Should I buy a BitAxe? I know there is only the slightest chance it will pay off.
If you have one, do you regret buying it?
Should I just put the money into sats?
#asknostr #bitaxe #solomining #zap
Discussion
Yes, buy it. It's a cool device.
Decentralize mining one bitaxe at a time :))
If your goal is to make any bitcoin off of it, I would just put the money into sats instead.
I keep wondering the same thing. Every time I get close to pulling the trigger I just stack sats instead.
I think in terms of ‘payoff’ you’ll most likely never break even on the purchase. But there’s definitely an altruistic reasoning to run some kind of miner to support and decentralize the network.
Depends on your goals. Are you trying to make more bitcoin? Is $2-300 a meaningful change in your Bitcoin stack? Then don’t buy one.
Are you trying to learn a little bit about mining? Want to have cool looking bitcoin to display? Then go for it.
It’s a cool conversation starter but I wouldn’t buy one with expectation of ever recouping cost. Just adding to your electricity bill.
It’s been fun learning about mining with it though
You should buy one from nostr:npub160t5zfxalddaccdc7xx30sentwa5lrr3rq4rtm38x99ynf8t0vwsvzyjc9 🫡
I would have rather kept the sats I spent on it. The price isn't justified for the hash output.
You might as well consider getting an S9, as it's cheaper and offers a higher hash rate (even though it’s louder and bulkier).
Ultimately, the decision is yours!
People saying you will never recoup your investment do not have low enough time preference. Your currency is going to zero and those few sats the BitAxe earns you each day are going to be generational wealth someday. Not only that, but you are decentralizing the network.
Wouldn’t buying the sats be better? Especially considering the difficulty adjustment I.e. you could keep the mining but your payout is going to drop off dramatically because of it.
Buying the sats is better in the short term, insignificant in the big picture. It's like people years ago himming and hawing about waiting for bitcoin to drop below $3000 to buy more. We're going to infinity.
First, you have to mine to break even. Then you have to mine the amount of stats that you could’ve originally just bought. You’ve to then hope that the difficulty adjustment hasn’t made the hash rate worthless to continue to mine with I.e. the cost of power is > then the value mined, which (unless you’ve got exceptional electricity rates) is unlikely. And depending on how long this process takes, there’s probably by then a cheaper more power efficient miner available.
Perhaps I’ve got this wrong lmk
I do not regret buying one. Happy to contribute to the decentralization of mining and I no longer feel any temptation to play the lotto 🎟️
I have one and fully aware there is almost zero chance to ever get the block.
But, the key word is almost. You can’t win the lottery if you don’t buy the ticket 😉
You should try building one. Massive skill growth opportunity.
Not sure I’m ready for that challenge just yet.
First, there are two ways you can mine: Solo mining, where there is next to zero chance that you will ever find a block and have a payout, or pool-mining, where your only real options are pools that pay out via Lightning, or you will never reach the threshold for the pool to send you your earnings.
In either case, getting a Bitaxe in the hopes that you will end up with more sats than if you had just bought the sats outright with the same funds is not likely to pan out for you. If that's your goal, just put the money into buying sats.
If your goal is to have a cool desk display piece that is a conversation starter, helps keep hashrate decentralized, and helps you learn a bit about how mining works, then by all means get one! There are definitely other forms of value that it can provide besides just the sats you earn with it.
You’ll end up with more sats just buying sats but they are cool to have. Think of it more as an ornament/hobby. Even start of with a nerd miner they are cheaper. You’ll end up getting a Bitaxe eventually 😏😂
live a little, buy it