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Over the past few years I’ve tested dozens of small Bitcoin miners including Bitaxe, NerdMiner, Avalon Nano, Octaxe and more. Solo mining Bitcoin has exploded in popularity, but when you actually look at the numbers the reality is very different.
There are over 20 million Bitcoin already mined, leaving less than 1 million BTC left to be mined over the next 100+ years. On average only about 20–25 solo Bitcoin blocks are found each year.
That means over the next 114 years only around 2,500 solo miners may actually find a Bitcoin block.
For most people running small solo miners, it’s basically a lottery.
In this video I explain:
• Why solo mining Bitcoin is so difficult
• The real probability of finding a block
• Why I’m selling many of my small miners
• Why larger ASIC miners like the S21 XP make more sense
• The true cost per terahash of small miners
• Whether Bitaxe miners are actually worth it
I still love solo mining devices and think they’re great for learning and participating in the Bitcoin network. But after doing the math, I’m changing my strategy.
Let me know your thoughts in the comments — are you solo mining Bitcoin?
⚡ Contact / Hosting / ASICs
contact@redpandamining.com
Chapters:
0:00 Why I’m Ranting About Solo Bitcoin Mining
1:18 PowerPool Sponsor
2:37 Shipping Problems From Canada
3:55 Why I’m Re-thinking Solo Mining
4:11 Only 1 Million Bitcoin Left To Mine
5:01 How Many Solo Blocks Are Found Each Year?
6:01 Will I Ever Find A Bitcoin Block?
7:22 Are Small Bitcoin Miners Worth It?
8:45 Dollar Per Terahash Problem
10:22 Why I Want Bigger ASIC Miners
11:39 Are Bitaxe Mods Worth It?
13:21 Small Miners vs Big ASIC Miners
14:30 Bitcoin Miners As Home Heaters
16:16 Blocks I’ve Actually Found
17:14 Why I’m Ending My Solo Mining Journey
19:00 Are Solo Miners Just Selling Shovels?
21:22 The Real Question For Solo Miners
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DISCLAIMER: Red Panda Mining is not a financial advisor nor an expert. This is not financial advice. Everything said in this video is an opinion. The statements in this video are not investment advice. This video is intended solely for educational and/or entertainment purposes only. Always do your own research before investing in Crypto Mining. Never invest more than you can afford to lose. Red Panda Mining is not responsible for your losses or gains as a result of buying, selling, trading, or mining cryptocurrencies.
#bitcoin #bitcoinmining #solomining #bitaxe #cryptomining
