I Just Entered the Bitcoin Mining Lottery: NIKOLAUS

Credit : bitcoinmagazine.com

Once I first got here onto the Bitcoin scene in 2017, I had modified my Twitter account (now X) to ‘@nikcantmine’. (It was a joke that I believed was humorous on the time, since I did not have the assets to mine BTC in highschool.) However at the moment I formally grew to become “nik CAN mine.”

Final week I obtained a present Bitaxa totally open supply (and really small) bitcoin miner, whereas attending the Human Rights Basis’s Bitcoin Summit in Nashville. It is a fairly good machine that lets you connect with a mining pool or solo mine your self.

nik CAN mine pic.twitter.com/Mv1OuTyvBM

— Nikolaus (@nikcantmine) October 8, 2024

Organising the machine was fairly straightforward. It was enjoyable to tinker with and the flexibility to carry a miner within the palm of my hand felt fairly cypherpunk. It seems like a cool approach to introduce somebody to mining on a really small scale.

After all, by attaching this miner to a pool, I would not have the ability to make any actual income, as this miner is negligible in comparison with the ability truly wanted to mine BTC profitably at the moment. However solo mining with this machine is the place issues get a bit attention-grabbing.

Earlier this summer time, a solo Bitaxe miner beat the chances and mined a solo block, incomes the three.25 BTC block reward that’s presently price over $205,000.

Congratulations to miner on the primary bitaxe block, only a shut third for locating the 290th solo block on solo ckpool! That a lot hashrate would solely discover a block on common as soon as each 3500 YEARS, or a 1 in 1.2 MILLION probability per day! https://t.co/5Wtu9jydsF pic.twitter.com/D5sSzug42P

—Dr. -ck (@ckpooldev) July 24, 2024

Facts reveals that this miner had been mining 500Gh/s of hashrate persistently for weeks, then elevated his hashrate to 3TH simply earlier than the block was discovered. Which supplies me some encouragement figuring out that my Bitaxe is presently mining at a velocity of over 634Gh/s.

However I’ve no hope for it, since I haven’t got extra hashrate so as to add and the possibility of discovering a block with this small hashrate is about 1 in 1.2 million per day. according to to the Solo Ckpool administrator, Dr -ck.

Nonetheless, I bought this machine without spending a dime, so I believed why not plug it in and see what occurs? I will take care of the utility invoice later after I see how a lot it’s and reassess whether or not that is price maintaining working. After utilizing it, I most likely would not purchase one primarily based on its economics alone as a result of I would not have the ability to make my a reimbursement until I hit the lottery. However possibly I might purchase one, simply as a enjoyable toy.

The possibility of me discovering a block is 0.001% per day, however truthfully it simply feels enjoyable to run hoping to discover a solo block. I can go away my Bitaxe on 24/7 if I would like as a result of it solely wants a 5-volt energy wire plugged into a daily wall outlet. I’ve it right here on my desk subsequent to my monitor.

Together with a brand new Coldcard Q I simply bought, I could not cease enthusiastic about how cool it could be to win a solo block mining with this and have that BTC reward despatched to a model new bitcoin pockets.

This might imply that there isn’t any public proof that I obtained the Bitaxe or Coldcard (apart from this text), and I might have a pleasant KYC-free Bitcoin.

This text is a To take. The opinions expressed are solely these of the writer and don’t essentially mirror these of BTC Inc or Bitcoin Journal.