After I first got here onto the Bitcoin scene in 2017, I had modified my Twitter (now X) deal with to “@nikcantmine.” (It was a joke I assumed was humorous on the time since I didn’t have the sources to mine BTC in highschool.) However at present, I formally turned “nik CAN mine”.
The opposite week I received gifted a Bitaxe, a completely open supply (and really small) bitcoin miner, whereas attending the Human Rights Basis’s Bitcoin Summit in Nashville. It’s a fairly neat machine that permits you to connect with a mining pool or solo mine by yourself.
nik CAN mine pic.twitter.com/Mv1OuTyvBM
— Nikolaus (@nikcantmine) October 8, 2024
Establishing the machine was pretty straightforward. Tinkering with it was enjoyable and being able to carry a miner within the palm of my hand felt fairly cypherpunk. It looks like a cool method to introduce somebody to mining on a really small scale.
After all, by connecting this miner to a pool, I wouldn’t stand to realize any actual revenue, as this miner is negligible in comparison with what energy is definitely wanted at present to profitably mine BTC at present. However solo mining with this machine is the place issues get a bit fascinating.
Earlier this summer time, a Bitaxe solo miner truly beat the chances and mined a solo block, incomes the block reward of three.25 BTC at present price over $205,000.
Congratulations to miner with the primary bitaxe block, solely a tiny 3TH for locating the 290th solo block on solo ckpool! This a lot hashrate solely would discover a block as soon as each 3500 YEARS on common, or 1 in 1.2 MILLION probability per day! https://t.co/5Wtu9jydsF pic.twitter.com/D5sSzug42P
— Dr -ck (@ckpooldev) July 24, 2024
Knowledge reveals this miner had mined persistently with 500Gh/s price of hashrate for weeks, after which had elevated its hashrate as much as 3TH proper earlier than the block was discovered. Which considerably encourages me figuring out that my Bitaxe is at present mining at over 634Gh/s.
However I’m not getting my hopes up, contemplating I don’t have extra hashrate so as to add and the chances of discovering a block with this little hash price is round 1 in 1.2 million per day, based on the Solo Ckpool admin, Dr -ck.
My solo mining stats
Nonetheless, I received this machine at no cost, so I assumed why not plug it in and see what occurs? I’ll take care of the ability invoice later once I see how a lot it’s, and re-evaluate if that is price it to maintain operating. Having used it, I most likely wouldn’t buy one primarily based on the economics of it alone, since I wouldn’t have the ability to make my a refund except I hit the lottery. However I’d possibly buy one simply to have as a enjoyable toy.
The chances of me discovering a block is 0.001% per day, however it actually simply feels enjoyable to have operating in hopes of discovering a solo block. I can preserve my Bitaxe operating 24/7 if I wish to, because it solely requires a 5-volt energy wire plugged into a traditional electrical socket to function. I’ve received it arrange proper right here on my desk subsequent to my monitor.
Odds of me discovering a block primarily based on my present hashrate
Along with a brand new Coldcard Q I simply received, I couldn’t cease enthusiastic about how cool it might be to win a solo block mining with this and have that BTC reward despatched to a model new bitcoin pockets.
This is able to imply there isn’t any public report of me receiving both the Bitaxe or Coldcard (aside from this text), and I’d have some candy KYC-free Bitcoin.
This text is a Take. Opinions expressed are totally the creator’s and don’t essentially replicate these of BTC Inc or Bitcoin Journal.
