Cryptocurrency mining includes two functions, namely: adding transactions to the blockchain (securing and verifying) and also releasing new currency. Individual blocks added by miners should contain a proof-of-work, or PoW.
Mining needs a computer and a special program, which helps miners compete with their peers in solving complicated mathematical problems. This would need huge computer resources. In regular intervals, miners would attempt to solve a block having the transaction data using cryptographic hash functions.
Earlier, only cryptography enthusiasts served as miners. However, as cryptocurrencies gained in popularity and increased in value, mining is now considered a lucrative business. Consequently, several people and enterprises have started investing in warehouses and hardware.
ADVANTAGE
using Nigeria as a case study, if we happen to own a National mining firm and our own cryptocurrency, it'll safe Nigeria from the financial slavery we're still struggling with. I know it is not going to be easy making this work out.
I came to realize that if Dollar rises in value or decreases in value, it actually affects the value of our currency. This is what we must fight against and the only solution is to own our own cryptocurrency.
DISADVANTAGES
There are many disadvantages of implementing a mining firm in Nigeria, there are as follows;
- CONSTANT ELECTRICITY SUPPLY:
in Nigeria we're still struggling to ratify the problem of electricity because in most Countries, there are constant supply of electricity in the country like for example; Ghana celebrated her 10yrs of constant electricity supply but when has Nigeria done such?
This is one of the problem that we must consider before venturing into this idea because the mining machines consumes village that can power about 25 states in Nigeria. That's to tell you how powerful those machines are.
2.FUNDS:
nigeria is the richest country in Africa but most of her citizens are poor, it's not that we don't have the money, we have the money but our greedy politicians claims it all and allowing the citizens to suffer.
We must fight corruption first before venturing into this. - ATMOSPHERIC CONSIDERATION:
One of the disadvantage is the atmospheric condition. The mining machines exerts much heat to the environment thereby emmiting green house gases that affects the ozone layer.
To mention but a few.
CONCLUSION
if all this problems are being tackled, I believe that this idea of implementing a mining firm will come to reality and we'll be free from any financial slavery we're facing today.
I'll update this post with time and talk more on the improvement.
