In Africa, Nigeria is one of the most prominent countries when it comes to the cryptocurrency market. With the innovative projects that are being developed there and the support of the authorities, everything suggests that digital assets have bright days ahead of them in this country. However, there is a significant obstacle that prevents people who wish to do so from engaging in one of the most important activities in the cryptocurrency sector: the mining.
The lack of electricity, a real handicap for mining
If so far Nigeria has not yet become the most imposing nation in the field of cryptocurrencies, it is undoubtedly due to the lack of electricity. With a population of more than 200 million, the country is one of the most populous – if not the most populous – in Africa. But only 52% of the inhabitants live in urban areas. The rest are in remote areas. Unfortunately, for them as for the townspeople, the lack of electricity is a big concern.
Nigerians can only rely on the 4,000 megawatts what can the national power grid provide. However, this network seems to be failing more and more, since it can no longer cover all the needs. What’s more, many people are forced to living entirely in the dark, without electricity. To remedy this, some Nigerians are turning to alternative sources such as generators running on diesel, oil or solar energy.
Finally, due to the frequent and regular cuts in electricity, the energy sources that are supposed to be alternative become main sources. In this context, it seems impossible that the mining cryptocurrencies (especially bitcoin) are thriving in the country. And yet, against all odds, even if everything seems so black, Nigeria contributes to the global hash rate of Bitcoin.
Resilience and new projects
Even if everything seems lost in advance, Nigeria is a must-see country when it comes to the mining cryptocurrencies. This is mainly due to the high resilience capacity of Nigerians. Indeed, most know adapting to the most difficult situations. The proof is that today it is relatively difficult to accurately define the day when the first ASIC based in Nigeria connected to the network. Why? Because in this period it was necessary to exercise discretion due to the ban on the mining.
While it is true that difficulties exist today and limit Nigerians with regard to the mining of digital assets, we must not forget that they are bound to disappear over time. In addition, there are actions are undertaken on both sides by the professionals of the mining themselves. Added to this is the blessing of the authorities who have withdrawn any ban for now. The ground is therefore favorable for the launch of new projects and the growth of fruits for the work of specialists.
Despite considerable difficulties for the mining of cryptocurrencies, especially bitcoin (BTC), Nigeria is imposing itself and asserting its supremacy over other African nations in this regard. This is due to the launch of new projects in the country as well as the determination of professionals in the mining.
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Behind the generic signature “Editorial CT” are young journalists and authors with special profiles who wish to remain anonymous because they are involved in the ecosystem with certain obligations.