Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread. - page 153. (Read 1249954 times)

I was reading an article of Nigerian miners do what they know how to do best which is mining Bitcoin. But this guys don't mine Bitcoin in there father's land but they do in other countries if the world.
Nigerians are ready to mine Bitcoin, the zeal is there but the issue right is the difficulty a miner would encounter mining Bitcoin in Nigeria, especially power issue, governmental issues. I believe once all these issues are tackled we would be having more miners on Nigeria.

I wish to summarise what you said here in this way. The reasons Nigerians are not involved in mining are;

• Nigerians are not early adopters of bitcoin, they came when mining became so expensive
• Overall under-development of the country, which includes poor electricity supply
• high tendency of government hash decisions on mining

The last point is what every investor compulsorily checks before establishing a firm. Nigerian government can make some non business friendly laws. But when it is crypto, any country can do it. We expected that China will be safe and there was some level of concentration in China, what finally happened is a story. Any government can do anything against crypto at anytime.

Is electricity not only cheap in Nigeria because of the appalling electricity generation rate? I mean, for example when two European countries are talking about electricity costs, we are certain that the electricity generation in the both countries are near to impeccable, and one country only pays higher prolly because of some other logistics and what have you. But in the case of Nigeria, electricity can be said to be cheap because of poor power supply, and if by chance you want to get a steady supply for mining purposes for example, i am pretty sure you will pay extremely high fees.
You can't really blame Nigerians for that lack of interest, i do not think it is peculiar to just us by the way, i am pretty sure other countries that aren't early adopters as well have a dearth of miners in their shores, underdevelopment is also a factor here, let us not forget it costs so much to mine Bitcoin right now, and we live in an uncertain society to say the least, were our government can take arbitrary negative decisions at any point in time, in my opinion it is actually going to be somewhat risky for one to invest so much into mining in Nigeria.

Very good advice. But me sure say nothing dey sup, youths no go kill themselves for election. The ones wey go do am na mumu youths. End sars protest don really open youths them eyes for this country.
Secondly, plenty youths both the ones wey wise and the ones wey no wise don join street, and dem dey collect, many of them no go because of peanut money carry gun for those wicked politicians again.
As you talk this thing now, make we try promote the campaign. Dem no create youths create thuggery and then create old men create leadership.

How them dey take calculate these values as per price of electricity cef because, on a normal, electricity for naija no dey steady for most places and na so our people too no sabi pay electricity bill compare to the oyibo country them way don advance so. There ways different from our own and I doubt you fit dey owe electricity bill for there cef. Even if you try owe, e no go be for long so, how them dey take calculate this thing...

On the mining matter, we country no dey even reason mining at all. People way try like bitcoin or get small money cef, na straight up trading dey there body and non of them dey reason mining. Why, e don too hard to get the sophisticated devices way dey needed for mining way no go be only one cef. All follow say, we no been early know as Brainboss don talk and na why, yiu go see many Nigerians today dey try run small mining of altcoins them like PI with there phones, make the opportunity way been come with bitcoin no fly pass them in PI.

Everything boils down to the Information people have received, wetin oyinbo know about bitcoin na mining, before bitcoin begin sell for other places oyinbo dun dey mine am even when e no get value. As Bitcoin come Nigeria wetin make am sound na based on trading levels and as investment. Nobody been dey reason mining so obviously even though electricity cheap here, nobody get that time to dey mine Bitcoin. Make you no also forget say many factors dey contribute to Nigerian not mining Bitcoin.

Yes electricity cheap but what about cost of maintenance, and cost of getting this mining equipment first. When person consider all the funds you gaz get to start up mining compared to wetin fit burst out for you, if normally you just buy Bitcoin with that money, them go obviously choose trading over mining.

United States have the highest bitcoin mining hashrates, electricity is much cheaper in Nigeria if compared to countries like United States. Although, electricity generation in Nigeria is poor but if mining is not forbidden (and of course, not forbidden) in our country, we suppose to have some miners in Nigeria, but I noticed mining is not their thing in Nigeria, Nigerians prefer to trade bitcoin instead and even for cross border payments.

According to Statista


Electricity is cheaper in Nigeria, but what I think about the issue of mining is that we Nigerians were not early adopters and when we started to see the value of bitcoin, sophisticated miners have been existing, compare to what we can just mine with just computer before and make profit in a way we can buy the later existing sophisticated miners and also introducing it to friends and.loved ones.

Exxon Mobil would not use Nigerian electricity to mine bitcoin in Nigeria, the gases that would be used are wastes from refineries (those gases that do burn away for no purpose). With this, it is highly believed Nigerian government will make bitcoin mining possible for Exxon Mobil in Nigeria and the gases being wastes before indicates the possiblity of bitcoin mining continuity in our country.

Bros, na true weh you talk there. I be fall into that trap too thinking say altcoins na the baba. I hold them to the point weh their value disappear before my eyes. Na painful something true. And the ones weh deh too do like that na those ones weh their prices deh low and many of us go buy them because of their low price. Person don really jam bad luck for cryptocurrency no be small.
I like this your signature, e neat and come make sense no be small. Na senior men campaign you deh and you be the only 9ja there. E sure for you.

This is a great news in general for the Nigerian community, I am certain that there are many Nigerian miners out there that are mostly hindered by the cost of energy involved in mining, Nigerian has been know to get involved in every sector of crypto-currency except mining of Bitcoin, although one of my greatest fear in Nigeria is continuity, and I hope we have a long term run of this initiative.

Brother, you talk well. I dey always tell people say make the goal be to get as many Bitcoin as possible and one of the sure ways to achieve that na by investing in altcoins, take them as trades no too put body like we die here something by holding as you go do for Bitcoin. Nomata how promisingly any altcoin be, if the coin reign finish you go hate am. The only problem now na say people need fast money and you no go boame them because the county hard and they need chop. Na all this things they push them to investing in shit coins and at the end of the day, majority still lose.

We get types of altcoins, you see all those shit coins them, dey no follow for this advise oh. Those one na just pure gambling because utility self they no get. Ever as we talk of investing in altcoins, you gaz use your head know say no be everything dem list for market you go go after..

Boss you don talk am finish, i fit talk say you old pass most of us for here so your knowledge choke well well, so i comot cap for this post. I don dy talk am since say no be say altcoins no good oh, e good well well, e fit to give you plenty ROI asap, but na short term projects them be and many of them follow be scam, but if you be long term investor e no still bad to buy some altcoins oh, but make sure say you treat am as short term investment, wetin i mean be say make you sell am as soon as you don collect ROI, no talk say you wan hold am for long period. But as for your Bitcoin, treasure am wella, accumulate more and make sure say you hold am for long period as na long term investment wey e be oh.

Dem no dey wrong my brother, If people been just buy and hold Bitcoin (including myself) we for dey better place pass where we dey now. Understand say no matter how much your altcoins gives you, e dey hardly give better return when you compared in satoshi value when you buy and wetin dey value be Now. Make I give you example back 2017 when normally if you been invest in Ethereum na better return you for dey get now in dollars but Ethereum done fall from I think around 0.3 satoshi to around 0.07 satoshi now. Which means although for dollars you profit but for Bitcoin you lose.

Then now Bitcoin scarce unlike Ethereum. The same thing you fit do with other altcoins as well. 99% of altcoins na scams and the other 1% wey dey try, big possibilities dey say dem no go dey around in the next 5/10 years. When we enter this market na privacy coins, masternode etc they reign but now nothing come out their side compared to defi, metaverse etc altcoins na majorly short term investment and no ever use Bitcoin buy instead use ur fiat like that and always they secure Bitcoin (very important).

If I be big time investor I no go trust this Terra news like I go trust the news on Russia accepting bitcoin for oil and gas sales. One of my reason be say I no go believe any businessman weh tell me say him deh push a rival business when him own business deh there. I doubt am. Another one be say Russia na big player for oil and gas and if them begin accept bitcoin in exchange for that na better demand e go be for bitcoin o. Omo you go see rush weh go happen.

These natural gases are waste products and burned but bitcoin mining is making these natural gases to be useful, the petroleum company will sell the natural gases (which suppose to be a waste) to the bitcoin mining company. I believe Nigeria government will accept this. Bitcoin making wastes to become a useful material that would add to the economic growth of a nation.

Also three other countries are included by Exxon, the largest oil producer in United States.

Just a fundamental analysis. Positive news at times can make people buy bitcoin. Also how about this March 17 news about Terra plans to obtaining $10 billion worth of BTC as reserve.

We’re already buying’: Terra founder plans to obtain $10B BTC for reserves.

Exxon Mobil Plan using Waste Natural Gas in Mining Bitcoin In Nigeria.

Nigeria is one of the fast groy developing countries in the world and Africa at large, it is said to rank third in the global statistics of bitcoin users and first in Africa respectively, going with the consideration of how fast is the booming of  bitcoin activities in the country and considering the population of user on exchanges from the region, it could be said that Nigeria has a suitable avenue with great potential for bitcoin expansion.

Exxon Mobil, which is an oil and gas company in the United State is determined to set a "bitcoin mining activities in Nigeria using waste from the natural gas" in other to help create an effective maximization of the waste energy realized through the exploration of crude oil thereby converting the energy for use in bitcoin mining rather than constituting environmental pollution of waste energy.


Better opportunities await Nigerians as it about to set a new record for its first bitcoin mining in the south south region where oil and gas exploration takes place.

Ok, so na the thing weh cause price to rush up today? I was asking what caused it. Now I get the koko. Na around 17hrs ago self weh that news come out according to the article weh you share. This one mean say better things deh in stock for bitcoin. Oya Russia go and pack bitcoin o. Those weh buy bitcoin last week or even two days ago are very lucky now. Make the thing just deh rise deh go like that so men can smile small. Also, I hope una remember say today na Ghana-Nigeria match. In 2hrs time the match go shelle. Goodluck 9ja.

I am not certain if percentage is used on Binance, I just noticed I wanted to be charged $1 when I wanted to try it out sometimes ago.

What I also noticed on Binance, if you want to exchange ₦20000 or below, likely you will be charged ₦100 by the vendor, but if you are buying or selling ₦30000 or higher amount worth of bitcoin or altcoin(s), there should be no any charge. Especially if the seller is having low amount in total it displayed ad for, they charge, but if the person display ad for very high amount, he will not charge. Although, Nigerians displaying ads on the P2P exchange on Binance would have their own rules but it has been like I comment about it.

If you compare prehalving price and all-time-high in 2016/2020 with 2020/present, the percentage rise is almost the same which are both above 5x, below 6x but 2016/2020 a bit higher in volatility. This may not be accurate if used to analyze, but it indicated to certain extent that $69000 could be bitcoin all-time-high price until 2024/2025.

Russia could be planning to include bitcoin as a means of exchange with its crude oil export, I do not know if this triggered the continuing bull market today. Bitcoin reached $45800 in the last bull market, let us see if this price would be achieved again first. If bitcoin increase beyond this price, then I will believe bitcoin can got to $49900. But I do not believe in all-time-high for now until 2024/2025.

I too do not believe in analysts, especially when making short term speculation. But I believe all-time-high would be achieved after long period of time.

How you no go believe in speculations when the whole industry na just speculations e dey survive on. Without speculators the market no for dey active and probably die off the radar. This same speculation of the future been operated in the metaverse na him dey give the projects working in that sector exposure just as bitcoin been dey get previously based on people believing the current money system go soon crash and decentralized currency take over.

As for the Altcoin season, the truth be say this last bull cycle no end well. When we finish no body expect am so everybody still dy believe we get another move incoming. Of Bitcoin begin they pump as e dun dey show signs then definitely alts go benefit bit in my own opinion I no think low cap coins go benefit that much instead those too established coins especially those with links to metaverse fit follow Bitcoin they go up if this him current momentum continues.

Another reason why P2P platforms such as Paxful and LocalBitcoins are more popular in Africa than Binance is that P2P vendors on Binance are charged 0.2% 0.5% on each transaction, which is why most vendors charge N100 for VAT charges.


If you want to invest in altcoins, you should avoid Twitter crypto influencers and YouTube influencers because the majority of them are paid to hype shitcoins. The most promising altcoins to invest in for the long term are blockchain coins and multi-chain tokens. This is the best time to invest in altcoins, and I'm holding some of the best tokens/coins that I believe will skyrocket in the next 2-3 years: #ADA, #ONE, #MATIC, #SPELL, #AVAX, #LUNA, #CAKE. If you hodl these coins now, they will do well in the next 2-3 years.

Meme and Gamefi tokens are the best options for a short-term investment.

And many oga them for here go tell you say altcoins na shitcoins, say make you run away from investing there. Sometimes e deh happen like that weh dem talk but most times e no deh be so. Altcoins deh give money and altcoins deh reck people too. My own be say if anybody want to invest in altcoins make them look for solid ones weh get better team. No just follow follow coins weh people deh hype.