Getting started with solo mining
Contribute to network decentralisation and help secure the bitcoin network
Gary Woodfine
Bitcoin is the original cryptocurrency, and it is one that makes use of consensus algorithm known as Proof of Work (PoW) which is a fundamental component of the Bitcoin network, serving as a decentralised mechanism to achieve agreement on the state of the blockchain among all participating nodes. In this system, miners compete to solve complex mathematical puzzles, a process that requires significant computational power and energy. The first miner to solve the puzzle broadcasts their solution, known as a block, to the network. Other nodes then verify the solution and, if correct, add the block to their copy of the blockchain. This process not only secures the network by making it computationally expensive to alter the blockchain but also incentives miners with newly minted bitcoins and transaction fees, ensuring the network's security and integrity without the need for a central authority.
What is Bitcoin mining?
Bitcoin mining is the process of using ASIC (Application-Specific Integrated Circuit) computers, specialised hardware device designed specifically for performing a single task, to solve complex mathematical problems, validating transactions on the Bitcoin network. Miners compete to add new blocks to the blockchain, earning Bitcoin as a reward. This process secures the network and ensures the integrity of transactions.
Solo mining, also often referred to as Bitcoin Lottery Mining, is akin to playing a high-stakes lottery. Miners operate independently, and when they succeed in solving a block, they claim the entire block reward and transaction fees. This approach offers significant rewards, but the odds of success are low due to high network difficulty and competition.
Bitcoin mining is the process by which new bitcoins are introduced into the network. Miners use powerful computers to solve complex mathematical problems, and in return, they are rewarded with newly minted bitcoins.
What is Bitaxe
Bitaxe is a Bitcoin miner based on an open-source design and a modern mining ASIC, offering efficiency and customisation for users.
Bitaxe is plug-and-play Bitcoin miner that uses the same kind of ASIC chip found in commercial-grade miners from Bitmain—just scaled down and simplified for personal use. running on just 10 to 18 watts, working entirely over Wi-Fi, and since it is a standalone device, precludes the need to own a PC or a giant mining farm.
The Bitaxe enhances the probability of success in Bitcoin lottery mining. With its high-performance ASIC chips and optimised design, the Bitaxe increases the chances of solving blocks independently. Miners can leverage this innovative device to participate in Bitcoin lottery mining, potentially earning substantial rewards.
Bitaxe is open-source enabling users to inspect, modify, and enhance the hardware and software to optimise performance based on specific needs or mining environments. Bitaxe is ideal for miners looking for greater control over their operations while contributing to the decentralisation of the Bitcoin network.
The Bitaxe series is designed for solo miners who want to harness significant mining power without the overhead and complexity typically associated with industrial-grade equipment.
The Bitaxe is known for its efficiency, reliability, and ease of use, featuring the powerful BM1397, BM1366 and BM1368 ASIC chip from Bitmain along with other advanced components that enhance its performance.
Why choose Bitaxe
- Open-Source Innovation: Bitaxe is the world’s first open-source ASIC miner providing unmatched transparency and customszation.
- Community-Driven Development: Continuous improvements and updates are shared openly, keeping you at the cutting edge of mining technology.
- Energy Efficiency: The Bitaxe series ensures that your mining activities are both powerful and sustainable, reducing operational costs while maximising performance.
- Decentralisation: By mining your own block templates, you actively contribute to preventing network censorship and enhancing Bitcoin’s security.
- Bitcoin Lottery: Participate in the Bitcoin lottery every ten minutes, with a chance to find the next block and earn significant rewards.
For solo miners finding a block is a rare achievement, but it has happened on several occasions and a fun challenge to take on.
It's important to enjoy the journey and take comfort in the knowledge that you are helping to secure the network.
Bitaxe Gamma Bitcoin Miner
I personally run a small fleet of Bitaxe Gamma 601 - Black Ice Edition, which I purchased from the The Solo Mining Co which come expertly fitted with:
- The “BitHalo” A bespoke lighting add-on that not only adds a touch of interaction but also features rear power entry, eliminating the need for messy side cables.* which includes rear button enabling you to customise the pulse color.
- Custom “Bitchin’ Sink'” Black Aluminium Heatsink Crafted for superior heat dissipation, enabling seamless overclocking.
- 8mm CNC-Milled Black Aluminum Stands: Built for added durability and efficient heat dissipation.
- The “Black Magic” Ultra-Quiet Fan: Rivals the legendary Noctua Silent fan, offering whisper-quiet operation and unparalleled cooling.
- 5.2V 6A Custom “ThunderVolt” power supply included.
Utilising the BM1370 Bitmain chip from the Bitmain S21 miner, this standalone miner packs a huge punch! Mining up to 1.2 TH/s stock (up to 1.6 TH/s or so with overclocking), the Bitaxe Gamma is designed to be incredibly power efficient and easy to use.
An integrated ESP32 controller hosts a local web page for configuration and information, with built-in wireless networking—meaning no external computer is necessary.
Setting up your Bitaxe to work as a solo miner with Umbrel is an easy process and the Bitaxe Gamma Bitcoin Miner is a great solo miner to start with!
For the most part, the following steps will get your Bitaxe up and running in no time.
- Plug in your Bitaxe and power it on.
- Check the OLED screen to find your Bitaxe’s unique IP address displayed.
- Open a browser on your phone or computer (be sure your phone or computer is connected to the same local network).
- Enter the IP address into the address bar to access the AxeOS interface.