When I first entered the world of Bitcoin back in 2017, I humorously changed my Twitter handle to “@nikcantmine” because, at the time, I didn’t have the resources to mine BTC in high school. But now, things have changed, and I can proudly say that I am now “nik CAN mine”.
Just recently, I received a Bitaxe as a gift at the Human Rights Foundation’s Bitcoin Summit in Nashville. The Bitaxe is a fully open-source, compact bitcoin miner that allows you to connect to a mining pool or mine solo. Setting up the device was a breeze, and the experience of holding a miner in the palm of my hand felt truly cypherpunk.
While connecting the Bitaxe to a mining pool won’t bring in any substantial profits due to the minimal hashing power, solo mining with this device presents an intriguing possibility. In fact, earlier this summer, a Bitaxe solo miner managed to mine a solo block, earning the block reward of 3.25 BTC, which is currently valued at over $205,000.
The odds of finding a block with a small hash rate like mine are slim, but seeing that my Bitaxe is currently mining at over 634Gh/s gives me some hope. Despite the low probability of success, the thrill of possibly finding a solo block keeps me running the Bitaxe 24/7 on my desk.
Although the economics of purchasing a Bitaxe for mining purposes may not be favorable, the excitement of potentially hitting the jackpot keeps me intrigued. With the Bitaxe plugged in next to my monitor, I can’t help but fantasize about winning a solo block and receiving the BTC reward in a new, private bitcoin wallet.
The combination of my new Coldcard Q and the Bitaxe adds an extra layer of excitement to the mining experience. The thought of receiving a significant Bitcoin reward without any KYC requirements is enticing. It’s like embarking on a quest for digital treasure, with the potential for a significant payoff.
In conclusion, while the odds may be stacked against me, the thrill of mining with the Bitaxe and the possibility of hitting the jackpot keep me hooked. Who knows, maybe one day I’ll strike gold and be rewarded with a significant BTC payout. But for now, I’ll continue to let my Bitaxe work its magic and see where this mining adventure takes me.
Please note that this article reflects my personal opinions and does not necessarily represent the views of BTC Inc or Bitcoin Magazine.