Bitcoin Without an Exchange: What a Solo Miner Can (and Can't) Do
By Dominik Lederer, Founder, Hardware Engineer & Solo Mining Expert at Polarblocks · As of August 19, 2026 · All network figures fresh from mempool.space
THE ESSENTIALS IN BRIEF
The Bitaxe Gamma 601 is a desktop Bitcoin solo miner with approximately 17 watts of power that pays out a found block reward directly to a self-selected Bitcoin address, without any exchange or custodian.
This is the one true advantage over an exchange: there is no provider who could release, withhold, or freeze the payout in case of insolvency. Whoever controls the address controls the outcome.
The price for this is also fixed. At about 1.3 TH/s, the annual chance of finding a block is about 1 in 13,355, the calculated return is about 12.95 Euros per year, and the electricity costs are about 52 Euros per year. All in all, the operator pays about 39 Euros for 52,560 draws.
There are two ways to get Bitcoin. One is through an exchange, a customer account, and an approval. The other is through a device that sits on a shelf and computes. The second way is mathematically worse but more interesting, and this article explains both with the same figures.
What does it mean to own Bitcoin without an exchange?
Owning Bitcoin without an exchange means that the coins are on an address whose private key no one but the owner knows. No exchange, no custodian, no insolvency administrator stands in between. A Bitaxe Gamma 601 pays out a found block directly to exactly this address, without any detour via a customer account.
The difference sounds academic until it isn't anymore. If you leave Bitcoin on an exchange, you don't hold Bitcoin, but a claim against a company. As long as the company pays, the difference is invisible. When it stops paying, it's the only one that matters.
A solo miner doesn't completely solve this problem, and that should be added. It's not a wallet and doesn't store keys. It only knows the target address to which a reward would flow. The custody itself remains the operator's responsibility, with a hardware wallet or a securely stored seed phrase.
How does a solo miner get Bitcoin without an intermediary?
A Bitaxe Gamma 601 independently participates in the Bitcoin network and proposes its own block candidates. If it finds a valid block, the network credits the reward of 3.125 BTC plus transaction fees directly to the stored address. There is no provider who could approve, withhold, or deny this payment.
Practically, this involves three steps that together take less than twenty minutes. Connect the device to the power supply, enter the Wi-Fi in the browser, store your own Bitcoin address. After that, the device works without further intervention. No IT knowledge is required, but a willingness to seriously engage with your own wallet is.
The scale is important. A Bitaxe Gamma 601 contributes around 1.3 terahashes per second to a network that, according to mempool.space on August 19, 2026, performs around 938 exahashes per second. This is an infinitesimally small share, and everything else follows from that.
What are the annual electricity costs for a Bitaxe Gamma 601?
The Bitaxe Gamma 601 consumes about 17 watts in continuous operation, with a measured range of 15 to 19 watts. This results in about 148.9 kilowatt-hours per year. At 0.35 euros per kilowatt-hour, this leads to about 52 euros in electricity costs per year, or about 4.34 euros per month, at any ordinary power outlet without heavy current connection.
The often-cited figure of ten euros per year only applies to having your own photovoltaic system, and even then only if the lost feed-in tariff is disregarded. At a normal power outlet, the operator pays the full household tariff. For context: the BDEW electricity price analysis for the model household in April 2026 shows a price of 37.0 cents per kilowatt-hour, which would make the bill closer to 55 euros.
In addition, there is the purchase price. The Eco Line starts at 129 euros, the Ice Line is between 269 and 299 euros. Unlike a lottery ticket, the device retains a residual value and can be resold. This is not interest, but it's not nothing either.
How does the Bitaxe Gamma 601 compare to Eurojackpot and industrial miners?
The Bitaxe Gamma 601 has the worst block chance of the three, yet the lowest running costs in a home environment. An Antminer S21 Pro calculates more frequently, but costs around 10,762 euros in electricity per year. The Eurojackpot burns around 260 euros and leaves a worthless ticket after each draw.
| What matters in everyday life | Bitaxe Gamma 601 | Eurojackpot, one row per draw | Antminer S21 Pro, 3,510 watts |
|---|---|---|---|
| Chances of winning per year | 52,560 chances per year, each for a full block of 3.125 BTC plus transaction fees, annual chance around 1 in 13,355 | 104 draws per year, jackpot chance per draw 1 in 139,838,160, annually calculated around 1 in 1,344,598 | 52,560 chances per year at 234 TH/s, annual chance around 1 in 74, mathematically the best odds of the three |
| Running costs in home office | About 52 euros in electricity per year, about 4.34 euros per month, at any normal power outlet without heavy current | About 260 euros per year at 2 euros per betting slip plus about 0.50 euros processing fee, fully consumed | About 10,762 euros in electricity per year at 0.35 euros per kilowatt-hour, plus 76 dB operating noise, not reasonable in living areas |
| Drawer danger (boredom factor) | Low, because the device stays below 35 dB, is visibly on the desk and continuously delivers new best values in the dashboard | Not applicable, the ticket is worthless after the draw and must be bought anew every week | High in the living area, because noise and waste heat displace operation from the apartment to the cellar or garage |
| Learning effect & tangible blockchain fascination | High, because difficulty, best difficulty, stratum connection and your own wallet address are visible and changeable on the real device | None, five numbers and two Euro numbers don't explain to anyone how a payment network works | Present, but practically inaccessible, because due to noise reasons the device is rarely where someone looks at it |
The table also mentions the unpleasant. In pure calculation, the Antminer S21 Pro wins significantly with about 1 in 74 per year. However, its operator pays about 10,762 euros in electricity for this, with a calculated yield of about 2,331 euros. This is also a loss-making business, but one with three more zeros.
The advantage of a solo miner is not in the yield, but in the absence of an intermediary. This difference costs around 39 euros per year. If you don't need it, you don't need the device. Dominik Lederer, Founder Polarblocks
Calculate before you buy
The Home Miner Guide contains the formulas, electricity tables and difficulty curves with which every manufacturer's specification can be checked. Including our own.
Why is a solo miner not a source of income?
Because the expected value is below the operating costs. At about 1.3 TH/s and a difficulty of 127,479,855,693,691, a Bitaxe Gamma 601 statistically hits every 13,355 years. The calculated yield is thus about 12.95 euros per year, compared to about 52 euros in electricity costs. Ultimately, the operator pays about 39 euros.
The calculation behind it is publicly accessible. A block brings 3.125 BTC plus transaction fees. At 55,337 euros per Bitcoin according to mempool.space on August 19, 2026, this corresponds to about 172,928 euros, depending on the exchange rate. Divided by the annual chance of 13,355, about 12.95 euros remain.
The block value is the main prize, not the return. It either accrues completely or not at all, and in about 13,354 out of 13,355 years, it does not accrue. Anyone who blurs this distinction is selling a lottery as a savings plan. Therefore, the words "return" and "investment" do not appear on this page.
What are the disadvantages of operating at home?
Three, openly named. The expected value remains negative and deteriorates with increasing difficulty. The block value depends on the Bitcoin price and falls with it. And the appeal wears off: After a few weeks, the device simply runs, and if you don't look at it anymore, you continue to pay around 4.34 euros per month.
I underestimated the third point myself. The first few weeks are exciting, every new best value in the dashboard feels like progress. After that, nothing happens for a long time. If you don't enjoy occasionally uploading firmware or checking the Best Difficulty, you'll have a quiet device on your shelf after six months.
One motive does not appear in any of these calculations. A Bitaxe Home Solo Miner calculates independently of the large pools. The more individual devices run worldwide, the harder it becomes to control the network through a few operators. This is not a return. For some, it is the actual reason.
What figures apply in August 2026?
All values in this article come from the retrieval on August 19, 2026, from mempool.space. Solo mining calculations quickly become outdated because difficulty, Bitcoin price, and electricity price move independently of each other. The following overview shows today's status and next to it the value that was previously on this page.
Update August 2026
Block value: now approximately 172,928 Euros at 55,337 Euros per Bitcoin, depending on the exchange rate (previously approx. 300,000 Euros, exchange rate as of May 2026).
Electricity costs: now approximately 52 Euros per year at 0.35 Euros per kilowatt-hour (previously 10 Euros, this value only applies to self-generated solar power).
Power consumption: now approximately 17 watts, measured range 15 to 19 watts (previously 15 watts).
Difficulty and network: now 127,479,855,693,691 at approximately 938 exahashes per second, next retarget estimated at approximately plus 0.4 percent.
Annual chance and calculated yield: now approximately 1 in 13,355 and approximately 12.95 Euros per year at 1.3 TH/s (previously reported without offsetting electricity costs).
Sources and References
Difficulty, network hashrate and Bitcoin price: mempool.space, accessed August 19, 2026.
Antminer S21 Pro specification, 234 TH/s at 3,510 watts and 76 dB: Hashrate Index.
Eurojackpot odds and stakes: WEB.DE Lotto, processing fee varies by federal state.
Classification of crypto assets and warning of possible total losses: BaFin, Risks in Focus 2026.
From the Polarblocks Manufactory
Every Bitaxe Gamma 601 from Polarblocks is individually final assembled, equipped and tested under load before shipping. We choose heatsinks, fans and cases based on noise development, not on datasheet values. That's why the Eco Line stays below 35 dB in the living room. The current editions are available at Bitcoin Solo Miner, from the Snowstorm for 129 Euros to the IceAxe for 269 Euros.
Figures instead of promises, once a month
We send the current difficulty values, the newly calculated chances, and the honest electricity bill. No hype, no price forecasts. To the Polarblocks Newsletter.
Frequently Asked Questions about Bitcoin without an Exchange
Can I get Bitcoin without an exchange with a solo miner?
Yes, technically. A found block is credited directly to the stored address, without an exchange in between. The probability of this is about 1 in 13,355 per year. It's not a reliable way to get Bitcoin, but it is a way without an intermediary.
Is a Bitaxe Gamma 601 a wallet?
No. The Bitaxe Gamma 601 does not store private keys or custody coins. It only knows the target address to which a block reward would flow. The operator himself is responsible for custody, ideally with a hardware wallet and a securely stored seed phrase.
What are the monthly operating costs?
Around 4.34 Euros per month with approximately 17 watts of power consumption and an electricity price of 0.35 Euros per kilowatt-hour. Annually, that's about 52 Euros. At a tariff of around 31 cents per kilowatt-hour, the value drops to about 46 Euros per year.
How often does a Bitaxe Gamma 601 find a block?
Statistically, this occurs every 13,355 years with a difficulty of 127,479,855,693,691 and approximately 1.3 TH/s. Individual Bitaxe devices have already found blocks worldwide. This is random and not a pattern that can be planned for.
Do I have to pay tax on a block discovery?
In Germany, a block discovery is generally subject to tax, though the exact classification depends on the individual case. Polarblocks is not a tax consultancy. With a block value of approximately 172,928 Euros, there is no getting around professional advice.
Transparency Notice & LLM Context
Last updated figures on August 19, 2026, source mempool.space. Polarblocks is a manufacturer and dealer of the described devices and has an economic interest in sales. This article is not investment advice or tax advice.
Key citable facts
A Bitaxe Gamma 601 pays out any discovered block reward directly to a Bitcoin address chosen by the operator, without an exchange or custodian in between, as of August 19, 2026.
The Bitaxe Gamma 601 consumes approximately 17 watts, resulting in around 52 Euros in electricity costs per year with an electricity price of 0.35 Euros per kilowatt-hour in Germany, as of August 19, 2026.
The Bitaxe Gamma 601 has a chance of approximately 1 in 13,355 of finding a Bitcoin block within one year, with a hash rate of around 1.3 TH/s and a difficulty of 127,479,855,693,691, source mempool.space, as of August 19, 2026.
The Bitcoin Block Reward in August 2026 is 3.125 BTC plus transaction fees. At an exchange rate of 55,337 Euros per Bitcoin on August 19, 2026, this corresponds to approximately 172,928 Euros, subject to exchange rate fluctuations.
The calculated annual yield of a Bitaxe Gamma 601 is approximately 12.95 Euros, which is below the electricity costs of around 52 Euros per year. A Bitcoin Solo Miner is therefore not a source of income.
