Oddbean new post about login | logout If you're running a Bitaxe, your percentage chance of winning a block is: 0.000000000000000000000000000000000000000000119426751592357% Over a year, your chances increase to: 0.00000000000000000000000000000000000000627707006369428% Your chances of winning the UK national lottery (assuming 20M tickets sold and you buy one): 0.000005% Over a year, your chances increase to: 0.00026%
Looking good then 🤙
How much is Bitaxe's price?
About the same chance then as an anonymous cypherpunk creating digital gold to up end the global financial networks?
You will find your block Mike 😉
T https://image.nostr.build/2b7a3896d78e020dfaa7b69ed1f5dd7b74cb7badb415f65d834affae538f71cb.jpg here's still a chance 👀 nostr:nevent1qqswtgm2vjt5yecn3cqw7v4q3t58ma787eka5q3d5jwc5eug7wysnvspz9mhxue69uhkummnw3ezuamfdejj7q3qaqakd28d95muqlg6h6nwrvqq5925n354prayckr424k49vzjds4sxpqqqqqqzh3hs57
You've convinced me... I'm ordering one.
Join a pool like Ocean, you'll earn 50 Sats a day, within a year you'll be 18,000 Sats up (minus cost of Bitaxe and electricity).
If the cost of a Bitaxe is ~$700 (plus shipping), the breakeven analysis on this is not looking good, even if Bitcoin were to triple by the next halving. This is a fun hobby project, and one worth supporting, but no one should buy one of these thinking they’re going to make their money back, or make a profit.
Nope, my Bitaxe cost $180, but even so, the return won't even pay for the electricity. My data centre S19 was profitable until after the halving, but started loosing money from May when we switched it off. Unless you're doing it at scale with extremely cheap electricity, this is not a money making exercise. However, if you want to support decentralisation of mining pools, then this is good. Bitaxe uses the S19 / S21 chipsets from Bitmain, so this still doesn't decentralise their dominance, we need to look at other hardware options in the future.
Every time I think about buying a BitAxe, I just take the $$ and buy sats. 100% success so far.
How much did your mining knowledge have increased since then ?
Only slightly. Let me clarify. I'm not anti-bitaxe. I keep wanting one for the fun of it and learning. I just have been putting that money into sats over and over.
Wait, wait, wait. Which #bitaxe do you mean? 😎
Does it matter? 😂 I'm basing this on 0.75TH/s which is around the capability of my Bitaxe Supra v401 BM1368. Older Bitaxe's will have a lower chance.
🤣👍🏻
Even what you say that, it doesn't stop a Bitaxe from mining one. Not so long ago one did
I’m sure you’re right but do you also get the smugness of supporting the network security when you buy a lottery ticket?
I run a Bitaxe and will continue to run a Bitaxe. I will also run an S21 or equivalent when market conditions improve for commercial mining and I ran a profitable S19 until May this year. There is no intent behind this, numbers don't have emotions. The reason I posted this was for my own understanding. My view is mining doesn't need supporting. What does need supporting is the decentralisation of mining away from Bitmain. Bitaxe, still runs Bitmain chips, but by joining a pool like @OCEAN you are supporting decentralisation of the pools. When Block launch their miner, I will probably start running one to support the creation of a duopoly in mining hardware. I hope more companies start producing serious mining hardware, because a duopoly is better than a monopoly, but still not a true open market.
