If you're not familiar, a Bitaxe is the latest degen trend in Bitcoin mining, basically a novelty but also a fun way to take a shot at the Bitcoin chain without spending thousands in ASICS, garage infrastructure and no results. Emphasis on the last part. Otherwise, Bitaxes and similar are essentially lottery tickets with odds of 27 million to 1 to win a few Bitcoin all to yourself, or larger (ROFL).
What the Hell is It?
Mechanically, a Bitaxe is a small motherboard with an ASIC chip on it. It has the ability to connect and process the Bitcoin chain, as well as other coins that rely on the SHA-256 algorithm. Are you going to get much? In 99 out of 100 cases, nope. But, it is a fun little gizmo about the half size of a shoe that gives you a way to understand how an ASIC connects, operates and interacts with a chain. I picked up the Bitaxe Gamma model on discount, given that the NerdAxe++ is all the rage now, an improved model. Now, these aren't completely toys; it is actually possible to mine and find a block. One extremely lucky fellow did it last month with a combination of six mini ASIC assemblies, scoring 3 BTC and change.
How the Mining Works
The actual connection is already pre-programmed and ready to connect to a designated mining pool. Unlike many BTC pools, this is one is simply giving you the chance to pool your power for the crazy, astronomical chance that your connect solve the block with everyone's effort thrown in. Otherwise, your effort is combined with others to help some other lucky soul do the same. Normal pools would simply spread the block reward among all working members, allocated by fraction of effort involved. In this case, your Bitaxe participation is a winner-take-all. So, when you do the path, dumping $120 or so on a Bitaxe Gamma for the chance to now win $300,000+ in BTC is not a bad risk, all things considered. You'd spend just as much taking the family to the movies and the cost of popcorn.
Where Do I Get One?
There are vendors available in the US and UK, so there's no need for folks there to fuss with tariffs buying out of country. Alternatively, enough folks are using them that there's a used supply available for competitive cost on eBay. Just know you're taking a higher risk depending on the seller you deal with, so check their feedback before plunking down your money. Almost all mining sales are AS-IS, and you don't want to get stuck with a broken device (not that I follow my own advice, I take gambles on cheap big size ASICS and most times I get a working unit for dirt cheap, but sometimes it's a rip off).
So it Lights Up, Now What?
Once connected, you can use your home wifi to connect to it regularly and see progress through the AxeOS integrated in the unit. I found great instructions, better than the scant details in the package, here for getting started. It explained everything in detail and was easy to follow.
When ready, you simply type in the device-displayed Bitaxe unit wifi ID in a browser, and if connected it shows up. With a password feature you can then control the device, tweak it for overperformance, update the BIOS and more. Also, you can connect to the device pool and monitor your chain performance as well as the overall pool search for a block. And that's about it. Then you just wait. It's a bit like fishing at an old country pond; catching the fishing isn't really the goal but enjoying yourself tinker is. And if you do get a block, goddam, you just beat entire life odds. You lucky bastard!
