Challenges and potential solutions for bitcoin mining in Nigeria

[Donk1]

      For years now bitcoin has thrived in Nigeria at a high rate. However today I figured out that no one talks about mining in the Nigeria board the same way we talk about P2P exchange. So I had to do some research and it turns out that Nigeria is actually not thriving when it comes to Bitcoin mining .Here is why.
Normally, we all know that mining needs a huge amount of steady energy supply to power the (ASIC) mining computers but in Nigeria we don't have steady electricity given the poor amount of energy supply and even low current This has made mining impossible in Nigeria. I can't even mention fuel or generators as an alternative to this issue. Furthermore, mining needs to be in a cool environment and our Nigeria's sun is very hot . Given that The computers and equipment needed to mine are very costly and can't even be found in Nigeria even if it was to be imported the cost of shipping them from other countries will be very high so just imagine they gets spoilt that will be another wahala entirely.but still it has been said that whatever has a problem must have a solution.
 The solution I have taught of can only involve government intervention. It is certain that we have a high amount of renewable energy right , energy like solar and hydropower. It's a big one, but if the government chose to invest and develop on it, I am certain that it will bring about more reliable and sustainable cheap energy that can be used in the mining industry. And as well creating educational centres for people to learn how to use the mining technology. With that they will give all this private companies a good reasons to invest in renewable energy like solar and hydro power. This wouldn't only help the crypto mining industry, but other businesses that are still look for steady power supply also.
check out this links below

https://bitcoinmagazine.com/business/how-bitcoin-mining-is-perfect-for-nigeria

 All this involves the government intervention if possible they decides to build a local market for mining gear and experts in Nigeria, it will make our country Nigeria a major crypto mining country in Africa.

[Doan9269]

We have lots of challenges facing the country when it comes to bitcoin mining and i don't think we ever had one mining rig before, because this has more in demands for setting it up and i don't think the country has the best offer to help make this a reality of r those that might be interesting in mining bitcoin, except for the international collaboration, whereby they come to set up one and fully fund it.

Here are some few in-demand challenges in setting up a mining rig in Nigeria.

1. Electricity supply
2. Technical know how
3. Government regulation
4. High resolution computers
5. Ant Miner and other mining set up requirements
6. Geographical location/environmental factors
7. Capital intensiveness, many couldn't afford setting up a mining rig.

these among many others could not make mining in Nigeria more adaptable and affordable by many who may be interested

[Callido]

these among many others could not make mining in Nigeria more adaptable and affordable by many who may be interested

According to my knowledge, our government are not against mining, there is no regulation against mining in the country, we also have good location that mining structures can be set up. The problem is mostly electricity cost to mine 24/7, we don't really need government to set up mining.

It is difficult to find solo miners, setting up a mining structure cost more especially to keep it running can be power and cost consuming. A few heads combined with good finance can start up mining in the country.

[SuperBitMan]

You have done well by bringing this up a lot of people have forgotten about mining here in Nigeria and the reason for not mining in Nigeria is because of the cost and since there is no steady electricity supply, when you talk about mining you need a lot of data and you know how costly data now is in Nigeria it is very costly so a lot of people don't get involved in mining anymore however they are still some people who are still mining here in Nigeria but they are not much and since there's no steady electricity supply people find it difficult to mine.
However there are some areas here in Nigeria that has steady power supply but some areas in Nigeria don't have steady power supply, those set of people that are staying in those areas that has steady powers supply may be the ones that are actively involved in mining and those that are not staying in those areas may not be interested to mine Bitcoin.
I will advise that if you cannot mine Bitcoin then you can accumulate Bitcoin and hold, the cost of mining bitcoin here in Nigeria can get you good amount of Bitcoin if you buy it.

[Bigjoe33]

We have lots of challenges facing the country when it comes to bitcoin mining and i don't think we ever had one mining rig before, because this has more in demands for setting it up and i don't think the country has the best offer to help make this a reality of r those that might be interesting in mining bitcoin, except for the international collaboration, whereby they come to set up one and fully fund it.

Here are some few in-demand challenges in setting up a mining rig in Nigeria.

1. Electricity supply
2. Technical know how
3. Government regulation
4. High resolution computers
5. Ant Miner and other mining set up requirements
6. Geographical location/environmental factors
7. Capital intensiveness, many couldn't afford setting up a mining rig.

these among many others could not make mining in Nigeria more adaptable and affordable by many who may be interested

Generating electrical energy sources has been the best option for the Bitcoin mining ecosystem globally and this is one of the many areas we are getting it wring here in our country. Just like you pointed out, there are few other challenges as to ensure steady and successful Bitcoin mining activities here. But if we narrow our talks down to electricity supply, we can say that the government has a big role to play,  just like the OP has said earlier.

As of 2019, just like the link the OP shared in this thread above, that a study by coin shares estimated that at least 74% of crypto currency's global consumption came from renewables, mostly in the form of relatively cheap, Chinese hydropower. This is where the government comes in. Enhancing the level of power supply in the country is a major deal and will in a great way set a move on the feet of lovers of Bitcoin miners in the country. There are other cost involvement to succefully min Bitcoin. This will be way too much as people who think of involving I'm Bitcoin mining may think or may not afford. But if the government comes in, create a reliable plus sustainable electricity supply round the country, it will not only lessen the financial burden on miners, but also encourage other would be Bitcoin miners to come on board as they will Chanel their resources to other areas in ensuring a successful Bitcoin mining process.

If you ask me, the government has a very big role to play in this because if you properly examine few other countries involved in Bitcoin mining, they have helped in creating a level ground in amenities which make such mining activities successful. The Nigerian government may not have made rules against Bitcoin mining in Nigeria, but can help in fast growing it's activities if they put few things in other.

You have done well by bringing this up a lot of people have forgotten about mining here in Nigeria and the reason for not mining in Nigeria is because of the cost and since there is no steady electricity supply, when you talk about mining you need a lot of data and you know how costly data now is in Nigeria it is very costly so a lot of people don't get involved in mining anymore however they are still some people who are still mining here in Nigeria but they are not much and since there's no steady electricity supply people find it difficult to mine.
However there are some areas here in Nigeria that has steady power supply but some areas in Nigeria don't have steady power supply, those set of people that are staying in those areas that has steady powers supply may be the ones that are actively involved in mining and those that are not staying in those areas may not be interested to mine Bitcoin.
I will advise that if you cannot mine Bitcoin then you can accumulate Bitcoin and hold, the cost of mining bitcoin here in Nigeria can get you good amount of Bitcoin if you buy it.

Yea, I agree with you in this. And just like you have raised, the electricity is a major problem. We all know that the availability of a thing gives interest to it. So unavailability of steady electricity supply in so many parts of the country has in great ways killed the interest of many. I believe there are many people with miming interest and ability. A supportive play ground created will enable us grow in plans to grow and min.

On the other hand, investing in Bitcoin too, a great idea. If you can't min due to the large cost, you invest and hold. Smiles. I think I like the sound of that because over the years, Bitcoin investors has made remarkable marks and growth in the investment world. And we are sure it can only get better while holding for long..

[Wiwo]

We have some how a discussed about the best suitable city's in Nigeria for bitcoin mining farm before in a thread in this localboard. hars some few guy's around Nigeria who claimed to be mining bitcoin using the solo mini mining equipment/software on some special computers, we hard few videos about that in social media sometime like last year or so the video was trending back then.

What we have to know is that bitcoin mining will definitely face alot of challenges and Nigeria doesn't have the enabling environment for bitcoin ecosystem and development if you check we are just topping in transactions volumes and nothing more than that, ut goes further to show how much of a consumer we are in Nigeria even with bitcoin.

[Odohu]

All this involves the government intervention if possible they decides to build a local market for mining gear and experts in Nigeria, it will make our country Nigeria a major crypto mining country in Africa.

I don't know the government you are expecting to roll out interventions in cryptocurrency mining through provision of mining gear and other things, are you referring to the government that have banned Web access to crypto exchanges or the one that froze the accounts of some people they confirmed to be dealing on cryptocurrency? What is working against mining in Nigeria is more than what supports it. The only area that makes Nigeria suitable for mining is the possibility of cheap energy in the form of renewable but that is mostly in Northern Nigeria but then you have insecurity as well threat to that. For your own good, just bury the idea of mining in Nigeria before the government frustrate you one day by accusing you of being responsible for the crash of the Naira against the dollar.

[Boiboi20]

      For years now bitcoin has thrived in Nigeria at a high rate. However today I figured out that no one talks about mining in the Nigeria board the same way we talk about P2P exchange. So I had to do some research and it turns out that Nigeria is actually not thriving when it comes to Bitcoin mining .Here is why.
Normally, we all know that mining needs a huge amount of steady energy supply to power the (ASIC) mining computers but in Nigeria we don't have steady electricity given the poor amount of energy supply and even low current This has made mining impossible in Nigeria. I can't even mention fuel or generators as an alternative to this issue. Furthermore, mining needs to be in a cool environment and our Nigeria's sun is very hot . Given that The computers and equipment needed to mine are very costly and can't even be found in Nigeria even if it was to be imported the cost of shipping them from other countries will be very high so just imagine they gets spoilt that will be another wahala entirely.but still it has been said that whatever has a problem must have a solution.
 The solution I have taught of can only involve government intervention. It is certain that we have a high amount of renewable energy right , energy like solar and hydropower. It's a big one, but if the government chose to invest and develop on it, I am certain that it will bring about more reliable and sustainable cheap energy that can be used in the mining industry. And as well creating educational centres for people to learn how to use the mining technology. With that they will give all this private companies a good reasons to invest in renewable energy like solar and hydro power. This wouldn't only help the crypto mining industry, but other businesses that are still look for steady power supply also.
check out this links below

https://bitcoinmagazine.com/business/how-bitcoin-mining-is-perfect-for-nigeria

 All this involves the government intervention if possible they decides to build a local market for mining gear and experts in Nigeria, it will make our country Nigeria a major crypto mining country in Africa.

Bitcoin don dey boom for Najia for many years now especially P2P trading everybody dey talk about am but I come notice say nobody dey really talk about bitcoin mining like that so I do small research and e clear say Nigeria  no too dey shine for mining at all.
Why mining need strong light and heavy equipment but for najia light no stable fuel walha lau to much generator no be sustainable and sun dey hot like fire plus those mining machines cost die and to import dem na another level of expense if dem spoil nko na wahala.
But sha every problem get solution Nigeria get many renewable energy like solar and hydro if government fit put hand invest well and make better infrastructure we fit build something strong dem fit even open Centres way go teach people to mine proper if dem do all this e go attract private companies join body.
No be crypto mining go gain even normal business go benefit form better power supply na win win.
 

[Fiatless]

I don't know the government you are expecting to roll out interventions in cryptocurrency mining through provision of mining gear and other things, are you referring to the government that have banned Web access to crypto exchanges or the one that froze the accounts of some people they confirmed to be dealing on cryptocurrency? What is working against mining in Nigeria is more than what supports it. The only area that makes Nigeria suitable for mining is the possibility of cheap energy in the form of renewable but that is mostly in Northern Nigeria but then you have insecurity as well threat to that. For your own good, just bury the idea of mining in Nigeria before the government frustrate you one day by accusing you of being responsible for the crash of the Naira against the dollar.

The problem with Nigerian government officials is ignorance. We are ruled by elderly men that are not opened to innovative means of boasting unemployment. A good government can set up a Bitcoin mining farm as a means of empowering some youths. They can provide constant electricity and soft loans for the project to kickoff. We are hopeful that a government that is comprise of creative thinkers will take charge of the administration of Naija.

[Man of peace]

In Nigeria we have a alot of problems when it comes to mining,..
1) network:  one of the problem the major challenges we have here in Nigeria ,we hardly have a suitable network when it comes to browsing,you will have to change to almost all the whole network seeking for a suitable network but you will all be disappointed, most especially when the atmosphere is not clear it get worst..

Electricity: this is also one the biggest challenge we hardly have power supply even if they manage to bring the light sometimes it will not ever charge your phone,due to the poor voltage and when it finally comes a power supply it won't last long..

Harassment: it has become a Big offense to see anyone with laptop in Nigeria expect you are a government worker,any young boy found with laptop have committed a crime in Nigeria and if care is not taking he or she will go to jail..even phone are being searched some times,i don't know if privacy is no longer exist in our law anymore or what is really going on.. and alot more.

[Sticky Bomb]

Normally, we all know that mining needs a huge amount of steady energy supply to power the (ASIC) mining computers but in Nigeria we don't have steady electricity given the poor amount of energy supply and even low current This has made mining impossible in Nigeria.

Some places has some kind of steady power supply, I live at a place whereby the neighboring village has 96 hours consecutive power supply with 24 hours power outage and the cycle continues, the power is generated through LNG gas turbine and is steady to a very high extent, some people are very lucky to stay at places where power is steady, but they do not know anything about mining nor can they afford the equipment. For me, I think affording the equipment is the main problem because for a mining business to thrive in this kind of environment, you need your own separate transformer connected directly to the power from the turbine so that the load effect on a shared transformer would be eliminated. Some people can actually mine from their environment, but the capital to start is the challenge and I do not think a Nigerian bank or government entity can give you a loan or grant to buy ASIC machines for bitcoin mining.

[Josefjix]

Electricity: this is also one the biggest challenge we hardly have power supply even if they manage to bring the light sometimes it will not ever charge your phone,due to the poor voltage and when it finally comes a power supply it won't last long..

Mining plant needs standby generator for steady power supply and a cold temperate environment to reduce the hit on mining engines, these are what is needed but Nigerians are not ready for this, those that are even ready has no knowledge how to build the plant.

Harassment: it has become a Big offense to see anyone with laptop in Nigeria expect you are a government worker,any young boy found with laptop have committed a crime in Nigeria and if care is not taking he or she will go to jail..even phone are being searched some times,i don't know if privacy is no longer exist in our law anymore or what is really going on.. and alot more.

This can't happen to a mining plant operating by government officials, except it's a private company that doesn't pay necessary taxes before getting started. The so-called agents here and there will pop up everywhere demanding for operation charges, which will going to be frustrating at some point.

[RockBell]

When you look at seting up a mining farm there is a lot of factors that we are going to say that it contributes to the setting up of a ant minner and this is why most people don't fancy setting up a antminner because they consider the cost and after settling then how do you manage the security of the place and we should not forget that antminners one way or the other contributes to consuming a lot of electricity and there are a lot of factors that intrudes the construction or setting up of the equipment.

And there are places that you can set up with fewer challenges, and this is just that the only thing that is going to be left will be funds, because settling up will cost a lot, and there are people who have the resources to set them up, they are just scared of the location.

[TokenTikas]

All this involves the government intervention if possible they decides to build a local market for mining gear and experts in Nigeria, it will make our country Nigeria a major crypto mining country in Africa.

I noticed a minimal decline in bitcoin mining in Nigeria, and you have correctly highlighted its reasons, especially wheat availability.

What I think is most important is that where there is a problem, there is a solution. Suppose the government really focuses on renewable hydropower. In that case, a large part of the power problem of the entire country, not just the mining industry, can be solved. And if the power problem is solved, the country will go a long way.

If educational centers are set up to teach mining technology, many young people will gain an alternative skill outside of their jobs. This will benefit not only individuals but the entire economy. Finally, Nigeria can become Africa's central mining hub if government initiatives are started in this sector.

[abaeze]

Not only is Nigeria the most advanced or involved in cryptocurrency among African countries, but it is also the second largest in Sub-Saharan Africa in terms of users and transaction volume, and is in the best position compared to other countries in the region. Nigeria has the highest number of crypto holders among African countries, according to the Consensys 2024 Global Survey - 73% of people in Nigeria currently hold crypto, while in South Africa it is 68%, so I agree with you that work should be done for the widespread development of Bitcoin mining here. Nigeria is not really thriving in Bitcoin mining and the main reason for this is that Bitcoin mining costs a lot of money, including electricity, technical and other costs, to buy and hold Bitcoin safely without any hassle, so the priority is given to buying and holding Bitcoin rather than the complexity of the mining process, which is why the mining process and Bitcoin mining are not being developed, and there is also a lack of government support. Africa is naturally the home to all kinds of mines, but unfortunately, human-created Bitcoin mines are very few or almost nonexistent there.

However, since mining is not increasing, we will have to continue buying and holding Bitcoin, but how long will we continue to use alternatives like this?

[Coin_info]

Here are some few in-demand challenges in setting up a mining rig in Nigeria.

1. Electricity supply

I consider the electricity challenge to be the biggest challenge of all because if you speak about technical know-how as a challenge, that can be learned, and if it is as regard government policy, I don't think our government takes a lot of things seriously and you may even be ignored so long as your mining activity does not become a nuisance to others. In terms of electricity supply which is epileptic and sometimes not up to sufficient capacity to power equipment you will face a lot of challenges on that aspect except you have capital intensive solutions that will help you scale through, otherwise as a typical Nigerian you have a better chance trading and investing in Bitcoin to profit from it.

[MarissaLopez]

Basically Nigeria is a country that needs to flourish beyond this point in different categories bit the major challenges we are facing now that tend to be the major problem of the countries decline and expansion is the situation of bad leadership and it has affected a lot of sectors in the country, perhaps looking out from the issue of electricity I think it's becoming so despicable such that it seems the county's growth is a stunted one  and this has being the hindrance to the mining of Bitcoin in Nigeria.

If there's a stable and favourable government there should be allocations and possiblity for such opportunities as mining and setting that up wouldn't be an issue but all of this is slow paced due to a corrupt system.

[Mykon Bobby]

We have lots of challenges facing the country when it comes to bitcoin mining and i don't think we ever had one mining rig before, because this has more in demands for setting it up and i don't think the country has the best offer to help make this a reality of r those that might be interesting in mining bitcoin, except for the international collaboration, whereby they come to set up one and fully fund it.

Here are some few in-demand challenges in setting up a mining rig in Nigeria.

1. Electricity supply
2. Technical know how
3. Government regulation
4. High resolution computers
5. Ant Miner and other mining set up requirements
6. Geographical location/environmental factors
7. Capital intensiveness, many couldn't afford setting up a mining rig.

these among many others could not make mining in Nigeria more adaptable and affordable by many who may be interested

Generating electrical energy sources has been the best option for the Bitcoin mining ecosystem globally and this is one of the many areas we are getting it wring here in our country. Just like you pointed out, there are few other challenges as to ensure steady and successful Bitcoin mining activities here. But if we narrow our talks down to electricity supply, we can say that the government has a big role to play,  just like the OP has said earlier.

As of 2019, just like the link the OP shared in this thread above, that a study by coin shares estimated that at least 74% of crypto currency's global consumption came from renewables, mostly in the form of relatively cheap, Chinese hydropower. This is where the government comes in. Enhancing the level of power supply in the country is a major deal and will in a great way set a move on the feet of lovers of Bitcoin miners in the country. There are other cost involvement to succefully min Bitcoin. This will be way too much as people who think of involving I'm Bitcoin mining may think or may not afford. But if the government comes in, create a reliable plus sustainable electricity supply round the country, it will not only lessen the financial burden on miners, but also encourage other would be Bitcoin miners to come on board as they will Chanel their resources to other areas in ensuring a successful Bitcoin mining process.

If you ask me, the government has a very big role to play in this because if you properly examine few other countries involved in Bitcoin mining, they have helped in creating a level ground in amenities which make such mining activities successful. The Nigerian government may not have made rules against Bitcoin mining in Nigeria, but can help in fast growing it's activities if they put few things in other.

You have done well by bringing this up a lot of people have forgotten about mining here in Nigeria and the reason for not mining in Nigeria is because of the cost and since there is no steady electricity supply, when you talk about mining you need a lot of data and you know how costly data now is in Nigeria it is very costly so a lot of people don't get involved in mining anymore however they are still some people who are still mining here in Nigeria but they are not much and since there's no steady electricity supply people find it difficult to mine.
However there are some areas here in Nigeria that has steady power supply but some areas in Nigeria don't have steady power supply, those set of people that are staying in those areas that has steady powers supply may be the ones that are actively involved in mining and those that are not staying in those areas may not be interested to mine Bitcoin.
I will advise that if you cannot mine Bitcoin then you can accumulate Bitcoin and hold, the cost of mining bitcoin here in Nigeria can get you good amount of Bitcoin if you buy it.

Yea, I agree with you in this. And just like you have raised, the electricity is a major problem. We all know that the availability of a thing gives interest to it. So unavailability of steady electricity supply in so many parts of the country has in great ways killed the interest of many. I believe there are many people with miming interest and ability. A supportive play ground created will enable us grow in plans to grow and min.

On the other hand, investing in Bitcoin too, a great idea. If you can't min due to the large cost, you invest and hold. Smiles. I think I like the sound of that because over the years, Bitcoin investors has made remarkable marks and growth in the investment world. And we are sure it can only get better while holding for long..

As we all know in Nigeria one of the major challenges we have in Nigeria is low electricity supply and this one, is one of the major factors that is affecting Bitcoin mining in Nigeria other ones are not as important as electricity supply because Bitcoin mining needs consistency when mining.
There is a saying that stays the journey of 10,000 Miles begins with a step.