Micro Bitcoin mining devices, which are often open-source and pocket-sized, serve a niche market for those interested in mining Bitcoin (BTC) solo. While these devices may not generate significant profits for users, their creators argue that they help combat the secrecy and exclusivity of the Bitcoin mining industry. BitMaker, a company that has been working on micro miners since June 2022, claims that one can be made for as little as $3, offering an output of 50 kilohashes per second.

The developers behind these devices argue that well-known #bitcoin #ASIC #mining #rigs are closed-source, unlike Bitcoin's source code, which has led to the manufacturing and supply of Bitcoin miners being limited to commercialized entities. Skot, a builder of Bitaxe miners, explained that open-sourcing the design enables much-needed transparency in the industry. He acknowledged that buyers shouldn't expect to earn much Bitcoin right away, but emphasized that the purpose of the portable miners isn't about profit, but rather about learning, understanding, and being part of a community. These portable miners also offer an opportunity for people to run a rig at home without needing to pay for a clunky, overheated, and expensive mining rig.

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Bitcoin Hash Rate Hits Record Highs Amid Plunging Profits 📈

Bitcoin's network #hash rate reaches a new high of 414 EH/s, reflecting a 54% surge this year and an 80% increase over 12 months, enhancing network security.

However, #miners are grappling with plummeting profitability as mining revenue drops to $0.060 per TH/s per day, half of what it was in May due to falling demand.

More efficient #rigs are being developed, but analysts suggest that prices need to rise for mining to remain profitable. Miners have turned to stock sales, raising $440 million in Q2 to sustain operations during the market downturn.

Dilution concerns emerge as some mining firms dilute shares at a faster rate than Bitcoin's growth.

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