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Bitaxe And The Open-Source Bitcoin Mining Movement
- Skot, founder of Bitaxe (an open-source ASIC-based Bitcoin mining machine), began deconstructing Bitmain's Bitcoin mining machines approximately two years ago. He reverse-engineered one, creating the first-ever open-source ASIC-based Bitcoin mining machine in early 2023.
- Bitaxe is technically just open-source code that anyone can use to build a physical mining machine. Anyone can build and sell Bitaxe’s under its open-source license.
- The machine runs on a 5 volt power source, uses between 12 and 18 watts of electricity, and connects to the internet through WiFi. Running a Bitaxe full-time should only increase users' energy bill by a few dollars per month.
- Bitaxe decentralizes the hashrate, though this will only lead to meaningful decentralization if mining pool centralization declines as well.
- Skot created a low-power and affordable Bitcoin miner that anyone can plug in at home, while his work on Bitaxe also paved the way for others interested in open-source Bitcoin mining initiatives.
- Skot believes that all aspects of Bitcoin's development should be open source, so that anyone who is remotely interested can get involved.
- The Bitaxe and open-source mining movement has taken on a life of its own, and it has become decentralized. Skot stresses that this open-source part is important because Bitcoin mining has forgotten about the open source ethos of Bitcoin, despite this being important.
- Out of every Bitaxe sold, approximately $5 is donated to Open Source Miners United (OSMU), which helps financially support both Skot and OSMU grant recipients.
- Skot is waiting on the ASIC chip that Jack Dorsey's Block is developing, which will be able to be used in any mining device, and continues to work on open-sourcing the Bitcoin mining stack so that it's easier to compete on the ASIC market.
- The broader open-source mining movement has grown and OSMU now has over 4,000 members who share ideas for how to further Bitaxe and the broader open-source mining initiative.
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