Terrahex to Launch 9MW Bitcoin Mine in Nigeria Using Stranded Power

Terrahex, founded in 2025 by former oil and gas professional Olumayowa Ogunnusi, aims to monetize Nigeria's stranded electricity by using it to mine Bitcoin. The company's first site, Node One, will be a 9MW facility hosting about 2,400 ASIC miners across six containerised units, with the first phase expected to go live in December 2026 and full operation by Q1 2027. Nigeria's grid suffers from significant underutilisation—average available capacity was about 5,398MW in 2025, dropping to 4,458MW in Q1 2026—leaving gigawatts of generated power without a reliable buyer. Terrahex proposes to partner with downstream and midstream energy firms, taking their unused capacity (for example, 15kVA from a generator running at 30kVA load) to run mining rigs, offering partners a profit share plus a minimum guaranteed payment while keeping their existing operations intact. The model avoids the regulatory complexity of flare‑gas conversion and positions Bitcoin mining as a gateway to broader high‑performance computing, including AI inference using GPUs. To reach 100MW within 24 months, Terrahex estimates a capital cost of $2.5‑$3 million per MW and has secured institutional backing with ticket sizes of at least $500,000, though total funding remains undisclosed. Risks include Bitcoin price volatility and the periodic halving of block rewards, but Ogunnusi expects Terrahex's cost per Bitcoin to remain in the lowest 30% of global miners. The venture tests whether energy‑rich but grid‑poor regions can capture value from the crypto compute boom rather than exporting the opportunity.

SOURCE: https://techcabal.com/2026/09/15/terrahex-bitcoin-miners-in-nigeria/