Difficulties one would have to face when setting a Bitcoin mining farm in Naija.

[Cryptomultiplier]

A time may come when many countries will follow the current trend happening in UAE, Dubai and that is, rights being granted to private billionaire capitalist to have their own mining farms set up and operational in the country.
 I know it would help provide good returns to the individual who plans such a setup well and to the government who needs such income revenue to boost its micro economy.

Besides the regulatory actions of the government in many cases, some unfavorable policies and electricity/energy consumption demands of which is a serious concern for mining farms to take into consideration before commencing their crypto mining business;

* what other reasons could be considered responsible in hampering the growth, development, smooth running and success of a Bitcoin mining farm in this country, Nigeria?

*Or, what's some difficulty one would have to encounter when commencing with the setting up and operations of a Bitcoin mining farm in this country, Naija?

Your thoughts are welcomed!

[Amphenomenon]

* what other reasons could be considered responsible in hampering the growth, development, smooth running and success of a Bitcoin mining farm in this country, Nigeria?

*Or, what's some difficulty one would have to encounter when commencing with the setting up and operations of a Bitcoin mining farm in this country, Naija?

Outside electricity consumption, I doubt the government policy holds anything much to do here, since they have not bother to consider this aspect of cryptocurrency in Nigeria.
Here are some other difficulty of I think they will face:

• Security & Maintenance:
  We know the cost of getting a mining rig and the need to build a place for them since we can no longer mine bitcoin indoors, security is an important aspect here since theft will have an eye on this especially when they know the price of it. The noise from the machine will definitely attract them more since they love stealing generators.
• Data, connectivity and storage cost:
  Mining bitcoin requires one to run a full Node, which will currently cost around 500gb to download data from the Bitcoin blockchain and then storing this since pruning can't be done by miners i.e they're running full node.
  Though after the 500gb downloaded, the data required to be download is less than a gigabyte, though the bandwidth can consume over a gigabyte daily, here we know how expensive is getting data from our network providers and from the fact that there're sometimes where they may have shitty network and so I think it's better to rely on at least two network service providers or possibly go for starlink also.
  The storage cost will still be consider here since it's not only the 500gb that will be stored, 1Tb will do work though.
   

All these are  some key things to consider and the number of mining power will be important to actually earn something that will be able to cover the cost of  mining and maintenance and getting good profit else all these will just be of waste which willl lead to shutdown in the end

[Obim34]

A time may come when many countries will follow the current trend happening in UAE, Dubai and that is, rights being granted to private billionaire capitalist to have their own mining farms set up and operational in the country.
 I know it would help provide good returns to the individual who plans such a setup well and to the government who needs such income revenue to boost its micro economy.

Besides the regulatory actions of the government in many cases, some unfavorable policies and electricity/energy consumption demands of which is a serious concern for mining farms to take into consideration before commencing their crypto mining business;

* what other reasons could be considered responsible in hampering the growth, development, smooth running and success of a Bitcoin mining farm in this country, Nigeria?

*Or, what's some difficulty one would have to encounter when commencing with the setting up and operations of a Bitcoin mining farm in this country, Naija?

Your thoughts are welcomed!

While Bitcoin mining can be profitable but considering all these factors, it is too expensive and less profitable for an individual set up. The government involvement can create a better possibility of having one mining farm in Nigeria because at their best they can provide every necessary requirement for the farming with little cost compared to an individual.

Constant electricity has been the major problem we facein this country and also to consider how much it will cost to get a power supply to keep the farm always running. Secondly, our internet connection may not be up running at all time, our network providers at times run out from internet connections in a few hours which might affect the mining process.

[Agbe]

The world is 99% capitalist and it is only 1% is socialist oriented. And Nigeria is a pure capitalist society so if you are saying there will be a time for individuals to own their business firms Plus mining, it is already happing and the businessmen in Nigeria are not interested in cryptocurrency and have no good knowledge about nthe innovation and that is what they are even against it. And those countries that their policies are against or regulating the uses of cryptocurrency persecuting the exchanges are because the international capitalists are behind the policies. No country regulate and place economics policy that against it own capitalist in the country. And one tin we need to know be say government na organization set up by di government to control the international and internal affairs for them to do business smoothly. Therefore all government in the capitalist States are working for the benefits of the capitalists of the country. And Nigeria is included. Just that di capitalists e no dey interested in Bitcoin investment. All these things Nigerian government dey do against cryptocurrency because Dangote e no dey interested and the time Dangote or any other capitalist e dey interested to have mining farm or exchanges then all these nonsense go stop.

[Davidvictorson]

A time may come when many countries will follow the current trend happening in UAE, Dubai and that is, rights being granted to private billionaire capitalist to have their own mining farms set up and operational in the country.

I don't think that we would ever have a time when countries would do the way Dubai is doing. It isn't going to happen. Many countries see Bitcoin as a threat and they treat it like a wanted terrorist talkless of mining it. Na, it is never going to happen.

* what other reasons could be considered responsible in hampering the growth, development, smooth running and success of a Bitcoin mining farm in this country, Nigeria?

Village people. As ridiculous as it sounds, it tell you one truth Most Nigerians don't like to see another Nigerian prosper. Once you are getting bigger than them through your mining or more money, they will find a way to sabotage you. They use charms, they report to the government, they'll arrange area boys to destroy your mining rig and many other things. Look around you evidence yakpa. Your fellow Nigerians would make your life a living hell until you abandon your mining project.

[Doan9269]

In setting up a bitcoin mining rig in Nigeria, two things are to be put in consideration and this same things are what is being made common with other bitcoin mining setup in other regions all over the world, the first is the energy source requirement, this is what one should consider on a serious note because many things are going to be demanding by it all, government may try to make it hard under power sectors because of their requirements, except for those willing to set up using a renewable energy source without relying on government, the other second challenge is the aspect of it technicalities, setting up a mining rig requires ones experience as well as money in getting all the necessary facilities to set up the mining rig.

[Zigabel]

Policies is one very key thing that will mare or make the establishment of such investment in Nigeria and second power then lastly connectivity. As a growing nation yet to be able to permanently solve issues around their basic amenities, investors willing to set up such high power consuming business in Nigeria will have to put to consideration the fact that for an effective and smooth running they will be providing themselves with power as depending on state power will slow them down and affect their productivity. In Nigeria cryptocurrency is yet to gain full adoption because the government is yet to come to the full realization that regulations on cryptocurrency isn't something they can completely achieve meanwhile they want a situation where they can be in complete control of cryptocurrency, and lastly connectivity is something the network providers in this region is yet to complete get solid except you are able to make for yourself a dedicated network which will be expensive so an average person running such in Nigeria will spend moer then some one doing same thing anywhere in Europe.

[Stepstowealth]

A time may come when many countries will follow the current trend happening in UAE, Dubai and that is, rights being granted to private billionaire capitalist to have their own mining farms set up and operational in the country.
 I know it would help provide good returns to the individual who plans such a setup well and to the government who needs such income revenue to boost its micro economy.

Besides the regulatory actions of the government in many cases, some unfavorable policies and electricity/energy consumption demands of which is a serious concern for mining farms to take into consideration before commencing their crypto mining business;

* what other reasons could be considered responsible in hampering the growth, development, smooth running and success of a Bitcoin mining farm in this country, Nigeria?

*Or, what's some difficulty one would have to encounter when commencing with the setting up and operations of a Bitcoin mining farm in this country, Naija?

Your thoughts are welcomed!

The way this our country dey now, nor be place to start any kind business like that especially the one wey involve crypto. Person wey nor get person fit enter problem based on say dem dey use crypto alone, imagine the kind problem wey you go enter if dem catch you say you dey mine bitcoin. Nor be small problem you go enter. For Naija, the best thing na to dey invest on a low low inside bitcoin dey hold am secretly make government nor know, even some kind of your friends because you nor know who go report you give government say you dey launder money via crypto.

[promise444c5]

* what other reasons could be considered responsible in hampering the growth, development, smooth running and success of a Bitcoin mining farm in this country, Nigeria?

*Or, what's some difficulty one would have to encounter when commencing with the setting up and operations of a Bitcoin mining farm in this country, Naija?

To set up a minning rig in Nigeria could be a very difficult task and I think most of the major Setbacks as being mentioned by the comments above  and I think  Electricity could be somehow a challenging issue.
Hence, the hash difficulty keeps increasing overtime  and more and more hardware needs to be created to meet up with the process and this obviously means the higher the hash difficulty gets the more the computational power needed to solve it and the more the electricity consumption becomes.

Thus , the profit you will be making from the pool might not be worth it even if you're able to set everything up and meet up with your minning process, not discouraging anyone but what if you just invest with that money, invest on BTC as if you're minning (not practically minning) thus you can keep accumulating using the ideology of maintaining your hardware of paying bill... I mean you  can make more profit with that actually  and you  won't have to worry about any government policy.or likes.

However, either we like it or not minning game is going to shift overtime and there won't be much small minners(that's by then , i guess they willbe more like small minners), rather it will be more of companies and orgs.. it's happening already  but there's still room for every miners at the moment and it might change overtime.