Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread. - page 254. (Read 1033055 times)

About the issue of crypto ATM in Nigeria, that is now a big issue as the only one we have which I believe might not be fully functional this time around all because of the CBN ban on crypto assets. I just went through Coinatmradar not quite long to know how many Crypto ATM China has, unfortunately China do not have any crypto ATM, this is definitely as a result of crypto ban by People's Bank of China. This leaves me not positive about this at all than to first expect CBN to legalize back financial institutions to be able to transact through Nigerian banks. Meself go wish if Naija get plenty ATMs.

We no reason am brotherly, no mata how u when write, whether na for oyibo man language or our own, you no get shaking and we gat ur back. I think you don talk better something here. Make I tell una something, so I go filling station go buy fuel play play my ATM card loss.

This one come make me go back, I spend nothing less then 4hours just to get card wey be say if this crypto firms get sense dey for done bring am come nigerian and na just order something we don recieve instead to go waste all our day for bank wey we no dey even reason except when the coins dem wey go Naira.

No be play oh, we need this ATM asap, assuming we get just one self for my ares I no for even dey near my bank again.

@Oshosond, mining in countries like Nigeria should be profitable but, might pose severe challenges due to unstable power supply except for possible use of solar panel.

secondly, the hot weather condition through out the year must be put into consideration.

***Right now, i think the major concern/help to NIgerian in these forum should be  focus of foriegn conuntries towards installations of more ATM & issueing of prepaid card which can work effectively independent of the infeference of these financial agencies in in NIgeria!*****

NOTE : pls, i'm sorry for my other brother who had earlier contributed to this thread in pidgin english. i can read the pidgin english unfortunately, i'm unable to write in response to some of these comment(s) in a pidgin english.

Thanks
Soldierwitlittlefaith

I think you will like to read this





Waiting you guys think about this?

The thing be say, everybody know say this talk from CBN on crypto na mare fabrication, plenty jaguda way them just carry come gboza for news but the bad part be say, no body fit do anything about am. Na watin dey pain me pass be that. People way get mouth to talk go just dey act like mumu. Even when them talk cef, them no go back am up with action. Them go just arranged something for mouth con gboza for ground make e no be like say them keep quite but in the real sense, na just to soften people mind. Make niggas no con burn there house if any gbege or karta-karta happen.
Nothing come out this country again. Country way no dey research before them do anything. Na just to survive we dey.

With what I have read about all what CBN has been saying about cryptocurrencies, from the first to the last words, non are correct, that is why I even make some comments that CBN are full of false information. Cryptocurrencies used in money laundering, is fiat notore used than cryptocurrencies. Cryptocurrencies used in terrorism financing, are Boko Haram using cryptocurrencies? I doubt that because fiats are used, I believe some people thinking to be good are sponsoring Boko Haram with fiat. Also cryptocurrencies transactions are anonymous, that is what CBN presedent said that make me conclude that this man is either not exposed or just passionately hate cryptocurrencies as banks from developing countries do.

Not that mining bitcoin is not profitable, but require more powerful miners to do. To go cheaper, it is better to mine with altcoins with graphics cards that altcoins can be mined with. But, with good and cheap electricity and capability to buy powerful ASICs needed, you can also mine Bitcoin profitably in Nigeria, provided electricity is constant and cheap.

I do not know of altcoin, but I know some sites that can easily help in calculating bitcoin profit for ease which I think can be helpful

https://www.buybitcoinworldwide.com/mining/calculator/

https://www.cryptocompare.com/mining/calculator/btc?HashingPower=40&HashingUnit=TH%2Fs&PowerConsumption=1500&CostPerkWh=0.12&MiningPoolFee=1

At the end of the day, regardless of what you're mining or whatever equipment you're using, having adequate or constant electricity will play a huge role in ensuring that you remain a profitable miner. It becomes a problem since constant electricity is something you only see in a few select places in the country. It's also worth considering the amount of power bills that would be incurred in the course of the mining operation. Talking about what to mine, I'm also of the opinion that mining bitcoin now might not be a really good idea especially for an individual miner. smaller altcoins with more rewards and some minor difficulty should do just fine but new projects often focus on POS staking instead of good ol' mining like in the early days.

The last speech by the CBN proves they know nothing about cryptocurrency. Now Nigeria hold the 3rd position with P2P cryptocurrency transaction around the world, which hold support from the top exchange in the world, Binance. I don't believe Central Bank was not force to do it, not all banks are responding to the ban.

Mining crypto with graphics card go only profitable if to say the crypto nah new coin wey it mining difficulty no increase.
https://whattomine.com/gpus

There should be other ways wey campaign manager can do that than to indirectly blacklisting some people. Waitin truly happen be say almost all wey dey that list just left him campaign for better ones, that kind thing come pain ham. We know as the thing be, if better campaign dey wey get better pay, na to leave for it without thinking, na how the forum dey. If campaign manager wan make people to dey comment for Ann thread of a company, the thing be say he suppose include ham for the terms of service. Or make him dey remind people to do ham for campaign thread, that list na rubbish.

To get local board no mean say you dey only post for your local language, it is about the relevance of your post to your community (Nigeria). I will advice you not to centralize all on Pigin as there are many things relevant to Nigerians we can also communicate in English, that topic about mining in Nigeria is one of them. Know say I no dey post for any other thing than a way to achieve local board. My campaign no dey couunt local board posts but still sacrificing my time to post here waitin go dey relevant to Nigerians, that is called sacrifice.

I have not noticed this in Nigeria too, and as populated as we are, we suppose to to be part of the first 10 countries that mine most of bitcoin, I do not know what could be causing this. Maybe because Nigerians just like investing and trading bitcoin, not knowing much about the mining aspect.

Baba your reasoning make sense that list na him want make people dey put mouth for official thread of campaign were him dey manage as team dey complain about signature and bounty say e no dey help dem project get enough awareness. Make we just dey do well we go make amm happen. Much respect brainboss

You are right, to mine bitcoin, graphics cards like Nvedia and AMD that can be connected in grid to make up mining rig for bitcoin mining are no more profitable to mine bitcoin, but still possible to mine some altcoins, I am not sure about the strong altcoins like ethereum, litecoin and others in such high categories. For bitcoin mining, ASIC like Bitmain antminer S19 will be needed or any other good new ASIC like the Antimer T17 which is also efficient.

In Nigeria, CBN ban bitcoin, bitcoin is not banned in Nigeria itself. So, anything related to bank trasactions with exchanges and other such crypto organizations is what that was banned. Mining equipment importation into Nigeria should not be a problem. But, this is just my opinion about this.

Omoh, this na better question wey persin dey suppose think everyday, make I talk in my own little understand, to me ehh, mining require steady electricity, and as such, the mining equipments too dey expensive no be chaise. The answers to your questions be like this,
Ans 1, yes, it's profitable to mine bitcoin if only your equipment is updo to date an fully functional, beside, accepting tx to next block is competitive among miners, If your mining equipments are intact without obstructions, mining in Nigeria would surely be profitable.

Ans, 2: Mining altcoin require low cost? Isn't it the same with bitcoin? I no sabi if the two get difference, if altcoin mining materials dey low, then we move to altcoin but the problem be say, we go fit make profit from mining altcoin?

Ans, 3: Me I no go fit tell you say them dey sell mining hardwares for here or there in Nigeria, AFAIK, the only place them dey sell this things na Amazon, na them get am plenty and beside, e too cost even our 1 year signature money no go fit buy one hardware.

Ans 4: If the miners go agree to lie for checkpoint/boarder say him dey come for any other purpose except crypto purpose, then it's possible for them to come. Money is everything about mining, these peopleware too are supposed to be taken care of for them to setup and install every equipments.

Ans 5: Financial Factor, Regional factor, and others.

I no too ideas about Mining, so accept my little input.

About the issue of electricity which is very important for miners to have access to cheap and constant electricity. In Nigeria, most regions do not have access to constant electricity, but there are some areas with constant electricity. I remembered the time I spent in Katsina, although not all areas have electricity, but there was a local government called Batagarawa where almost all tertiary institutions are located, they gave access to 23 hours electricity in a day or more. Also the Katsina town itself have constant electricity, in the GRA, if electricity is poor, there will still be 12 hours electricity in a day, but oftenly having access to more than 23 hours electricity. I chatted with our of our Nigerians that told me of 23 hours electricity in his area too. Although, in my area, electricity is very poor.

What comes to my mind is that, there are places there are constant electricity in Nigeria but few. But, the issue is to know if the electricity is cheap or not. But, there are two types of payment in Nigeria, the prepaid and the post paid. Using post paid, Electricity company in my state do not check Metre at all, thy calculate it based on how big companies and houses are, people can take advantage of this to mine Bitcoin or other crypto assets in Nigeria.

I am not sure about postpaid, it might not be cheap, but users have to calculate this on their own because the bills differ from state to state. I noticed we in my town paid less in electricity than people is another town. Because of this, it will be good for the person that want to mine bitcoin or any other crypto asset in Nigeria to calculate this on his own.

First by checking the watt the miners will consume
Also the watt others like cooling machines will consume during hot weather
Checking also the bitcoin paid by mining pool for the hashes generated for the miners he want to buy.

All thes will be used to calculate if mining is profitable in his area of location in Nigeria. Mining profitability will really differ from area to area.

About the issue if miners, I do not also think ordering from countries like China should be a barrier, but having retailers selling miners here in the Country will make them cheaper, getting it from abroad is not bad after the profitability calculation is made and positive.

Haha. Omo this man funny Oo. I no too get wahala with the questions even as na oyibo language throughout. Na why I kukuma use Oyibo language am too. Because at the end of the day, we need to be sure say the person we dey try communicate to dey get our point.  I believe say pidgin go dey mix up with oyibo language here from time to time so we fit get more wider community reach.

I for ansa the questions if to sey I understand dem oh. Una know sey I nor dey fit read oyibo language once I nack enta dis owa house. Too much oyibo yarns nor dey good for my bori, you know wha I mean? 🤔🤔

Let me give it a shot


Considering I've never really mine Bitcoin, I can't really tell if it's profitable to mine Bitcoin in Nigeria. I've also not seen anything remotely about mining in Nigeria. I don't mean those mining apps on app stores but mining using mining hardwares.




Depends. Since Bitcoin's mining difficulty is on the high side and block rewards get halved every now and then, it would be more profitable to mine altcoins especially those with good rewards while requiring low-medium input.


None that I've heard of. But it's the 21st century where it's remotely possible to order anything from anywhere in the world. So even if there's easy a place you can get them in the country, you can still get your hands on those babies.



I think the ban only covers the exchange and usage of cryptocurrencies. Don't necessarily concern those who mine. They could be doing it for fun as far as they don't get to exchange/use it to pay for products and services, they should be fine.


In my opinion, the primary reason is lack of adequate resources like electricity. You need lotta power to be able to mine those coins/tokens and power isn't something we see regularly.



If done right, I don't see why it won't be possible. Solar is a really good and renewable energy and can get jobs done without much recurring costs/expenses.

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My people, sorry say I use English answer. I just use am since Oshosondy ask the question for English. Make una no vex abeg.

Bitcoin mining has been profitable since the creation of bitcoin in 2009, the difficulty of mining has been increasing while mining reward is decreasing. But the bitcoin valuation in bitcoin price makes it still profitable to mine bitcoin. I know about bitcoin mining in countries like China, USA, Russia and some other countries, but I have no much idea about bitcoin mining in Nigeria. These are my questions:

1. Is it profitable to mine bitcoin in Nigeria?
2. Or, it will be better to mine altcoins instead?
3. Are their selling places for mining hardwares in Nigeria, like ASICs?
4. As CNB banned bitcoin, is it possible to import miners into Nigeira?
5. What are the factors making mining not possible in Nigeria to be amount the countries competing most miners are located?

I still want to ask some more questions, in mining, there must be constant electricity, cold weather will also help, but we all know Nigeria is hot, which means we need more access to electricity and cheap electricity. Normally, electricity is not good in Nigeria, a country of over 200 million population estimate generating very low electricity. I am think if it is possible to make use of solar to mine in Nigeria, maintenance of solar is not easy while solar itself is costly.

Will mining with solar profitable?

Not a must to answer all the questions, you can just answer the ones you are quite sure about.

Lol government no really get the power to ban crypto na only to regulate their own money dem fit, no be by who dey forum or not Nigerians just dey go school to read, understand and assimilate sometimes dey be my people problem.  But the forum sef dey really contribute to much knowledge wey person gather dey use protect him sef ahead of any problems wey for arise. Highest Binance talk say dem no go send money for person bank account again men to resort to P2P and OTC trading. If e too much another means to go still open.

This public matter wey VP been talk for Twitter few days back just gimme the false impression say; our leaders really Sabi the right thing na wickedness just full their minds. How you go sleep wake up say you wan ban wetin dey give your citizens daily bread? Plenty career opportunities done comot for this industry wey make make the economy dey flow well at some point. Make we try dey dey careful sha.

Las-Las, e con be like say, all this matter way dey the country on crypto ban no really affect anybody for the forum o, life still dey go on softly. I no feel am at all, e con be like say, na only people way no dey forum dey cry the cry say them shot down there account and things like that, where government power reach.

Na why e good to participate wella for the forum o, nothing fit shake you because, you dey informed on how to guide your thing and play safe.
Congrats to all of una way dey here and escape this government palaba, una cajality strong no br chaise!