Inventors Making Bank with Micro $3 Bitcoin Miners

Micro Bitcoin Mining Devices and Their Place In The Crypto Ecosystem

Despite lacking in performance, micro Bitcoin mining devices are being seen as a way to fight against the Bitcoin ecosystem’s biggest flaw, according to their inventors.

Micro Bitcoin mining devices, which are often open-source and pocket-sized, are serving a specific part of the market by providing buyers with a fully assembled device or a do-it-yourself-kit to mine Bitcoin (BTC) solo.

In an interview with Cointelegraph, developers behind these kits have admitted that buyers won’t likely see much profit but have argued that it’s important to combat the “secrecy and exclusivity” of the Bitcoin mining industry.

One company, BitMaker, recently stated that one of these devices could be made for as little as $3, offering an output of 50 kilohashes per second.

Crypto Mining Companies and Their Impact

A spokesperson from BitMaker — a firm that has been developing micro miners since June 2022 — noted that the popular Bitcoin ASIC mining rigs are closed-source, unlike Bitcoin’s source code. This has limited the supply of Bitcoin miners to commercial entities, they said.

Data indicates that 35.4% of the Bitcoin hash rate is generated in the United States, followed by Kazakhstan (18.1%), Russia (11.2%) and Canada (9.6%). U.S.-based Marathon Digital, Riot Blockchain and Singapore’sBitdeer Technologies Group are some of the largest web 3.0 design mining firms in the world.

Skot, the builder of Bitaxe miners, expressed a similar opinion to Cointelegraph, emphasizing that open-sourcing the design is essential for transparency in the crypto industry.

Cryptocurrency Mining Projects Open Up Transparency and Accessibility

The mining industry has been shrouded in secrecy and exclusivity for decades, but open-source projects are now bringing transparency and accessibility to the public, according to Skot. A Bitaxe spokesperson commented that engineers are now open-sourcing documents that show how to build a hashboard and other mining equipment without relying on large-scale manufacturers.

Skot cautioned buyers that they shouldn’t expect to make a lot of money from Bitcoin right away. He explained that the engineers are working on making the miners more efficient, but the main purpose of the portable miners is not for profit.

Skot also highlighted that the portable miners were not made to compete with the commercialized players in the space, but to provide an opportunity for people to run a rig at home without paying for a large, expensive and potentially overheated mining rig.

Bitmain AntRouter and Mars Lander are two of the other smaller Bitcoin miners available on the market. Additionally, developers are exploring the possibility of mining Bitcoin using mobile phones.

In the world of web 3.0 design, cointelegraph crypto and the biggest crypto sites are some of the best sources of information about the biggest crypto today. Companies working on web 3.0 and blockchain in web 3.0 are also making waves in the crypto world, particularly in Canada crypto. Reddit is also a great source of information when it comes to the best crypto source.