One company has managed to make a Bitcoin (BTC) mining computer for as little as $3 each. Although the yield from such a “miner” is nothing special, it does solve a major problem in the bitcoin mining industry. The mining industry is way too exclusive these days.
$3 micro #Bitcoin miner ready! 50 khs
No excuses to run a miner and join the team 😜
More information about this update will follow shortly pic.twitter.com/Zpqh5jUMUN
— BitMaker ⚡ (@BitMaker_) August 26, 2023
The bitcoin mining industry is too exclusive
The company behind the cheap mining computer, BitMaker, claims that the current mining equipment industry is very “mysterious and exclusive.” The popular ASIC mining rigs commonly used for Bitcoin are very inaccessible and expensive. This goes against the idea behind Bitcoin: open source, transparent and for everyone.
“The bitcoin mining engine is probably the most important piece of hardware in the bitcoin ecosystem. And they are made in complete secrecy.”
According to a BitMaker spokesperson. As the value of bitcoin increases, the bitcoin mining industry becomes increasingly inaccessible to small participants. The intense competition means that a select group of large companies dominate the mining industry.
Small crypto miners offer a solution
The small and affordable mining machines are likely to be an important counter-movement to the trend mentioned above. BitMaker’s mining engines are completely open source. This means that it is even quite easy for creative people to build a low-budget miner themselves.
“It allows anyone interested in building their own miner to participate in the decentralization of the system.”
Bitaxe is also a company that makes small accessible miners, but Bitaxe also points out that small miners are not about nice profits.
“It’s not about profit. It’s about learning, understanding and in some cases being part of a community.”
With the current popularity and saturation of bitcoin mining, it is becoming increasingly difficult to generate large profits with a simple setup. Whether companies like BitMaker and Bitaxe offer a solution here remains to be seen. At the moment it seems to be more of an ideological principle than a way to make money.
