• The Network Is Slipping Away
• Mining as Power Projection
• Imagine a Different Network
• The Odds Are Long. The Stakes Are Higher
• Financial Privacy Is Not a Feature. It Is the Point.
• The Long Game

§The Network Is Slipping Away

Bitcoin was designed as a peer-to-peer electronic cash system secured by distributed individual participants, one CPU, one vote, no trusted third parties, no permission required. In the whitepaper’s vision, the security of the monetary network would emerge organically from thousands, then millions, of individuals running software on commodity hardware, each contributing a small piece of computational work, each earning a proportional share of newly issued coins, each serving simultaneously as worker, auditor, and sovereign.

That vision is under existential pressure. Today, four mining pools; Foundry USA, AntPool, ViaBTC, and F2Pool, routinely control more than 65% of global Bitcoin hashrate. Behind each pool are publicly traded corporations with shareholders, creditors, lobbyists, and lawyers. Marathon Digital Holdings trades on NASDAQ. Riot Platforms files 10-Ks with the SEC. Bitfarms, as of April 2026, has renamed itself Keel Infrastructure and pivoted to AI data centers, with its CEO stating plainly: “We are no longer a Bitcoin company.” The machines that once secured Bitcoin’s ledger are being redirected to train large language models because the quarterly economics momentarily favour it.

This is the rational behaviour of institutions operating within a rational framework guided by self-interest and it is precisely the behaviour that Satoshi’s design was meant to make irrelevant.

When you plug in a home miner, even a $89 Bitaxe drawing 17 watts on your bookshelf, you are not playing a slot machine. You are participating in a civilizational contest over who controls the future of money. The odds of finding a block are long, but the stakes of not trying are longer.

§Mining as Power Projection

Jason Lowrey’s 2023 MIT thesis, Softwar, reframes Bitcoin’s proof of work (PoW) algorithm in a fundamentally different way. His core insight is that proof-of-work is not merely a consensus mechanism but it is a form of electro-cyber power projection, a way for individuals and institutions to project real-world power into the digital domain by burning physical energy. In Lowrey’s framework, Bitcoin mining is structurally analogous to bearing arms or fortifying a home: it is the digital equivalent of the individual’s capacity for self-defense.

Think about what this means. In the physical world, distributed armament, the right to bear arms, the ability to defend one’s home, functions as a check against tyranny. A government that wishes to coerce a population must contend with the cost and friction of doing so against millions of individually armed citizens rather than one centralized, disarmed mob. The distribution of defensive capacity is itself a security property of the social system.

Bitcoin mining is the same logic, expressed in kilowatts and SHA-256 hashes.

When hashrate is concentrated in four publicly traded corporations, the adversary; whether a hostile state, a regulatory body, or a cartel of banks, only has four targets. Four phone calls, four cease-and-desist letters and four board meetings where compliance is weighed against litigation risk. 

In 2021, Marathon Digital demonstrated exactly this vulnerability when it ran an OFAC-compliant mining pool that deliberately excluded sanctioned transactions from its blocks, thus sacrificing Bitcoin’s permissionlessness for legal compliance. They eventually backed down under community pressure but the precedent of financial censorship in the name of compliance was already set. Two years later, in November 2023, the Chinese based, F2 pool, also censored and excluded four transactions from blocks, in compliance with OFAC sanctions; a first for a non-US miner to comply with sanctions. 

When hashrate is distributed across ten million home miners, the adversary has ten million targets. There is no phone call that reaches them all and no single regulator has the budget or the jurisdictional authority or capacity to take them down. The network becomes, in the truest sense, resistant. Just as sound money emerges from voluntary exchange and real work rather than central bank decree, a sound monetary network emerges from voluntary, distributed participation rather than corporate delegation. Friedrich Hayek’s insight about the impossibility of central planning, that no single entity can aggregate the dispersed knowledge of millions of individual actors, applies with equal force to mining. No corporation can replicate the resilience that emerges from millions of individual decisions to plug in a miner.

Ludwig von Mises’ regression theorem holds that money’s value traces back to its earlier commodity use, that monetary goods carry a lineage of exchange. Apply this to Bitcoin and a striking distinction emerges: mined coins and purchased coins are not the same monetary good.

Purchased Bitcoin enters the world through a KYC’d exchange, linked to your identity, reported to your government, traceable by any analytics firm. Mined Bitcoin enters through the protocol’s own issuance mechanism, carrying no prior transaction history, no compliance trail, no custodian. By Mises’ own framework, these are monetarily distinct goods. The mined coin is the purer form, closer to the original design, further from the surveillance apparatus being constructed around it.  

Satoshi understood this. The whitepaper’s “one-CPU-one-vote” principle was not a throwaway design choice. It was a philosophical commitment: that the right to participate in money creation should be accessible to any individual with a computer, not concentrated among those with capital to build data centers. Solo mining is the purest living expression of that commitment.

§Imagine a Different Network

When individual actors rationally delegate security to large institutions, the equilibrium is captured and corrupted. The only stable decentralised equilibrium requires that individual participation be accessible, affordable, and actively chosen. Your marginal hash makes the network marginally more resilient. That resilience is a public good that benefits every Bitcoin holder.

Now imagine a Bitcoin network where 50% or more of global hashrate comes from home miners and small-scale soloists, individuals in apartments, basements, and small offices across 150 countries, each running one to fifty machines, each pointing hash at a solo pool or their own node, each fully sovereign over their mining decisions.

In this network, there is no block producer that any government can compel to censor transactions. There is no pool operator that OFAC can pressure into compliance and there is no CEO who can pivot to AI when the economics shift. There is definitely no board of directors that will vote to support a soft fork that benefits institutional miners at the expense of ordinary users.

This network is not a pipe dream. It is what BitTorrent already is for file sharing. 

The entertainment industry spent fifteen years and hundreds of millions of dollars trying to destroy The Pirate Bay  and BitTorrent. They survived lawsuits, blocks, and raids because power resided in millions of peers, not central servers. The Pirate Bay, launched in 2003, faced relentless assault: Swedish police raided its servers

in May 2006, seizing hardware and causing only three days of downtime before it returned stronger. Its founders were prosecuted, convicted in 2009, and imprisoned, yet the site persisted through domain seizures, ISP blocks across Europe, and multiple takedowns. It adapted by shifting to magnet links, distributed hash tables (DHT), peer exchange (PEX), and a network of mirrors and proxies. Centralized elements could be targeted, but the underlying torrent swarms, powered by individual users seeding and leeching across the globe; could not be extinguished

BitTorrent itself, the protocol invented by Bram Cohen in 2001, demonstrates even deeper resilience. Unlike earlier centralized services like Napster (shut down in 2001 after legal battles targeting its servers and operators) or Suprnova.org (forced offline by MPAA/RIAA pressure), BitTorrent decentralizes the actual file distribution. Data moves directly peer-to-peer in swarms; no single server holds the content. Trackers (which only coordinate introductions) became optional with DHT and magnet links. The result? Over two decades of operation despite hundreds of thousands of infringement lawsuits, ISP throttling, and regulatory scrutiny. The protocol powers massive, ongoing distribution precisely because killing any one node, site, or even country’s infrastructure barely dents the network. Every user was both consumer and defender. The network absorbed the attacks and continued functioning.

Bitcoin home mining is the same BitTorrent architecture applied to money. Every home miner is a distributed defender of the monetary network. Every Bitaxe on a desk is a node in a resilient mesh that has no single point of failure and no single point of regulatory capture. For example a home alarm system protects one household at a time, but a distributed mining network protects the monetary infrastructure of a civilization. When we talk about Bitcoin storing and transmitting trillions of dollars in value, the security architecture is not optional. It is essential, but unfortunately right now, that architecture is dangerously centralized.

§The Odds Are Long. The Stakes Are Higher

On March 10, 2025, a solo miner found block 887,212, worth approximately $258,000 at the time. The device used was a Bitaxe Gamma, a single-chip ASIC running at 480 gigahashes per second. It retails for under $150 and draws less power than a night-light. On November 23, 2025, a miner running 6 terahashes per second, facing odds of 1-in-170 million per block, found a block through CKPool and claimed the full reward. In 2025 alone, 21 individual solo miners collectively earned 66 BTC, roughly $4.1 million, through solo mining.

A Bitaxe Gamma at 1.2 TH/s against a network at 1,000 EH/s has approximately a 1-in-833-billion chance of finding any given block. Over a year of continuous operation, that translates to roughly a 1-in-5.8-million chance of finding one. These are not favourable odds in any conventional sense; yet every one of those wins happened

The defeatist narrative, “the odds are too low, don’t bother” is mathematically accurate but philosophically bankrupt. It mistakes the individual’s probability of winning a single lottery draw for the system’s probability of producing solo winners in aggregate. The difficulty algorithm guarantees that roughly one block is found every ten minutes. The question is only who finds it. If solo miners contribute zero hashrate, they guarantee zero solo wins. If they contribute even a small fraction, they guarantee some.

Moreover, the expected value calculation for a solo miner is not purely monetary. The coins earned through solo mining arrive from coinbase, from the protocol itself, not from a KYC’d exchange, not from a compliant intermediary, and definitely not from a transaction that has been reported to any financial authority. In a world of Travel Rules, Chainalysis flags, FinCEN proposals, and exchange reporting mandates, that privacy premium is real and growing. Non-KYC coins are not just preferable but they are increasingly economically distinct. You are not merely buying a “lottery ticket” for $200,000. You are buying a “lottery ticket” for $200,000 in untraceable, self-sovereign sound money, earned by doing the work that secures the network.

The thrill of possibly winning is non-trivial either. Human beings are not expected-value calculators. We play chess for the beauty of the game, grow vegetables we could buy cheaper, and brew beer in garages for the sovereignty of the act. Solo mining lives in this territory, the territory of meaning, identity, and participation. It is something you do, not something that happens to you.

§Financial Privacy Is Not a Feature. It Is the Point.

Satoshi’s whitepaper devotes an entire section to privacy, as a foundational design principle. The paper’s underlying assumption was that people would acquire Bitcoin through mining and peer-to-peer trade, not through identity-verified exchanges. Bitcoin is pseudonymous by design, but the original architecture assumed that the dominant acquisition path would not create a permanent link between a legal identity and a wallet address from the moment of first receipt. That assumption has been systematically dismantled

Every major exchange now conducts identity verification more rigorous than most bank account openings. The on-ramps to Bitcoin are being systematically regulated into surveillance infrastructure. The coins you buy on Coinbase, Kraken, or Binance are linked to your legal identity from the moment of purchase, reportable to your government under various frameworks, traceable by any analytics firm and also potentially freezable at the custodian’s discretion. Mined Bitcoin is born outside this apparatus entirely.

Solo mining, whether via home hardware or rented hashpower pointed at your own address, is one of the few remaining ways to acquire Bitcoin that is architecturally resistant to the surveillance infrastructure being built around it. Not because it is hidden or illegal, but because it operates at the protocol layer, below the compliance layer that regulators are constructing.

The best part about all this is that the entry barriers to this game have collapsed. Hashpower rentals amplify this. Platforms like Braiins, NiceHash, Rigly, and Atlas Pool let you project power immediately, without a huge capital outlay. In February 2026, a miner rented 1 petahash per second of computing power through Braiins’ on-demand marketplace, paid approximately 119,000 satoshis, roughly $75 and found block 938,092, worth approximately $200,000. A 2,600x return. In the same month, another miner using AtlasPool’s rental service contracted 450 petahashes per second for 90 minutes, achieving a win probability of 0.45%, and found block 936,100, worth approximately $213,000. The rental cost was estimated to be in the $150–300 range.

NiceHash’s EasyMining product, a one-click, no-hardware-required solo mining package costing 0.0021 BTC (approximately $200), accounted for 17 of the 36 documented solo blocks in 2025. Nearly half of all solo block discoveries that year required no physical hardware whatsoever. Just a browser, a Bitcoin address, and a willingness to try. The economics of rented hashpower for solo mining represent a genuinely asymmetric bet. The downside is bounded: you spend $75–$200 and find nothing. The upside is a full block reward, worth $200,000–$350,000 at recent prices. 

The tradeoffs always need to be taken into consideration, as rentals require platform trust, have higher per-TH cost than owning hardware, and carry counterparty risk, but for someone who wants to test the strategy before buying hardware, or to run a high-hashrate session during a network trough window, they work. The probability is very low, the cost is very low. The upside, when it lands, is transformational.

For those ready to commit more permanently, the Bitaxe ecosystem offers something that did not exist five years ago: a fully open-source, community-maintained, industrial-quality ASIC miner manufacturable by any competent electronics enthusiast. The Bitaxe Gamma runs a BM1370 chip, the same silicon architecture that powers industrial S21-class miners, in a form factor smaller than a paperback novel, drawing 17 watts, running on WiFi, configured via a browser interface, and available fully assembled for $89–$150 or as a kit for less. The schematics are public on GitHub, while the firmware, AxeOS, is actively maintained by a community of open-source contributors. You can build one from a bare printed circuit board if that’s your cup of tea.

Five Bitaxes stacked on a shelf draw 85–100 watts total, less than a desktop computer and collectively contribute 6 TH/s to Bitcoin’s security. A home miner who also runs a full node is the only participant in the Bitcoin network who simultaneously validates, produces, and controls. The exchange customer does none of these. The pool miner does one. The node operator without a miner does one. The solo miner with a self-hosted node does all three, independently verifying the entire history of the chain, producing new blocks under their own rules, and receiving the reward to an address no intermediary controls. This is the full sovereignty stack 

§The Long Game

Laszlo Hanyecz mined Bitcoin on a CPU in 2010 and spent 10,000 coins on pizza. We tell that story as a punchline about valuation. We are missing the point. Laszlo earned those coins by running software, doing work, and participating in a system he believed in. He spent them freely, peer-to-peer, without permission, without a middleman, without a report filed anywhere. That was Bitcoin working exactly as designed.

Sixteen years later, the same design is available to you, albeit with better hardware, better software, better tools, and higher stakes. The stakes, in this case, are the entire future of decentralized money. The corporations are mining your Bitcoin. The institutions are custodying your Bitcoin. The regulators are mapping your Bitcoin. The only people who can reverse this trajectory are sovereign individuals; stubborn, principled individuals who decide that the original vision is worth defending.

Proof-of-work mining is not merely a consensus mechanism or investment thesis. It is power projection in cyberspace, the digital equivalent of the individual’s right to self-defence. When you mine, you are not just earning sats. You are projecting real-world energy into the digital domain, staking your claim in the monetary network, and making the network marginally harder to capture. Every hash is a vote and every block found by a home miner is proof that the system remains open. Every Bitaxe on a desk in Lagos, Riga, or Cape Town is a node in a mesh that no regulator can fully map and no corporation can fully control. 

Every 10 minutes, someone finds a block. The permissioned world is desperately trying to make Bitcoin just another surveilled ledger. The counterargument fits on a desk, draws 17 watts, and is available for $89. Plug it in.