Title: Can You Still Profitably Mine Bitcoin with a Bitaxe? A First-hand Look
When I entered the Bitcoin space in 2017, I humorously named myself “nikcantmine” on Twitter (now X) due to my lack of resources for mining BTC in high school. But today, I proudly became “nik CAN mine.”
During the Human Rights Foundation’s Bitcoin Summit in Nashville, I received a Bitaxe, a small open-source bitcoin miner. Setting it up was easy, and the experience of holding a miner in my hand felt uniquely cypherpunk. While connecting to a mining pool might not yield profits, solo mining with this device becomes intriguing.
Recently, a Bitaxe solo miner successfully mined a block, earning 3.25 BTC worth over $205,000. This feat was achieved with just 3TH of hashrate. Though my Bitaxe mines at 634Gh/s, the odds of finding a block with this hash rate are slim, around 1 in 1.2 million per day.
Despite the low chance of success, running the Bitaxe provides a fun experience, aiming for the elusive solo block. It operates on a 5-volt power cord, making it convenient for continuous use. Pairing it with a Coldcard Q adds to the excitement of potentially winning a solo block and receiving the BTC reward anonymously.
While the economics of mining with Bitaxe may not be favorable for profit, having it as a novelty item holds its appeal. The thrill of finding a block outweighs the slim odds, making it a fun addition to any Bitcoin enthusiast’s collection.
In conclusion, the Bitaxe offers a unique way to engage with Bitcoin mining on a small scale. While profitability may not be guaranteed, the excitement of solo mining and the potential for unexpected rewards make it a worthwhile experiment for enthusiasts. Explore the possibilities and see where your Bitaxe journey takes you.
