For years now, there has been a growing interest in the cryptocurrency industry, particularly in Nigeria, where individuals are eager to mine Bitcoin for free. This interest is not unfounded, as Bitcoin, the first-ever cryptocurrency, has seen an unprecedented surge in value over the past 12 years.
About 2 years ago, the value of one Bitcoin was equal to $20,000, as at today its price is hovering in the region of $10,400. Even though the major problem of cryptocurrency is the volatility in price, Bitcoin is still considered the next big thing after the arrival of the internet.
So far, no commodity has potential like that of cryptocurrency. It was only a matter of time before investors worldwide jumped on board.
Just the same way you mine natural resources like coal and gold, you can also mine Bitcoin too. In 2008, Bitcoin was invented by an anonymous person called Satoshi Nakamoto. To date, the identity behind the Blockchain network and Bitcoin has not been uncovered despite several efforts. We do not know if it’s a person, group, organization or government, but his invention is revolutionizing the world.
When Bitcoin was created, Satoshi Nakamoto provided a solution for the problem of inflation that can arise while using cryptocurrencies. Just like any digital data, a crypto token can be recreated pretty easily.
If this scenario were to happen with Bitcoin, it would lead to inflation and it would lose its value in the long run. Over time, this would cause user’s to lose their trust in the digital currency.
Nakamoto’s solution to this problem was for the computers to solve complex mathematical equations. With each equation solved, miners are rewarded with Bitcoin. In order to ensure authenticity, the equation would be verified across the Blockchain network by all and sundry which is called proof of work.
This way, Nakamoto compared the creation of new coins with mining gold. Hence term Bitcoin mining came to life. Nakamoto noted that in the case of Bitcoin mining, it is CPU time and electricity that is consumed.
However, the creator(s) of bitcoin designed the system so there would be a fixed supply. The supply of Bitcoin is pegged at 21 million, and we’ve mined about 19 million so far. To ensure the stability of the entire system, the problems mining machines solve to earn coins get increasingly harder, the more Bitcoins are mind.
This means that it takes longer to mine 1 bitcoin and miners would have to get bigger and more expensive mining rigs to solve more equations.
Mining Bitcoin for free
There is hope for individuals who do not have the financial power to acquire the needed hardware to mine bitcoin. Now you can join a mining pool where you and several others pool resources together to solve these cryptographic equations.
This way, you are sure to earn your fair share of bitcoin. The only problem is that the reward would be shared equally by everyone who participated in the mining process. Hence, the pay out may not be as large as using your own mining rig.
Here are five decent Bitcoin mining pools I like:
Now that you know how to earn Bitcoin for free through mining, the next thing to learn is how to trade it. Bitcoin trading in Nigeria is the next big thing as thousands of people are earning sizeable income through it.
Using the most trusted OTC Bitcoin trading platform in the country – CoinCola.
With CoinCola, buying or selling Bitcoin in Nigeria has never been easier as you can do so with the Naira. Other currencies include but are not limited to GBP, USD, EURO, etc. We also accept gift cards like iTunes gift cards, Amazon gift cards, and several others.
The Buy Bitcoin in Nigeria Page on CoinCola
Our platform is rushed by investors for one primary reason, our fees. We have one of the lowest fees in the industry. The reason for this is not farfetched; our exchange was created so that people trading in crypto can earn income without being subjected to hidden fees.
All transactions are done peer to peer without any interference from us. The only thing we do is to ensure all transactions are carried out safely and securely. There’s the escrow feature in place for traders to use, so no party comes out cheated.
On the go, you can monitor your transactions via our mobile app which is available on both Android and iOS and they can be downloaded on this page. Our interface on both desktop and mobile is simple, clean, intuitive and easy to use by everyone. If at any time you have any questions, we have a customer representative waiting to talk to you any time of the day.