The Cobalt Chainsaw is superior to the Molten Hamaxe in that it has higher damage and speed, but lower Axe-power. It is considered to be one of the weaker Hardmode Tier tools.
Despite the fact that it has a lower axe-power, it is a far more efficient tool than the Molten Hamaxe, having a speed of 'fast', as opposed to the Molten Hamaxe's speed of 'slow'. If its knockback is improved, it can be used as a reliable weapon as it can stun-lock enemies while scoring several hits in a second. Like all other chainsaws, it cannot be reforged with the "Legendary" prefix.