On Saturday, November 18th, Trojan Mining, a Nigerian Bitcoin mining company, announced a 500KW hydroelectric Bitcoin mining facility that it is developing in Nigeria. This news comes as more Bitcoin mining facilities are being set up and expanded around the world ahead of the Bitcoin halving in April next year.
Bitcoin mining in Nigeria
Historically, Bitcoin mining in Nigeria has been plagued by challenges ranging from a lack of regulatory clarity to difficulty finding suitable locations, expertise, and volatile prices, primarily local electricity and hardware costs. It has faced many difficulties, including the deterioration of the economic situation due to inflation. However, many of these factors are changing dramatically.
Considering that the Federal Government of Nigeria recently announced the Electricity Act in June, which allows state governments to generate electricity and manage energy infrastructure independently of the national grid, the following states now have access to mining. It is more convenient and economically viable to set up a business with abundant energy.
trojan horse mining
trojan horse mining is one of the few Bitcoin mining companies in Nigeria founded in early 2021 and a member of the Green Africa Mining Alliance, a collective of African Bitcoin miners aiming to standardize renewable energy mining practices.
Trojan Mining operates a mining fleet on hydropower and plans to expand its equipment to accommodate a newly launched hydropower 500KW facility. The expansion includes the first locally built mining container. Over the next few months, we plan to deploy an additional 150 ASICs and perform the necessary electrical, hardware, and software upgrades, including setting up dedicated transformers.
When asked about the company’s strategy, CEO Yasar Siyambola said, “Our formula is tied to exploring green energy sources and partnering with industry experts in the Bitcoin mining industry. “I’m working on it,” he said.
In building this new facility, Mr Siyambola said: gridless Marshall Long, Texas Bitcoin mining veteran and Head of Architecture at Rhodium Enterprises, provided critical input and assistance throughout the process, providing support and expertise along the way.
Mr Siyambola said the new hydropower facility is one of two he is planning, with the next being supported by additional partners outside Nigeria with mining and supply expertise. , which will become a 1MW facility close to its current operation over the next few months. ASIC. He added: “Trojan Mining’s plan is to become Nigeria’s leading Bitcoin mining farm.”
Furthermore, given that Trojan is located in Nigeria, we aim to engage young people in the local community, teach them about Bitcoin mining, and allow them to directly benefit from the activity through employment and other means and give back to the community. We are also aiming for
Trojan’s new facility and overall plans for the coming months further highlight the growing movement of African miners ushering in a green future for Bitcoin mining.
Going forward, more investors will feel comfortable supporting domestic mining operations by fine-tuning their expertise and understanding local factors and common Bitcoin mining practices. It is expected that more mining projects will be launched across Nigeria in 2024.