costly there than you can imagine.

You can use these two sites for comparison and see how United States cost of living is higher:

https://worldpopulationreview.com/country-rankings/cheapest-countries-to-live-in
https://www.numbeo.com/cost-of-living/rankings_by_country.jsp

Also to be more specific, the cost of electricity in United States is more expensive. If need be, I can also point to some sites that compares the electricity cost.

Naah naah bros you sure you're living in this same country Naija with us for you to say cost of living in Nigeria is cheaper. Please for the sake of knowledge enlighten me on how or what makes you feel cost of living in Nigeria is cheaper in this current Nigeria. And I'll appreciate you kindly do that with a data statistic that backs your claims.
For electricity I'll agree it's Abit cheaper but if we're to calculate by the hours we are supplied electricity per day I won't completely agree that it's that cheap except for now the cost of fueling a generator set for a day now makes the big difference.

Miners would make profit for sure here in Nigeria should the government completely allow bitcoin operations to exist in the country while they regulate and receives taxes from it. Despite the non uninterrupted power supply problem in the country there are places where they still enjoy uninterrupted power like in Rivers State places such as Bonny Iceland and Omoku are known for their steady power supply due to the presence of oil rig companies situates in these locations.

It's a very good idea and apart from these area you made mention of I think if most Nigerians that are really ready can also do this bitcoin mining with a solar power installed building. I think solar system in Nigeria has eradicate alot of power failure system for those who can afford it. Because it power is generated by sunlight which can not be over emphasis. Except the power is not enough to carry the mining machine. Even if that is the case I think solar system has category.

One factor to consider is if its approved to be used in Nigeria because of the disadvantages.
Cost of maintenance: Mining Bitcoin with machine is a highly risky thing and it also consumes alot of energy. Considering that crypto is partially baned in Nigeria do you think inportation of the machine will be possible? What if you buy the machine very costly an and it fails how can you repair? Because anything that is not ranpard is always difficult to maintain, the parts can not be found in the country.
Let's take for example there are phone or car you buy and the parts are no were to be found it becomes a waste of money.
Where as the mining produces little volum of bitcoin.

I do not know much about mining, but you can make use of some online articles which would be helpful. Anything that you did not understand, you can ask on mining boards which would be helpful. But all I know is that if you possible you can buy miner, I will advice you to check https://www.bitmain.com/ and see good miners or browse about the miners. Start with miners that can generate at least 100 Th/s, but they are expensive.

For profitability calculator, there are many sites that you can use online. Like these:

https://www.viabtc.com/tools/calculator
https://www.coinwarz.com/mining/bitcoin/calculator

I do not know much about bitcoin mining, but there are some people that are miners on this forum, you can seek for their advice and help about anything you need it you need their help or advice for. People like: https://bitcointalksearch.org/user/philipma1957-64507

Thanks bro, this na very important update wey you bring come board so, like this you don revive my hope of making bitcoin mining, I been get the zeal to mine bitcoin but the chipping and other fees come discourage me, buy like this I just dey get joy because hope dey and one day I go start to my bitcoin mining. Just as Odohu talk say some place for Nigeria dey provide steady light, na true be that I don also confirm one community for southern ijaw wey the multinational company for there dey provide light 24:7 for them. The only back draw wey I observe na be say transportation of equipment no easy as e be say the community na island and no be all sim network dey work there, though that one no be major problem sha, the capital to use take start niam go come be the next wahala, just as dem give price so, to buy mining machine wey get high computing power up to THs dey very expensive and dem dey cost up to a million naira.

@Charles-Tim, @Odohu, we get mining farms for Nigeria ooo and not only that dem dey sell mining machines for Naija, Asic s9i na N550,000 while Antminer s17pro na N3,200,000. I for no believe say people go fit dey run mining for Nigeria until I stumbled on an advert wey Ola of Lagos do for a mining dealer in Nigeria, dem come also show some mining farms wey dey here for Nigeria cold come catch. Make we no dey here dey assume upadan while people dey make money for Nigeria. Although, I no agree with some of the information for the video below.

https://fb.watch/o1cuEk4eov/

https://www.instagram.com/p/CicGPwGNhn7/?igshid=NTc4MTIwNjQ2YQ==

Before you posted this, I was doing a research on this topic to examine the feasibility and profitability of Bitcoin mining in Nigeria. From my finding, the major expenses for Bitcoin mining is that of equipment and electricity. As soon as the hardwares and other gadgets are secured, electricity becoemes the major constraint. A greater part of Nigeria is still battling with epileptic power supply and this has placed a huge financial burden on businesses especially in the urban centres.

Fortunately, there is a part of Nigeria where electricity is constant and free of charge, meaning people don't pay for electricity as it is supplied free of charge by the oil companies. I'm referring to Ogba/Egbama/Ndoni local government area that share boundaries with Imo State, Bayelsa State and Delta State. This is a part of Nigeria rich in oil and gas deposit and playing host to multinational oil giants like Shell, Total Energies, Agip and Adax. These companies built gas turbines that supplies electricity to their host communities as part of their cooperate social responsibilities.

Situating a Bitcoin mining rig in this area will solve the energy demand of Bitcoin mining. Apart from this, other cost such as rent is very cheap compared to the urban areas.


Indeed there is huge prospect for Bitcoin mining in Nigeria and I intend embarking on this businesses when I have completed my comprehensive feasibility studies of this and also raise the funds needed to start. However,  I'm still contrained by the distance from the city where I live to this area that is at the outskirt of Rivers State. Nevertheless,  I will find a way around it when I'm ready to start.

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If there is any way I can consult you in this, I will do that. I need all the technical advice I can get to start mining Bitcoin in the place I mentioned. Each time I visit those areas I mentioned, I feel electricity is wasting already.  A lot of things are cheap in those areas... with $1500 land is secured, there is free edible water and the foods are natural and mostly grown within.
I know it will cost some funds to start and that I'm already working on but I need all the technical knowledge I can get to start already.

United States is generating the highest bitcoin mining hashrates and miners there are make some money. Electricity cost in Nigeria is cheaper. Cost of living in Nigeria is cheaper. With constant electricity, mining bitcoin will likely give better return in Nigeria.

If bitcoin mining reward halved, likely the price of bitcoin will increase in a way that miners will still make some profits.

But the bad electricity in the country discourage Nigerians to mine. Check this site:

https://worldpopulationreview.com/country-rankings/bitcoin-mining-by-country

Out of 56 countries listed in accordance to the percentage of bitcoin mining hashrates they are generating, Nigeria is not among while the countries with the lowest percentage on the list are generating 0.01% of the total hashrates each. I can not advice anyone to mine in our country.

Why asked this question? Is it because of what Germany Chancellor, Olaf Scholz said recently during his visit in Aso Rock?

Germany to provide cheap electricity to Nigeria, other ECOWAS countries

Thinking electricity in Nigeria will be good? What I think is that Nigerians prefer to just invest and trade in bitcoin instead. There are some miners in Nigeria, but they are not many and the hashrates geneted is very small. But maybe if electricity would be better in Nigeria, there may be changes, but this will only be a speculation which can be either right or wrong.

Food for thought, is it possible to become a miner in naija supposing say our light just come stable. If u get the financial strength, shae you go enter mining with the continuous cut down of d reward wey miners dey get. If person even get am for mind, shae Niger government go allow people enter the business without Dem give them trouble. Wetting go be d future of Bitcoin mining for naija in  the world.