In Africa, Nigeria is one of the most prominent countries when it comes to the cryptocurrency market. With the innovative projects being developed there and the support of the authorities, everything suggests that digital assets have a bright future ahead of them in this country. However, there is a major obstacle preventing those who wish to do so from engaging in one of the most important activities in the cryptocurrency industry: the mining.
The lack of electricity, a real handicap for mining
If until now 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 over 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 city dwellers, the lack of electricity is a big concern.
Nigerians can only rely on the 4,000 megawatts that can be supplied by the national electricity grid. However, this network seems increasingly failing, since it can no longer cover all the needs. Moreover, many people are forced to live entirely in the dark, without electricity. To remedy this, some Nigerians are turning to alternative sources like generators that run on diesel, kerosene or solar power.
Eventually, due to frequent and regular power cuts, energy sources that are supposed to be alternative become main sources. In this context, it seems impossible that the mining of cryptocurrencies (especially bitcoin) thrives in the country. And yet, against all odds, even though it all looks so bleak, Nigeria is contributing to the global Bitcoin hash rate.
Resilience and new projects
Even if all seems lost in advance, Nigeria is an essential country as far as the mining cryptocurrencies. This is essentially due to the great resilience of Nigerians. Indeed, most know adapt to the most difficult situations. The proof is that today it is relatively difficult to define precisely the day when the first ASIC based in Nigeria connected to the network. Why ? Because in this period, discretion had to be exercised due to the ban on the mining.
While it is true that difficulties exist today that limit Nigerians with regard to mining of digital assets, we must not forget that they are destined to disappear over time. Moreover, actions are taken 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 the time being. The terrain is therefore favorable for the launch of new projects and the growth of the fruits of the labor of specialists.
Despite considerable difficulties for the mining cryptocurrencies, especially bitcoin (BTC), Nigeria imposes itself and affirms 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.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Tremplin.io!
