Benefits of Cheap Electricity for Bitcoin miners.

[Queen uloma]

‎One of d biggest cost for Bitcoin mining na electricity, in fact, power cost dey determine wader miners dey make profit or dey loss, na why miners way dey around the world dey search for location way get cheap or with surplus electricity.
‎Countries way get low-cost power dey often become mining hubs
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1. Higher profit margins: Bitcoin mining machine dey operate 24/7 wen electricity dey expensive, half of mining reward dey go inside paying power bill, with cheap or free electricity, lower operational cost go dey, higher net profit go dey, faster return on investment go dey, na y miners dey relocate to cheap region.
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2. Competitive Advantage globally: Bitcoin network dey naturally adjust mining difficulty, if ur electricity cost dey lower than others, you fit survive market up and down wella, wen price drop, miners way get high power cost go shut down first, those way get cheap electricity go continue to dey mine and dem go accumulate plenty BTC.
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3. Encourage local investment and job creation: if to say Nigeria get stable and affordable electricity, them for done establish mining farms and both technicians, with engineers go get jobs, all dis foreign investors them fit consider to set up operation,
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4. Utilization of wasted or surplus energy: for some countries ehhh, too much of hydro, or gas energy way suppose waste them dey use am for mining, example for China before restrictions con happen, those people for China way they mom run go US way be say electricity dey more cheap and affordable.
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Those people way they stay for Niger delta way get crude oil well well some of those companies way they operate their they give those villages way them base free electricity 24 hours, if you get ambition to Bitcoin you fine go those area go min, e go help you make money since na free electricity.

[Mr Reporter]

‎One of d biggest cost for Bitcoin mining na electricity, in fact, power cost dey determine wader miners dey make profit or dey loss, na why miners way dey around the world dey search for location way get cheap or with surplus electricity.
‎Countries way get low-cost power dey often become mining hubs
‎
1. Higher profit margins: Bitcoin mining machine dey operate 24/7 wen electricity dey expensive, half of mining reward dey go inside paying power bill, with cheap or free electricity, lower operational cost go dey, higher net profit go dey, faster return on investment go dey, na y miners dey relocate to cheap region.
‎‎
Those people way they stay for Niger delta way get crude oil well well some of those companies way they operate their they give those villages way them base free electricity 24 hours, if you get ambition to Bitcoin you fine go those area go min, e go help you make money since na free electricity.

Well I love the part where you made mention of the electricity part how funny enough try to depend on our Nigeria’s power supply to mine bitcoin i promise you one thing you go come close the machine, because Nigeria is not even a place where any miners should even depend on the Nigeria power supply at all…them making your budget on starting a bitcoin mining station firstly having to think more about this should firstly be the issue to look into and you can even use your sun system power supply…

[Amphenomenon]

Electricity and Internet service are two continuous expenses to consider including security.

Our Internet cost is expensive and running a full node is expensive here, and also Internet service providers are not really consistent with stable network, sticking with starlinks will be better.

Then electricity cost is very much expensive and depending on some regions there is no constant electricity but overall there's still a way to go about it including using solar plants and inverters.

To be honest, why these are limiting factors one can still mine bitcoin in Nigeria but overall cost of everything including electricity, security, Internet services, getting mining machines and other devices are the key factors. After calculating the total cost it would be better to shift fo other business ventures while also accumulating bitcoin and making more profits.

There isn't any big investor in this area in Nigeria and this is something that show how much you are going to be making overall from mining and those who can invest big have higher chances of acquiring more units in mining pool and this will cover cost.

[Charles-Tim]

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4. Utilization of wasted or surplus energy: for some countries ehhh, too much of hydro, or gas energy way suppose waste them dey use am for mining, example for China before restrictions con happen, those people for China way they mom run go US way be say electricity dey more cheap and affordable.
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It is worth knowing that energy surpluses are not wasted in Nigeria, but it is very possible that energy is wasted in Nigeria. I believe the gas flare in Nigeria will only still be used to pollute the atmosphere instead of converting it to electricity. Also the electricity produced in some areas might not be channeled appropriately, but it can not be considered as surplus when Nigeria is generating far less electricity than it supposed to be generating.

[Saltysugar99]

Now Bitcoin mining has moved into the investment sector of large institutions and governments. Small companies will not be able to profit much from mining now. Apart from the cost of electricity, the cost of all the technologies used for mining is very high. Again, there are some environmental issues on the basis of which the governments of some countries have banned mining.

[Coin_info]

Those people way they stay for Niger delta way get crude oil well well some of those companies way they operate their they give those villages way them base free electricity 24 hours, if you get ambition to Bitcoin you fine go those area go min, e go help you make money since na free electricity.

One question you need ask yourself as you dey find free or cheap electricity is that, how long will it remain free and cheap? What of a situation where you after investing money to set up your place to mine in one of these places with cheap or free electricity and things all of sudden changes, like the electricity is no longer cheap, or free again and you have to actually pay for it now, have you considered such situation?

Also places that have free or cheap electricity go get their own challenges, something like maybe insecurity. So you need think all those things before you start.

[DiMarxist]

Unfortunately the truth is that power is costly and is not cheap anymore in the world, it's just in few countries were they are close to the desert so may be using renewable energy like solar that electricity may be cost friendly. Apart from that stable electricity is a big concern any day coming to Nigeria were the issue of having electricity is still far from fetch we are actually disadvantaged when it comes to mining because if one is to set up a mining machine the cost of running such a machine would be huge if not higher than what you are mining in terms of price. You made mention of niger delta communities were hosting these companies have you ever found out how many of these host communities have electricity supply.

[Sammysmart001]

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Those people way they stay for Niger delta way get crude oil well well some of those companies way they operate their they give those villages way them base free electricity 24 hours, if you get ambition to Bitcoin you fine go those area go min, e go help you make money since na free electricity.

Nice post but you kinda fall my hand small with that last point 0h. No doubt say free electricity Dey some oil communities but the thin be say local mining still get wahala for this year.

Check these few point out
The industrial vs Residential: The tin be say this villagers lights no go fit carry all this heavy ASIC miners the ones like S21 or the current S23 own. Make we say you go plug five machines for house you go blow the transformer and this no go sweet the community people because then go vex.

Talking about Green Flare; the thin be say instead of all this small scale mining, now the money don Dey with companies like (Green Flate Holdings). This ones no come to play because them sign agreements to carry flare gas to take power 53MW mining farms for this Delta State.this moves na digital gold

And again make we no forget about the 2025 Tax Act wea any Bitcoin way you mine for ninja you go pay progressive income tax wea reach up to 25% on profit. This FIRS and SEC eye just Dey everywhere now.

No shaking about mining for Delta because na the future but make we do am the right and professional way so make this FIRS or NERC no con be issues

[TokenTikas]

‎One of d biggest cost for Bitcoin mining na electricity, in fact, power cost dey determine wader miners dey make profit or dey loss, na why miners way dey around the world dey search for location way get cheap or with surplus electricity.

Sure, it is a good post but when I really thought about this matter, I realized that mining is quite expensive for us in Nigeria. Since the cost of technology is high and it depends heavily on internet and electricity usage, it is not very easy to make much profit. I also noticed that someone above suggested using solar panels.
Maybe some profit could be possible if solar panels are used but it would still be difficult to run such powerful machines only with solar electricity. However, Nigeria had a golden opportunity and if that opportunity had been properly utilized, many people could have been making good profit from mining by now.

[ZeroVinsonN]

Na electricity make bitcoin mining for Nigeria dey like impossible dream, even if nepa give u 24/7 light the amount way you go pay for bill fit still go pass how much bitcoin you dey mind 24/7 so instead of making profit you go come dey loss ontop, if the electricity problem can be solved then bitcoin mining will be easier here in Nigeria but until our power company becomes better we go still dey suffer this one sha, na our way of life already.

[Bryan jessy]

Electricity and Internet service are two continuous expenses to consider including security.

Our Internet cost is expensive and running a full node is expensive here, and also Internet service providers are not really consistent with stable network, sticking with starlinks will be better.

Then electricity cost is very much expensive and depending on some regions there is no constant electricity but overall there's still a way to go about it including using solar plants and inverters.

To be honest, why these are limiting factors one can still mine bitcoin in Nigeria but overall cost of everything including electricity, security, Internet services, getting mining machines and other devices are the key factors. After calculating the total cost it would be better to shift fo other business ventures while also accumulating bitcoin and making more profits.

There isn't any big investor in this area in Nigeria and this is something that show how much you are going to be making overall from mining and those who can invest big have higher chances of acquiring more units in mining pool and this will cover cost.

My concern as well, because everything here in Nigeria is literally high and quite difficult to afford, the cost of living in this country is even higher and more expensive, it seems to be getting worse everyday, our Internet connections are not stable even after spending so much,  the constant power supply now is like a fairy tale, and security do not mention, because it is more like a general issues everywhere in the country, all this can not be relied on anymore instead we rather help ourselves and get backups should in case they fail us we will not be
stranded, the factors outlined my the OP are quite cool, but to adopt it and make it a reality is the big deal.

[BitBakerr1]

There are some places in Nigeria, especially the place you mentioned the Niger delta region in Nigeria, some communities in these places have crude oil and they have companies in this communities that are mining this oil and this company provided electricity for the community for free. This community don’t pay anything for the electricity the company is giving them and the company use gas and convert it to electricity and this place have 24 hours power supply. a friend of mine is from a place like this in Nigeria they have 24 hour power supply and they don’t pay for it. It is totally free but they don’t have people that are mining bitcoin in this communities and I have been thinking to organize myself and mind bitcoin in this places, it would be very profitable because of the free electricity.

[7juju]

‎Those people way they stay for Niger delta way get crude oil well well some of those companies way they operate their they give those villages way them base free electricity 24 hours, if you get ambition to Bitcoin you fine go those area go min, e go help you make money since na free electricity.

Those stories of 24/7 free electricity in the Niger Delta region are all fabricated. There's no were in the Niger Delta that you will see 24/7 free electricity. The companies do give light to  some oil producing communities but not on 24/7 basis. When you say 24/7 it means uninterrupted power supply, but over here there's nothing like that. There are days we go weeks without light, even the days when there is power supply, they do take the lights for hours to ration it among the various communities.


 For someone who's intention is to do mining over here, you can't solely rely on the free electricity, you have to also make provision for alternative power supply so that the days when there are no free power supply, you can use the alternative power. I just want to clear you on what's obtainable here, so you don't get disappointed when you get here and find out things are not as it is on papers.

[gracreavix]

Electricity na the real backbone of mining, no be even the machine sef..  If power cost too high, e go just be like say you dey work for NEPA instead of Bitcoin lol.  Cheap light fit really change the whole game, better profit and all.

And about Niger Delta and surplus energy part na true. Instead make energy waste or gas flare just dey burn for nothing, if dem channel am well into mining, e fit create jobs and bring serious development.

[Judith87403]

You are correct to say that the cost of electricity is the main driver of probability in mining. After the China's crackdown, most miners left for the United States as a result of cheaper power and regulations are clearer.

Though to relocate only because of free electricity, mostly in oil-producing areas, is not that simple. You will yet encounter costs of hardware, risks of security, internet stability, legal issues, and potential policy changes. Also, power that is given to communities is not usually meant for commercial scale mining, and any form of misuse may create conflict.

Cheap or energy that is stranded surely provides miners an edge, mostly in times of price downturns. Yet, those considering it should think beyond just electricity. Regulation, infrastructure, and long-term stability is important just as much as the cost of low power.

[Solodoski]

Unfortunately, where I live, electricity is not cheap, it is expensive. Areas where electricity is cheap in this region you hardly get electricity often.
Few days ago, my brother made a suggestion of leaving this area to a better area not minding the cost of paying the bills. It is preferably if the the electricity is provided not minding the cost of the bills. However, there are many things to look out when moving to anew apartment. Electricity is included, while it is important to also look out for security, good road and availability of superstores.