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732 sats \ 22 comments \ @stack_harder 3 Feb bitcoin_Mining

hi guys, I don't know anything about mining, don't even run a node yet, but I'm I quite like the idea of a little bitaxe, i don't know why, but it seems like a relatively cheap way to do a little bit of mining and learn first hand about an important part of bitcoin.

I don't have any expectations of making any money, but I do think it might be interesting. but I have questions:

would it teach me anything or is it a total waste of money? if I do decide, i see there are different ones? should i just get the cheapest?

if i have no expectations of making any money or mining anything of substance, is there any benefit to paying more?

finally, is there a best place in Europe to get one, i see a few different options, but maybe there is one stand-out place with a great reputation

thought?

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21 sats \ 0 replies \ @030e0dca83 3 Feb

If you want to understand how mining works, this video helped me out

No need to spend money to understand it.

But if your purpose is to get more then you spend, BitAxe seems like waste of money, imo

32 sats \ 0 replies \ @Butterfinger 4 Feb

If everyone builds a node it will make the network stronger, the same way if everybody runs a bitaxe it will make mining a bit less centralized and interesting in a scenario that big players have big problems. But on an individual perspective one could considering securing his own stack by running x ammount of hashpower. Then it's much more fun than the lottery.

32 sats \ 2 replies \ @Kenobi 3 Feb

Whichever you choose will do just fine.

The simple fact you are asking this question is already providing you with knowledge and learning.

In regards to the amount learnt, they all have similar odds of finding a Block. That is every 10.000 years or every 30.000 years :)

Thus, if you don't wanna spend too much, just get the cheapest and get started. Also, look into why they are cheaper, what is the difference in hashrate, what is hashrate, etc.

I would recommend this website for your learning: www.learnmeabitcoin.com

I would definitely recommend the https://bitronics.store/, great guys! And they also have the NerdMiners, which have a much nicer interface and casing.

0 sats \ 1 reply \ @stack_harder OP 3 Feb

that's reassuring, so i can start cheaper and then join a pool i guess

although those block odsds

22 sats \ 0 replies \ @Kenobi 4 Feb

Yes, there's a small but non-zero chance.

I'd recommend first informing yourself on the difference between solo mining and pooled mining, which is mostly a payment frequency thing.

Later, you can choose to either join a pool that allows you solo mining (1 block every 15k years) or pooled mining (a few sats every day).

Here are some good pools for solo Mining: Ck Solo Mine Public Pool .io

Here are some Lightning enabled pools that accept and welcome Bitaxes: Braiins pool Ocean pool

Do check the mimum withdrawal for each pool though.

Have fun, and welcome to your latest addiction ;)

32 sats \ 5 replies \ @Zephyr_Knight 3 Feb

They're super easy to set up. I have 3 and do the solo mining thing. Like playing the loto every 10 mins. Be careful... it's addictive.

0 sats \ 4 replies \ @Catcher 3 Feb

Have you tried connecting them to the pool? Just wondering what you can get if you do not solo mine

21 sats \ 2 replies \ @itsMoro 3 Feb

i point a bitaxe supra to Ocean, and the pool's dashboard estimates i earn 64 sats a day. averages about 1 Th/s

0 sats \ 1 reply \ @stack_harder OP 3 Feb

does that mean you have to run it around the clock to make those 64 sats? or is there like a minimum number of hours? or is it a trickle per hour?

14 sats \ 0 replies \ @itsMoro 3 Feb

i dont know how their assumptions are made for that estimate, but it would make sense for it to be based on the miner continually running.

0 sats \ 0 replies \ @Zephyr_Knight 3 Feb

No pool for these... I'd eventually like to run them from a solar panel since they take a 12vdc input. Plus... they just keep getting faster and more efficient.

32 sats \ 5 replies \ @Undisciplined 3 Feb

I did exactly this recently, for the same reasons, and I am enjoying having the little sucker running. #815837

Before I dove in, I was wrestling with whether to get a BitAxe or Heatbit (#744041). There was a lot of useful information in the discussion, including other products.

If I were doing this over, I probably would have gone bigger right off the bat and gotten an Avalon Nano. If we end up moving, I'm definitely going to get something like a Heatbit.

34 sats \ 4 replies \ @stack_harder OP 3 Feb

has it been a good learning experience? what would be the advantage of going bigger? just more sats earned (does it earn sats even?). i found one for like 100 euros and that's right on budget. i couldn't realistically justify more than 200

ill have a look at that thread as i haven't heard of heatbit

does it use much electricity or is it negligible?

32 sats \ 3 replies \ @Undisciplined 3 Feb

It has been a good learning experience.

The advantages of going bigger are more sats and more heat output.

Heatbit is a space heater and air purifier. If you can use either of those things, the Heatbit is a pretty good value, because it also earns a lot of sats.

31 sats \ 2 replies \ @stack_harder OP 3 Feb

heat in bulgarian summers is like 40+ degrees (104+ degrees Fahrenheit) so im good for heat, you can never have enough sats tho!

i do like the idea of an air purifier that also generates sats though

22 sats \ 1 reply \ @Undisciplined 3 Feb

You can't decouple the heat from the sats.

The point of Heatbit is to make productive use of otherwise costly aspects of mining. Mining generates lots of waste heat, but if you need heating anyway, then you can use a miner as a space heater. The components of the miner need to be protected from dust and fans are needed to remove the heat, so putting the miner inside an air purifier makes sense.

Does it get cold enough in the winter that you need heating? That's what I was going to use it for.

23 sats \ 0 replies \ @stack_harder OP 3 Feb

it typically will get down to minus , but we have central heating that works off our log burner so heat isn't a big one. i do like the concept though