Molten Hamaxe

The Molten Hamaxe is a direct upgrade from the Meteor Hamaxe. It requires 35 Hellstone Bars to be crafted. Being a Hamaxe, this tool can function as a hammer and as an axe. The stats aren't dramatically higher, but just enough to warrant an upgrade from the Meteor Hamaxe if you had any spare Hellstone Bars.

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It can also prove useful when demolishing buildings with wooden walls, as you can destroy the walls and backing wall easily without needing to swap between two items. This can also be a disadvantage for people who make their house out of wood and make a mistake with the back wall because you will destroy the block before the back wall.

It's often better to craft a meteor hamaxe than a molten one because their stats are almost the same and you will save Hellstone bars for other high level items.

Like the Molten Pickaxe, this tool emits light in the form of fire particles when swung, as well as making a moderately effective weapon. However, by the time they reach Hellstone tier equips, most players will have much better items to use as weapons than this (Fiery Greatsword, etc.), so it is recommended to use it as a tool rather than a weapon if you meet the usual circumstances.

A nice trick that can be done with the hamaxe is that if you are in a blood moon and you are in the middle of collecting wood, you dont have to be facing the tree to cut it down which is effective if your are being attacked from one side where you wont be facing the tree, you are also able to keep harvisting the tree.

Update Info
1.0.6 - Has a chance to set enemies on fire.

Trivia

 * Has a chance to set enemies on fire. Fire does approximately 2 damage per second.