In Africa, Nigeria is one of the most prominent countries regarding the cryptocurrency market. With the innovative projects being developed there and the support of the authorities, everything points to a bright future for digital assets in this country. However, there is a major obstacle that prevents those who wish to do so from participating in one of the most important activities in the cryptocurrency industry: the mining.
The lack of electricity, a real obstacle to mining
If so far Nigeria is not yet the most imposing nation in the field of cryptocurrencies, it is because of no doubt lack of electricity. With a population of over 200 million, the country is one of the most populous – if not the most – in Africa. But only 52% of the inhabitants live in urban areas. The rest are in remote areas. Unfortunately, for them and the people of the city, the lack of electricity is a big concern.
Nigerians can only rely on the 4,000 megawatts can supply the national electricity grid. However, this network seems to be failing more and more, because it can no longer cover all the needs. Besides, many people are forced live completely in the dark, without electricity. To remedy this, some Nigerians are turning to other sources such as generators that run on diesel, kerosene or solar power.
Eventually, due to frequent and regular power cuts, energy sources that are supposed to be alternate become obsolete primary 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 everything looks so bleak, Nigeria is increasing the global Bitcoin hash rate.
Resilience and new projects
Even if all seems lost in advance, Nigeria is a necessary country as far as the mining cryptocurrencies. This is mainly due to the remarkable resilience of Nigeria. In fact, most know adapt to the most difficult situations. The proof is that today it is quite difficult to define precisely the day when the first ASIC based in Nigeria will be connected to the network. Why? Because in this period, discretion had to be exercised because of the ban on the mining.
Although it is true that today there are difficulties that limit Nigeria mining When it comes to digital assets, we must not forget that they are destined to disappear with time. Moreover, actions are taken on both sides by the professionals mining themselves. In addition there is the blessing of the authorities who have withdrawn any ban for the time being. The ground is therefore favorable for launching new projects and for the growth of the results of the labor of specialists.
Despite significant difficulties for the mining cryptocurrencies, especially bitcoin (BTC), Nigeria asserts itself and asserts 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 the professionals in the mining.
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