Bitcoin Forum

I am of the thinking that if you are in Africa you can definitely profit more from bitcoins and other altcoins.
The cost of electricity is very lower in Africa.. In many places the monthly cost of electricity is less than under a dollar
Could this make one to get the best of bitcoins...

Salute to you all...am new here

Think about the heat. You pay little on electricity but you consume extra on cooling. And god knows if the electricity supply will be enough to provide enough power. If africa was at the North Pole, maybe it would've been a very good option.

I don't think there is a lot of money to be made in mining by this point. You will probably be better of just buying bitcoins and waiting for the price to increase. There are big players already in this field with a lot of money to spend on the mining rigs, corruption to get cheaper prices, special places where electricity is cheap for whatever reason.

It is not that simple. Africa however has the most to profit from cryptocurrencies for another reason. There is not that much of a banking infrastructure in Africa, as far as I know and Bitcoin is really good at giving power to the poor and those living in remote places. It is a basically instant, cheap and global system that only requires an Internet connection and is already broadcasted over the globe with Blockstream's satellites, including Africa. This means that you potentially don't even need to build a good Internet infrastructure in very remote places as the blockchain will be available to you at any time and any place.

yes, it would be very profitable, a bitcoin miner would use it a lot. as in China, there is a relatively cheap electric price, so many miners get big profits, and that will affect the price of bitcoin will be expensive. if in all countries the price of electricity is cheap, then I am sure every country will do the mining. so there will be many miners in every country.

It's not really that low bro

Also, I think there's some stuff about the exchanges there. Don't they charge a lot more than what the actual price of bitcoin is based on other exchanges?

This is an old article (June of 2017), but I just came across it while trying to search for the prices.

https://mybroadband.co.za/news/banking/213998-why-bitcoin-is-often-more-expensive-in-south-africa.html

It states that the price is higher due to the supply and demand of the market.

I guess I could see the mining idea working out if someone decides to mine in Africa and has ample cooling and is willing to send their coins over to a wallet so that they can use an exchange in a more stable-marketed country.

yes, sure, if the cost of electricity is cheap, it will get many advantages of bitcoin. especially for miners, I'm sure many miners will take advantage of this opportunity.

Exactly, a lot of "little" investors are not aware of this, China owns the whole game, you can not compite to this.

And the ASICS are always out of stock, it is very hard to get them, and when there is real stock, they get sold in less than 2 mins because most of the production goes directly to China.


And seriously, in Africa? All your rigs are going to be stoled because people is willing to do almost anything to get a source of income, they kill tourists for five dollars..

risky and dirty move, if you can get a place to do it correctly and riskless then its a gold mine

If that's the case then mining in your country will be really profitable. Why don't you try mining in your country?  Also I read somewhere that the exchange rate of bitcoins is more in Africa especially in Nigeria. If you cant afford an antminer then try to get 2 or 3 gpus and mine ethereum. After that you can easily convert your mined ethereum into bitcoin.

yes you can earn more but, it depends on how do you even earn.
How can you say that your elecricity cost is really low? What is your power consumption? Mining Cryptocurrencies is really hard at this point but, you can make an investment on mining mine other crypto then wait for the price to increase. Cold places are the best place to mine crypto due to it's temp. No need for too much fan =less electricity cost.

The best places for mining are where the power is the cheapest, the problem with current mining is the effort in building permanent mining setups and the need for political stability in the area. Have a look at envion, currently selling their IPO. Plan is to have mobile mining units deployed to where power is the cheapest.

But it's also more dangerous to mine in unstable and poor countries where electricity is cheaper. You're taking much greater risk and have to pay security guards or people will steal everything to buy food and clothes. Imagine running a 1 million USD mine like the ones in China in a country where people earn $2 per day. You'd have to hire blackwater or a similar company to keep the angry mob away.

I'm not sure where you getting your info but Africa is a Continent that has many countries. What countries are you talking about? Botswana? Limpopo? South Africa? Egypt? Kenya? Nigeria? Ethiopia? Mosambeque? Where exactly? I don't think you are right.


Yes it is expensive for electricity in South Africa as well as most things because everything is imported.



Africa is a continent not a country.... Please get it right.....

It's simple logic to realise that anywhere with low electricity costs is most profitable for miners. Miners generally look to move to locations with cheaper electricity as other than their initial start up costs electricity is by far and away their single biggest outlay.

I think the reason bitcoin is high in africa has to do with electronic banking systems in the region, which many africans rely upon to buy/sell goods using their cellphones, carry extremely high fees/taxes and service costs. Bitcoin is in high demand in africa due to its transfer fees being considerably less than the electronic banking systems africans use in the country.

There have been similar cases in the past where countries like cuba charge as high as 40% or 50% taxes and fees on wire transfers coming into the country. Cubans who immigrated to the united states used bitcoin to send money to their families back in cuba, as it would allow them to avoid those 40%-50% taxes/fees.

One of the reasons bitcoin succeeds wildly involves its fees being far lower than electronic banking systems.

I think not just in Africa, because as far as I know Bitcoin is really good at giving power to the poor and those living in remote places.