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What is the function of the hole in an auger bit?

The hole in the flute of the Installer Bits is to hook a wire through to aid in pulling wire through the drilled hole. This technique is used by many telephone and security wire installers. The hole in the Spade Bits was initially for hanging it on a finish nail in a workshop. It is also used to hook wires to help pull wires through drilled holes. Some people think the holes are for heat dissipation in keeping the bits cool but it is not.

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