Hi, if you're reading this, it means that you have certain knowledge about cryptocurrency as well as the blockchain technology (my assumption may still be wrong though). It's no longer news that cryptocurrency are here to stay and is quick occupying our economic mainstream. One way of profiting from cryptocurrencies (whether Bitcoin, Ethereum, Litecoin etc) is through MINING.
Mining even in developed countries have proved to be a not so easy task. I could remember way back when I was introduced newly to the crypto works an I heard of crypto mining, I was fascinated, only to discover that for the following reasons it is almost impossible to mine cryptocurrency (since it is cost intensive) in Nigeria.
1.High Cost of mining Devices.
To mine cryptocurrency, you'll need a dedicated devices. These may be in form of ASIC or GPU.
First off, mining Bitcoin is best done using an ASIC. ASIC stands for "Application-Specific Integrated Circuit" which is not a term you need to understand. ASICs are essentially computers that only exist to perform a single task. Because they're specifically made for one task, they do that task a lot more efficiently than other hardware, like GPU miners. However, ASICs are expensive so expect to spend at least $1500 on your hardware.
- ELECTRICITY DEPENDENCE.
Well, over the years we have come to terms with the fact that in Nigeria all we have is NEPA (Never Expect Power Always).
Mining operation requires huge amount of electricity. It would require a 24/7 supply of power and we know that in Nigeria that is an emphatic impossibility. The other options would be going for solar panels or generators. Question is how much will be expended on this considering the volatile nature of cryptos.
Again there is one little, yet important matter of noise. Miners are infamous for their noises as well as there heat.
I am totally not ignorant of all these so called web browser miners like dogeminner.cc and the likes not forgetting teleminer. Truth is, these are platforms established with a ponzi scheme structure. Most if us who were victims can testify.
So my take is, to make profit from cryptocurrency, you'll have to choose between trading or Hodling.
Please your comments are welcome.