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How To Start Bitcoin Mining In Nigeria & Make Money

Discussion in 'Bitcoin Investments | Discussions' started by Prezzy, May 1, 2017.

  1. Prezzy

    Prezzy Leader Protector

    Please read about Bitcoin Mining in Nigeria for 2018 here
    Speaking of Bitcoin Mining and making it a business here in our country Nigeria, it's one of those things that I have been doing lately and have gained some experience on how it works too.
    So far, I have realized that the Bitcoin mining process is one that anyone with passion for Bitcoins can get involved in full time! However, I will be quick to mention that Bitcoin mining requires two major things which are MONEY & TIME (a lot of it).

    So, if you are venturing into Bitcoin mining, you can't start with absolutely nothing because the fact that BITCOIN requires some work to produce is what gives it the value it has.

    Before jumping into it all. Let's examine,

    What is Bitcoin Mining?
    A rather naive answer will be the process by which new Bitcoins are produced.

    What is wrong with this answer?
    Actually, nothing in particular but this.
    It does not include the technical part of the process that leads to the production of Bitcoins which is a problem.

    So, expanding on the answer, one can say that Bitcoin mining is the process that involves verifying bitcoin transactions in the blockchain and the reward for this process is given from transaction fees which are paid by Bitcoin users each time they want to send some Bitcoins!

    With that,let's see the different means by which one can actually mine these Bitcoins in Nigeria.

    Note: Mining in Nigeria and anywhere else is the same thing. The 'Nigeria' keeps appearing from time to time because this post is targeted for Nigerians who don't really understand how to get started Mining Bitcoin and cryptocurrencies.

    If you still want to learn about Bitcoin Mining in a better explained way, you can use the link below:
    What Is Bitcoin Mining? Beginners Guide To The Process

    That said, let's get straight into the process of mining and how it can be possible with you and what you have!

    Bitcoin Mining is no longer Profitable on a Home Basis

    It used to be. In fact, I think it was meant to be. That's... Bitcoin was actually meant to be mined using PC at home and it was possible at a time but that didn't continue for too long.

    The reason for this is very simple. It's because of the Bitcoin mining Difficulty which is ever on the rise.
    Please go here to understand Bitcoin mining difficulty=> Bitcoin Mining Advanced For New Miners - Difficulty|rewards And Getting Started!

    Two Major ways to Mine for Bitcoins in Nigeria
    Yeah, there are two of them and they include:

    1. Mining on your own with your PC and other mining machines but the problem with this as we described above is that it's no longer profitable meaning that, your input will almost always be greater than your income from the mining setup!

    2. Buying Mining Contracts Online so Companies can Mine for you
    This is the major one we know and do!
    There are different companies out there that

    Bitcoin Mining Requirements

    Whether you are mining on your PC or you are mining through a company online, you'll need these basic things:

    1. Electricity
    This is basically to Power your setup. Without it, your computer and your machines won't just work!

    2. A computer
    Helps you maintain the connection to the Bitcoin network while you search and verify blocks or transactions.

    3. Mining Machines
    Yeah, they are the ASICs.
    They are specifically made for the mining process.

    What are ASICs?
    You can call them some heavy machines that do nothing but mine Bitcoins!

    Very costly indeed but at least they do their job very well of course with proper maintenance.
    They are also known to produce lots of heat.
    Here's what ASIC looks like:
    Bitcoin mining ASIC.jpg-How To Start Bitcoin Mining In Nigeria & Make Money

    So, in the next section, we will dive deep into the art of mining Bitcoin cryptocurrency with these companies I mentioned!

    Mining with Companies Online - How it Works!

    The idea of mining Bitcoins online with Mining companies is simple.

    A you may not be able to mine these coins on your own, you can resort to paying someone else to do it for you. So these are basically what happens when you sign up with a mining company online to mine for Bitcoins!

    You pay them money to buy these Machines
    They buy them and they provide electricity to power them.
    They also maintain the machines for you(you Pay for this too)
    At the end of each day, you guys will share the profit!

    So, it all starts with paying them some money with which they will Buy some mining machines and start operations.

    Most of the companies will show you the daily report on what your machines are able to mine and you can withdraw as you wish!

    The best Companies to Mine Bitcoins Online?

    You may wanna check the old version => Best Bitcoin Cloud Mining Companies|services To Invest In 2017

    I have made a list of them in the past and they include:

    To start Bitcoin mining with Genesis-mining Company => Genesis-mining Bitcoin Cloud Mining: How I Invested 500k|$1k To Earn 1.5k|$3 Daily 4 Life!

    Here, I shared the proof of Genesis-mining =>
    PrezzY - My Own Proof That Genesis-mining Is The Real Deal [payment Proof]

    To start Bitcoin mining with Hashing24 => Genesis-mining Vs Hashing24: Highest Paying Mining Company

    To start Bitcoin mining with, please check out this guide by @gbolahan => How To Purchase Hashpower On Hashflare Mining With Pictures

    I have also written other posts on mining which you'll find helpful!

    How long will it take you to make back your money on Genesis-mining?

    [cloud Mining] Time Taken To Get Back Capital In Genesis-mining For Bitcoins

    How much do I need to invest in other To earn $1 daily?

    Hot - How Much I Need To Invest To Earn $1 Daily In Bitcoin Cloud Mining [genesis]

    Is Bitcoin Mining Profitable in 2017?
    Yes it is and with the price going higher, we expect to see more positive results!

    Do you know that you can Mine Altcoins with your android phone?
    You can learn how to do so Here => How I Mine Altcoins On My Android Phone With Minergate App

    How about mining other cryptocurrencies?

    Yes, you can equally mine them with your pc.

    For a complete guide on DASH mining, please go here => Dash Mining - Complete Guide For Cryptocurrency Miners

    Calculating the Profitability of your Bitcoin mining venture!

    You can go here for the best websites to do this! => Website To Calculate Bitcoin And Other Crypto Mining Profitability

    That's that for Bitcoin mining!
    Do you have any other questions concerning mining here in our country?

    You can ask them below.
    Last edited: Nov 8, 2017
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  3. Prezzy

    Prezzy Leader Protector

    Limitations to mining Bitcoins in Nigeria

    I started a thread in the past suggesting that Bitcoin mining can be a business in our country but there are so many issues with mining in our country on your own!

    That includes.

    1. Electricity
    Which I have already complained that we don't have in Good supply in Nigeria here

    Electricity cannot be said to be costly in Nigeria rather it's unsteady,that's When it's available!
  4. Prezzy

    Prezzy Leader Protector

    2. Machines and Maintenance

    For many, the ASIC machines
    are simply too costly but for those that can purchase it, they have yet another problem which has to do with the maintenance of these machines which can be really costly and needs expert attention!
  5. Prezzy

    Prezzy Leader Protector

    3. Lack of Awareness!

    Which is what we are doing our best create here on!

    People don't even know that it's possible to mine these cryptos on their own and we do our best to tell them and also teach them how to do so!

    Need more help? Ask below or call/whatsapp 07037238225
  6. Prezzy

    Prezzy Leader Protector

    I sincerely hope this helps you get started with Bitcoin mining in Nigeria and I look forward to hearing your success story.

    Meanwhile, enjoy!
  7. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    Nice one bro,but you didnt mention bitcoin halving
    Prezzy likes this.
  8. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    The earlier the better to start now than when 6.5btc will be rewarded per block
    Prezzy likes this.
  9. Please I want to start my own bitcoin business how can you help me out ?
    Prezzy likes this.
  10. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    I think the heat here in Nigeria will add to the heat of the machine, areas where mining will be profitable will be those polar regoin where the environment will cool the machine but if a good cooling atmosphere can be produced here in nigeria then you are good to go.

    Also i think areas like jos will be good for mining
    Prezzy likes this.
  11. Please how can I register
    Prezzy likes this.
  12. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    @Prezzy answer him please
    Prezzy likes this.
  13. Please how can I register
  14. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    Did you want to involve in cloud mining or you want your own farm?
  15. Thanks
  16. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    Those links has been provided to start cloud mining
  17. Prezzy

    Prezzy Leader Protector

    At that time, Bitcoin value will be higher too. That's the logic bro
  18. Prezzy

    Prezzy Leader Protector

    Yeah, electric fans won't be enough.
    One would need air conditioning to create the kind of atmosphere suitable for mining and all that adds to the cost of mining in Nigeria!
  19. Prezzy

    Prezzy Leader Protector

    It depends on the type of business you wanna start, if it's cloud mining, all you need is to follow this link to get started =>

    If you wanna start your own mining farm, you'll be needing @emmydav to help you with the technical part of the setup!

    So which it is?
  20. But a friend of mine do help people to open account so am confuse here because he us use buy coins and sell it to people
    Prezzy likes this.
  21. Prezzy

    Prezzy Leader Protector

    Open account?

    Blockchain account?
    Genesis-mining account?

    What account are you talking about?

    Or you can just specify what you want and I'll direct you on how to do it bro
  22. Prezzy

    Prezzy Leader Protector

    will we ever get to the point where we can mine our own bitcoins on a serious note like Genesis and other companies do?
    or even start companies like Hydrominer
  23. kessyboy

    kessyboy Well Known got me laughing @gbolahan
    gbolahan likes this.
  24. kessyboy

    kessyboy Well Known

    oga ask plain questions,we have crypto-guardians here..who will help you for free..
    How can they help, when they know what ye ask..Lol
  25. Nice tutorial! :)
  26. Prezzy

    Prezzy Leader Protector

    is anyone inching close to starting his/her own mining farm in this country please?
    D-termined likes this.
  27. D-termined

    D-termined TEAM LEADER Protector

    Yes I am planning of starting one with my laptop soon
    Prezzy likes this.
  28. Prezzy

    Prezzy Leader Protector

    D-termined likes this.
  29. D-termined

    D-termined TEAM LEADER Protector

  30. Bjorn

    Bjorn Jackobian

    You should know that Bitcoin and Cryptocurrency mining is a very difficult thing to achieve. There are a lot of technical aspects in it. You have to buy the GPU and provide it constant electricity. You also have to assign a proper working zone for it and cover the running costs.
    Prezzy likes this.
  31. Prezzy

    Prezzy Leader Protector

    One will definitely run a loss in a country like Nigeria given the already existing electricity problems coupled with the new bitcoin price.