Post
Topic
Board Nigeria (Naija)
Re: Nigerian Bitcointalk Community Hangout. {Current topic: NIN & Local board}
by
Soldierswitlittlefaith
on 05/03/2021, 12:32:19 UTC
Is mining profitable in Nigeria

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.


@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