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Stats: 2,274,489 members, 4,984,249 topics. Date: Sunday, 16 June 2019 at 09:46 PM
|You Too Can Mine Bitcoin In Nigeria by lilkech(m): 11:08am On Jan 21, 2018|
If you’re not new to bitcoin you will know that bitcoin transactions can never be processed on the blockchain without the input of ‘miners’ and ‘mining machines’
All those transaction fees we pay before transferring bitcoin from one wallet to another goes to the individuals who ‘mine’ bitcoin. People pay as high as $10 just to transfer an amount as little as $20 from one wallet to the other in most occasions and all these fees are distributed among the ‘bitcoin miners’ themselves.
Now there are two types of bitcoin mining namely ‘PHYSICAL & CLOUD MINING’ and as cloud mining is very widespread and easier to operate for now, I will like to show you that the physical aspect of mining bitcoin is viable in a country with a poor power supply like Nigeria.
Physical mining is 200% more profitable than cloud mining everywhere. Although the initial setup fee might be a bit daunting, with proper maintenance culture and technical ‘know how ‘ you too could be mining bitcoins from scratch and be reaping the rewards of being a part of the fast moving technological phenomenon known as bitcoin.
I will update this thread as much as I can to enlighten those who are interested in ‘CREATING BITCOIN’ the ‘physical’ way as against the ‘cloud’ way.
I have been mining bitcoin right here in Nigeria for a total of 2 years now and I can say it is a very reliable source of passive income without stress or hassles.
My goal is to find ‘like minded’ individuals who have a passion for this crypto currency and who are willing to invest into bitcoin mining ASIC machines and possible start a mining farm right here in Nigeria.
What do you need to mine bitcoin?
1. a phone/computer
2. a bitcoin mining machine
3. a router
4. cheap but stable internet connectivity
5. bitcoin wallet where your mined coins will be forwarded into
6. POWER SUPPLY (preferably solar powered)
You can also mine other altcoins like ETHERUM, LITECOIN, DOGECOIN etc in a likely manner albeit with slightly varying machine configurations
FOR FURTHER QUESTIONS AND ENQUIRERS PLEASE SEND AN EMAIL TO ME [ lilkech @ outlook . com ]
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|Re: You Too Can Mine Bitcoin In Nigeria by cash365(m): 12:38pm On Jan 21, 2018|
|Re: You Too Can Mine Bitcoin In Nigeria by lovedappie: 1:38pm On Jan 21, 2018|
|Re: You Too Can Mine Bitcoin In Nigeria by hadedeji(m): 2:48pm On Jan 21, 2018|
|Re: You Too Can Mine Bitcoin In Nigeria by khadaffi(m): 7:10pm On Jan 21, 2018|
I didn't see where the OP requested for your email addresses
|Re: You Too Can Mine Bitcoin In Nigeria by Chron1cle(m): 7:30pm On Jan 21, 2018|
That's how you know lazy people. instead of always coming here for update, they'd rather have the Op go through the rigmarole compiling everything for them and send it via email.
|Re: You Too Can Mine Bitcoin In Nigeria by ITrade4U: 7:38pm On Jan 21, 2018|
cash365:if you want to start trading cryptocurrency, The most reliable crypto exchange is Binance
https://www.binance.com/?ref=10808871 .There are low broker fees, there are no middlemen to deal with, nor really any barriers to entry or red tape. All you need is some percentage of a single Bitcoin. There is no reason not to try it out. If you can accept risking a few dollars, it’s a great way to get into cryptocurrency. https://www.binance.com/?ref=10808871
|Re: You Too Can Mine Bitcoin In Nigeria by lilkech(m): 7:51pm On Jan 21, 2018|
truly I never intend to send mails to anyone, I will update this thread as the days go by. My issue now is uploading pictures but I will tackle that during the week.
|Re: You Too Can Mine Bitcoin In Nigeria by frankike1: 9:02pm On Jan 21, 2018|
lets keep updating information here. Guys i am in europe, i will like to join this pool. i have good money to invest in it but i dont know where to meet people who mine. they hide in their houses and do it. i have free constant power supply, and also internet. i can use this as part time job. i really want to learn it.
The truth is, if i learn any sure online biz that can give me 10% of my investment monthly, i will come to Nigeria and set up solar system to run it.
|Re: You Too Can Mine Bitcoin In Nigeria by emmanuelbrown26: 9:06pm On Jan 21, 2018|
following. What about mining software!
|Re: You Too Can Mine Bitcoin In Nigeria by solomonjesus: 9:25pm On Jan 21, 2018|
|Re: You Too Can Mine Bitcoin In Nigeria by emmanuelbrown26: 7:25pm On Jan 22, 2018|
frankike1:what part of Europe are u? If its UK I will suggest something
|Re: You Too Can Mine Bitcoin In Nigeria by WHIZKIDEFE(m): 9:28pm On Jan 22, 2018|
Joshuamoses101, come and read o
|Re: You Too Can Mine Bitcoin In Nigeria by frankike1: 5:17am On Jan 24, 2018|
Finally I have got what I have been looking for. I saw already built system for bitcoin mining. By a company. Am so happy, am giving it a try soon.
Currently I based in Norway, but right now I went to Umea Sweden to checkout some businesses.
|Re: You Too Can Mine Bitcoin In Nigeria by zeestone99(m): 9:48am On Jan 24, 2018|
I have all the above except bitcoin mining machine, lilkech let's make a team.
|Re: You Too Can Mine Bitcoin In Nigeria by lilkech(m): 10:26am On Jan 24, 2018|
Wow! Then you’re well on your way to earning at least N5,000 daily without doing anything except pressing a switch on/off
I traveled out of my state on business and need to return home before I can continue this thread and also upload pictures too.
Please exercise some patience okay
@emmanuelbrown26 no bitcoin/altcoin mining software can work without a corresponding hardware
|Re: You Too Can Mine Bitcoin In Nigeria by emmanuelbrown26: 3:14pm On Jan 24, 2018|
lilkech:mehnnn, so what do u suggest bro
|Re: You Too Can Mine Bitcoin In Nigeria by lilkech(m): 3:56pm On Jan 24, 2018|
I suggest you get a compatible hardware with specifications powerful enough to Mine profitably
|Re: You Too Can Mine Bitcoin In Nigeria by stagger: 4:06pm On Jan 24, 2018|
Some mining rigs consume more power than the whole of Lagos state. How do you intend to do this stuff in a country that generates only 5,000MW and cannot even transmit most of it efficiently?
|Re: You Too Can Mine Bitcoin In Nigeria by lilkech(m): 5:05pm On Jan 24, 2018|
It all depends on the particular rig you intend using. Rigs all have configurations and power consumption, you need to know the kind you can successfully handle with minimum maintenance and overhead expenses
|Re: You Too Can Mine Bitcoin In Nigeria by zeestone99(m): 5:16pm On Jan 24, 2018|
OK bro, wish u a safe trip, we ll b waiting for u to continue the thread. I also v other tins to discus pls whatapp zero eight one 8417 one one nine three. Tx
|Re: You Too Can Mine Bitcoin In Nigeria by chidexnwa(m): 9:03pm On Jan 24, 2018|
|Re: You Too Can Mine Bitcoin In Nigeria by lilkech(m): 11:30am On Feb 01, 2018|
So first and foremost, before you can start to Mine Bitcoins you will need the recommended hardware for the job. There are a range of specialized machines called ‘ASIC’ computers which was designed and manufactured specifically for bitcoin and altcoin mining.
While your regular laptops and desktops can come with configurations like 2.4ghz Core I7, 4GIG Ram, etc these ASIC computers rely mostly on processing power over ram or storage capacity.
For this tutorial I will be making reference to a nice bitcoin mining machine produced by BITMAIN a company in China, this machine is called an ANTMINER and there are various versions of these Miners.
I currently run an Antminer S7 which has a computing/processing speed of 4.7thz. This machine comes with its power supply unit (PSU)
|Re: You Too Can Mine Bitcoin In Nigeria by lilkech(m): 11:39am On Feb 01, 2018|
After you’ve purchased your Miner the next item on your list would be a means for the machine to be connected to the internet where all the bitcoin transactions take place.
These machines all use the same protocol to get connected to the blockchain where transactions are processed. In order to get your machine online you will need to purchase a competent ‘ROUTER’
In my setup I made use of a rather budget and versatile means of connecting my machine. I purchased a router from a store and a regular USB modem where my SIM card resides. Once I switch on my router, it connects to my USB modem and dials the internet to get online. Once the router is online it then shares its connectivity to other systems both wired and wirelessly. While using my router to connect just my mining rig to the internet I spend a maximum of N1,000 (one thousand naira) per month on subscription as the mining operation isn’t data intensive.
REMEMBER THAT THE BITCOIN MINING RIG/MACHINE ONLY CONNECTS TO THE INTERNET VIA A WIRED CONNECTION
|Re: You Too Can Mine Bitcoin In Nigeria by lilkech(m): 11:49am On Feb 01, 2018|
After you’ve been able to get your machine and your router you will need to go on the internet to get a bitcoin account/wallet. There are many websites which offer this service like Blockchain, Paxful, Coinbase, BitGo e.t.c
After registration for a bitcoin wallet you will need to find a way to make your machine ‘seen’ in the bitcoin network. Remember that you only purchased a hardware (miner) and blockchain itself wouldn’t recognize you or your machine unless your mining rig is ‘employed’ to work on the bitcoin network.
In order to do this, you will need to register your machine on a platform called a ‘MINING POOL’ , these mining pools have just one function and that is to pool mining hardware rescorces together from fellow bitcoin miners all over the world for the single purpose of breaking the ‘blocks’ of bitcoin transactions on the blockchain. Examples of these mining pools are F2Pool, Antpool, Slushpool, Kano e.t.c
A machine can be programmed to Mine alternately on as much as 3 different pools
|Re: You Too Can Mine Bitcoin In Nigeria by lilkech(m): 12:09pm On Feb 01, 2018|
I also mentioned that you will need a phone or computer too. Well these are not really necessary for the mining operation per day but just needed for the initial setup and configuration process of the mining rig and also to check on the rig’s various operating status as it works for you. A miner can be up and running for hours, days or weeks at a stretch so various data can be displayed on the rigs dashboard like its mining speed, what pool it is currently mining on, the operating temperature, it’s exhaust and fan speeds, it’s hashrate, it’s hashing board states e.t.c
Viewing this machines dashboard is important as it tends to let the user be aware of whatever is going on in the internals of the mining rig. If there is a problem with it’s mini operation it will alert you with either its inbuilt sound alarm (beeps) or it will show you its errors on its dashboard
Once you’ve set up your mining rig and configured your mining pools and wallet details as well as it’s other relevant operating stats, you can take away your phone or computer and the miner will work accordingly to your setup without needing any other form of human input except using your finger to push a switch on/off
|Re: You Too Can Mine Bitcoin In Nigeria by lilkech(m): 12:28pm On Feb 01, 2018|
So after you’ve gotten all these things set up the next step is to figure out how you will power your mining rig
A PHYSICAL BITCOIN MINING OPERATION IS VERY POWER INTENSIVE. WITHOUT PROPER AND STABLE ELECTRICITY YOU WILL NOT BE ABLE TO MINE PROFITABLY ANYWHERE
These days people have turned to alternative power supply sources like solar powered inverters e.t.c to provide electricity in their homes. A regular bitcoin mining rig can consume electricity that’s equivalent to a 2hp Airconditioning system or a regular deep freezer. Some more powerful mining rigs can consume as much power as a pressing iron.
After purchasing your equipment and before you Mine you will have to take the following factors into consideration
Ventilation and cooling
These three factors must be considered and provided for before you can think of engaging your rig in a mining operation
As for Internet connectivity, a regular data subscription of 1gig can give your miner the gateway to connect to its mining pool of choice for up to a month. It gets shorter if you decide to share your router’s Internet with your phones, games or computers in the house. I make use of Glo’s monthly data bundle for my mining operation per month and it’s always adequate for me
As for ventilation, please be warned that a mining rig can become very hot VERY FAST, and as we are in a country with a hostile climate as Nigeria you will need to give your rig its proper cooling during its mining operations. I myself make use of a a little table fan which I setup next to my mining rig to direct fresh air directly into its intake exhaust system to make sure it gets enough air all through its mining operation. It is also recommended to place your rigs in a room that has proper air conditioning. Failure to provide enough cooling for your rig will result to it’s hashing board getting mild to major damages which can either render your miner useless or reduce its mining/processing speed depending on how many hashing boards were affected.
As for power I mostly mine with NEPA, and seldom make use of alternative power as I am not really into ministry on a very large scale ‘yet’ and still I make relatively good profit for my decision.
|Re: You Too Can Mine Bitcoin In Nigeria by Fingerprinter(m): 12:39pm On Feb 01, 2018|
This is very incisive. You are doing a great job.
Now, where can some buy the miner you mentioned in Nigeria. Also, where can one buy a router.
I have a modem that I'm not using currently, I also have a computer and a mobile phone. Please, direct me on where to get the remaining items.
|Re: You Too Can Mine Bitcoin In Nigeria by lilkech(m): 12:43pm On Feb 01, 2018|
During the 2 years of my mining operation at home I have encountered two issues which caused my mining rig to breakdown thereby hampering my mining operation for weeks at a stretch. It stopped my machine from mining for such an amount of time because I had to order replacement parts and the delivery time was something I had no power over. Both setbacks on my rig were caused purely by HUMAN ERROR on my part and not the manufacturer. My rig was under warranty for the first fix while the second was out of warranty.
The two fixes I made was:
When my intake Fan spoilt (what caused this issue was the fact that NEPA was supplying low current to our area and I tried to use a stabilizer to regulate the power)
what I learnt: NEVER RUN YOUR MINING RIG WITH A STABILIZER
The second was when one of my Hashing Boards got fried (this happened when I was not home and a family member decided to switch on the rig without any form of external cooling)
what I learnt: NEVER RUN YOUR MINING RIG WITHOUT PROPER COOLING AND VENTILATION
all in all I spent a relatively little amount for the replacement parts and once the parts arrived I changed the affected parts entirely by myself with the aid of a simple philips screwdriver in under 20minutes
For maintenance you should regularly use a philips screwdriver, a mini vacuum cleaner/hair blower and some electronic friendly solvent to wipe the components of the mining rig. You will have to take the rig apart for this and thankfully it is not a difficult task to accomplish
|Re: You Too Can Mine Bitcoin In Nigeria by lilkech(m): 1:05pm On Feb 01, 2018|
Here in Nigeria the concept of mining bitcoin physically is mostly frowned upon because the populace has not been sensitized, most individuals and organizations mostly prefer to Mine Bitcoin ‘in the cloud’ as this method does not involve any sort of overhead costs required to generate profit except the initial capital expended to purchase a cloud mining contract.
But it is of note that for an individual to Mine Bitcoin physically and in the cloud require a very different approach for each. While mining bitcoin in the cloud is very viable and profitable it is of note to know that mining bitcoin physically is far more profitable in every ramification.
Everybody can Mine Bitcoin regardless of age or gender, the only factor to consider will be location because it has an effect on the daily power supply you will receive, the internet networks available for use and the climate to regulate the temperature of your mining rig.
All that one needs to do to Mine Bitcoin is to switch your machine and router on or off as the case may be.
These are links to both minor and major miners we have in various places and setups right now.
THE BIGGEST MINING OPERATIONS IN THE WORLD
|Re: You Too Can Mine Bitcoin In Nigeria by lilkech(m): 1:15pm On Feb 01, 2018|
So people have been mining bitcoin for years now and as the times go by the prices of these coins fluctuate relatively to the prices of other currencies in the world. As mining operations continue and more and more bitcoin transactions are sent out of one wallet to another it is imperative that the physical miners have to use their rigs to process the ‘floating’ transactions on the blockchain.
The movement of bitcoin today goes as this:
The higher the amount of individuals and corporations need bitcoin as a means of payment for goods and services - The more people use bitcoin - the more transactions are sent from wallet to wallet - The more the bitcoin miners work increases - the more difficult it gets to Mine a complete block on the blockchain network
Having this in mind it is always wise to know when to Mine Bitcoin and when not to Mine Bitcoin with your rigs (remember it is always profitable to Mine Bitcoin physically but you must consider other external factors to determine your profit margin)
People could have as much as 1-30 machines at home, companies could own up to thousands at a time but I have just one and still make my profit everyday I use my mining rig.
So how do I calculate my profit?
|Re: You Too Can Mine Bitcoin In Nigeria by lilkech(m): 3:34pm On Feb 01, 2018|
Every item can be sourced online. You can go through hardware dealers on alibaba or aliexpress. Some other websites like eBay, amazon also stock them both new and fairly used.
If you want to buy a mining hardware please endeavor to purchase it NEW because of the accompanying warranty. It is useful to have warranty as a first time miner
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