In May 2025, Olumayowa Ogunnusi was at a wedding in the United Kingdom when a conversation with a friend gave him an idea. After two decades working in oil and gas, he started looking closely at Bitcoin, the most popular blockchain-based digital currency, and its biggest operating cost: electricity.
“I was realising that the problem the industry faces is power. I’m getting cheap power, and I know where to find this power,” Ogunnusi told TechCabal in an interview.
He started thinking about oil fields the way he would think about a Bitcoin mine: what does it cost to produce something, and can you sell it for more than it costs to make?
That question became Terrahex, a high-performance computing company founded in 2025 and initially focused on Bitcoin mining in Nigeria. The company wants to use the country’s stranded energy to mine Bitcoin and sell to institutional buyers.
Originally published by TechCabal.