Re: Nigerian Bitcointalk Community Hangout. {Current topic: NIN & Local board}
~Snipped
These are my questions:
These are my questions:
Let me give it a shot
1. Is it profitable to mine bitcoin in Nigeria?
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.
2. Or, it will be better to mine altcoins instead?
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.
3. Are their selling places for mining hardwares in Nigeria, like ASICs?
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.
4. As CBN banned bitcoin, is it possible to import miners into Nigeira?
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.
5. What are the factors making mining not possible in Nigeria to be amount the countries competing most miners are located?
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.
Will mining with solar profitable?
If done right, I don't see why it won't be possible. Solar is a really good energy and can get jobs done.