Bitcoin Mining Opportunities in Tanzania

[Alphakilo]

Tanzania are shutting down five hydropower stations in order for them to manage the excess electricity that they are generating. The dam is producing more electricity than the whole country can consume. As a crypto enthusiast, I see an opportunity here. Hydropower is one of the renewable sources of energy that can be used for bitcoin mining.

I do not mine bitcoins but I know that there are many people in this thread are interested in mining. You may know a friend who lives in Tanzania or in a country close by and is interested in bitcoin mining you can pitch the idea to them or moving closer to the source and contacting the necessary authority to plug you to the hydro power grid to get power to mine your bitcoin. It is likely that it will be cheap since the demand is low.

The benefits are two folds, you are bringing in money into the country and you are making money with reduce cost on electricity.

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[Rruchi man]

It is likely that it will be cheap since the demand is low.

Cheap electricity can be a major factor to consider when deciding to set up a mining operation. But aside from electricity, there are other factors to consider, which, if not considered, can put the entire mining process in jeopardy. An example of this factor is security, and on this basis, Tanzania's crime rate is on the rise.

Although generally considered safer than many other African countries, crime rates in Tanzania are unfortunately on the rise, especially in Dar es Salaam. Expats should rent a house or apartment in a gated compound with 24-hour security guards and an alarm system, as robberies are common. Pickpocketing and theft is a frequent problem on public transportation and in city centers. The number of violent crimes and homicides has also been increasing.

Life in Tanzania

Any miner considering moving to Tanzania to exploit the opportunity of cheap electricity will have to make adequate plans for their own security and the safety of their equipment.

[Yamane_Keto]

Cheap electricity encourages you to mine in any country, but there are necessary indicators such as security and political stability, corruption, weather, and the possibility of obtaining cheap energy throughout the year.

Quote the following

The government is constantly challenged on issues of effectiveness and rule of law, and the fight against corruption continues to be one of Tanzania's major challenges.

Tanzania is one of the poorest countries in the world, with a per capita income estimated at about $250 per year.

The tropical coast stays quite hot and humid with heavy and reliable rainfall, especially during the rainy season.

Corruption, poverty $250 per year, weak infrastructure, and it seems that bad rainy seasons will make mining unstable.


https://www.pwc.co.tz/about-us/
https://um.dk/en/danida/strategies-and-priorities/country-policies/tanzania/current-and-future-challenges-and-opportunities-in-tanzania
https://www.nathab.com/know-before-you-go/african-safaris/east-africa/weather-climate/tanzania/

[Outhue]

First of all, it is advisable to move to a country with cheap electricity for mining, by yourself, do not let anyone arrange that for you, shit happens and most of em are arranged shits.

Secondly, this is massive electricity, something that you can't benefit from without the country knowing about it, this type of operation should be more beneficial for the entire country, stuffs like if I am the President of the country we can start mining Bitcoin instead of shutting power down.

But as a citizen that you are, I don't think its safe, first problem is exposure, like I've said those energy source belongs to the political entities, you are exposed, the second problem from here on is the security.

I am just using my own country as an example, a country where politicians are pulling different strings behind the closed doors, believe me they know you are printing money and they are coming hard on you.

[SatoPrincess]

Moving to a different country to start a business is not easy, you have to consider if the cost of relocating your mining farms is worth the hassle. Most importantly, you have to consider the regulatory framework of cryptocurrency in the country and how it can have negative implications for your mining farm. Do their environmental laws allow for bitcoin mining? Tanzania is not a crypto friendly nation. I suggest you do proper research before relocating.

Tanzania currently does not have specific regulations or legislation governing digital currencies. The use of cryptocurrencies is banned, and the only accepted legal tender is the Tanzanian Shilling

https://medium.com/umoja-protocol/the-state-of-crypto-regulation-tanzania-1452bf5333ba#:~:text=Tanzania%20currently%20does%20not%20have,tender%20is%20the%20Tanzanian%20Shilling.

[spectre71]

Goodmorning Google! Is Bitcoin legal in Tanzania?

Goodmorning knucklehead, this is what I found.

"No, Bitcoin is not legal in Tanzania. The Bank of Tanzania warns the public to avoid virtual currencies, including cryptocurrencies, as they are not legally authorized in the country. The Bank of Tanzania also advises not to use cryptocurrency, stressing that the Tanzanian shilling is the only acceptable legal tender. "

This looks like a non starter from the gate.

[Alphakilo]

I take back what I said about Tanzania as being a superb location for bitcoin mining due to it hydropower. I was too carried away by its possibilities that I didn't take the time research about the country And it is not even the crime rate that is the issue - those can be taken care of by contracting a private security outfit to secure the mining facility. It is that bitcoin is not legal is Tanzania that makes it a total no-no.

Such a great country with massive potentials thrown away because of the lack of foresight by the leadership. We now look forward to the future and expect that a progressive thinking president just like Nayib Bukele El Salvador will be elected and change things.