Is mining profitable in Nigeria?

[megatalk 7]

Mining they said is profitable, and I have ever long to go into it fully. However, all passed experienced has not make me a dine rather I loose all time I venture. I am now planning to own the rigs myself, but my worries bevause of the high coat of internet and wealther, will I make profit?

[bitcoinb 1359]

Yes, depending on your mining hashrate and electricity cost, mining can still be profitable. I suggest you to use an Asic for a better hashrate / power consumption ratio.

[KURTAULI 1297]

In my experience mining in the country is profitable if you have very cheap electricity. Or if you don't have cheap electricity, solar panels are a good alternative

[aymandr 206]

Today, Nigeria's solid mineral mining industry accounts for about 0.35% of its Gross Domestic Product which is low compared to the 10% of its oil and gas sector. The low production rate poses a threat to the nation's economy because the mining industry has a high potential to facilitate economic growth.
 

[Usman Abdulmumin 354]

6 minutes ago, HHadiza said:

In Nigeria electricity bill is cheap you can mine as Mich as you can with the little payment of your bill, I have a friend that mine without any problem.

Yes you are correct some people are not even paying electricity bills they are just enjoying their service for free. 

[magd 5231]

I don't think it will be profitable in Nigeria, because it is simply in many locations. We find that Nigeria is not supported for payment, but withdrawing my information. You can choose a miner that belongs to another country and do mining.

[Rickso 768]

On 2/4/2020 at 8:17 PM, megatalk said:

Mining they said is profitable, and I have ever long to go into it fully. However, all passed experienced has not make me a dine rather I loose all time I venture. I am now planning to own the rigs myself, but my worries bevause of the high coat of internet and wealther, will I make profit?

i don't think it could be profitable, i really don't know how much you pay in electricity fee, but we are talking about a very hot place so you need to keep your rings cooled and this will cost you a lot. so probably you will just lose money in fees to keep your rings on

[Beromnia 733]

Welcome with me
Nigeria, a petroleum country, electricity is cheap there, according to my information, you can benefit from this very important and important factor for mining
With regard to whether or not the authorities allow mining, I do not have any information in this regard

[jacker 1095]

Owning a rig makes mining more powerful. I believe it will be more profitable than using ordinary computers. if your country charges cheap electricity or you build your own electricity from your own energy, that's even better

[Rares002 262]

This depends on multiple factors like the price of the electricity there. You should find and ask a person that is already mining in your country, he will give you the best anderrs

[BitcryptoHan 2557]

On 3/20/2020 at 11:27 PM, lovecrypto19 said:

I am not a Nigerian and I don't know if anyone is mining in that country and I don't know whether I will get any profit. Because for now mining can still be profitable.

Nigeria has no good electricity, Africa has sun, really heating sun. So, it can be profitable but I so not think so. 

[BitcryptoHan 2557]

18 hours ago, lovecrypto19 said:

I really don't know much about the area, is it like you said about there being no electricity for the country. Actually it will be difficult to hope if there is no electricity.

Yes, I know about the country very well. There is too much sun there, and there electricity is very poor. 

[Calvinpriva 17296]

Mining is profitable anywhere if its available, you just need to have mining tools so that you can do it well and get profit. But you have to be careful because there are many fake mining sites.

[BitcryptoHan 2557]

On 4/3/2020 at 8:43 PM, kipara said:

Why are you dking if mining is profitable in Nigeria? So is that's means the mining to be profitable this is depending on the country that's you are leaving or not?.

@kipara Yes, for mining to be profitable, it depends on the country you are residing, like Nigeria, i hward they have mo good source of of electricity, the counter is hot, so mining can not be good in Nigeria

[iloveyobit 6599]

According to my opinion, mining revenues are closely related to the price of electricity in the country, the lower its price, the greater the profit resulting from mining, and vice versa.

[Mcd0d0 5882]

Well, if you see that mining is very profitable and you have some money to buy some equipments, go for it but you need to know if you're winning for it because there's a tendency that the electricity cost is very high and your profit in mining is just going for the electricity bills, it's better to do mining in china by having a small amount of electricity bill.

[Yomose 3704]

On 2/19/2020 at 5:00 PM, KURTAULI said:

In my experience mining in the country is profitable if you have very cheap electricity. Or if you don't have cheap electricity, solar panels are a good alternative

No, solar has never been a good way to mine, not only panel is the component of solar, even, batteries are the most expensive part of a solar, it needs setup, it is very costly, I require maintenance. The best are areas you can access public power supply at a very cheap rate. 

[Honny143 13612]

6 hours ago, Yomose said:

No, solar has never been a good way to mine, not only panel is the component of solar, even, batteries are the most expensive part of a solar, it needs setup, it is very costly, I require maintenance. The best are areas you can access public power supply at a very cheap rate. 

I agree with you solar system set up need to pay high amount, but once install this system later we don't need to pay any extra amount, and this system Eco friendly also, and batteries also up to 24 to 48 months warrenty, if any thing happens then the solar company replace the batteries and equipment also, in my opinion solar energy better alternative for mining.

Edited August 29, 2020 by Honny143

[malik6314193 5449]

I don't think mining is profitable for any single person. A team and a big setup is required for big profit in mining of crypto currencies. Mobile mining is just waste of time as well as your mobile. 

[Yomose 3704]

On 8/29/2020 at 5:10 PM, malik6314193 said:

I don't think mining is profitable for any single person. A team and a big setup is required for big profit in mining of crypto currencies. Mobile mining is just waste of time as well as your mobile. 

This is not correct, if making is not profitable for people, then while are people actually mining, I believe miners should have stopped mining and leave it for other business which will be profitable. The existence of miners indicates mining is profitable. The profit may not though be sufficient enough, but there could be increase in price to favour. 

[leakydonney 1402]

Most of mining platforms are available world wide but make sure you take full time to investigate it before concluding to invest although there are some trusted mining platforms that operates for a time now like dualmine which operates for almost three years now if am not mistaken and also some of trusted exchange platforms like Yobit also introduces it's cloud mining of minex called virtual mining available in many countries so have a time to dig deep before investing on them 

[tienda 8776]

On 11/4/2020 at 10:43 AM, leakydonney said:

Most of mining platforms are available world wide but make sure you take full time to investigate it before concluding to invest although there are some trusted mining platforms that operates for a time now like dualmine which operates for almost three years now if am not mistaken and also some of trusted exchange platforms like Yobit also introduces it's cloud mining of minex called virtual mining available in many countries so have a time to dig deep before investing on them 

Without the doubt @leakydonney mining is available worldwide, anywhere you can place your farm to mine or buying your machine to mine. The things we should to check are the cost of energy electricity and also very important to check the such country law. Because some country are prohibit the cryptocurrency mining.

[leakydonney 1402]

On 11/6/2020 at 3:58 PM, tienda said:

Without the doubt @leakydonney mining is available worldwide, anywhere you can place your farm to mine or buying your machine to mine. The things we should to check are the cost of energy electricity and also very important to check the such country law. Because some country are prohibit the cryptocurrency mining.

Well said my friend and those are the best thing to consider and people should know that mining is still profitable just make sure you invest or mine from a legit one.

[DS#SAQii 1114]

Mining did not depend on the country or area, it solely depends on the forum and method of mining. So, no matter where are you from you can earn handsomely from mining if you play your cards right