Join Date: Jul 2008
Location: Grid Reference, SK
Bikes: I never learned to ride a bike. It is my deepest shame.
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Good question, homebrew. If you mean you want to remove the axle from the hub, that cover looks like it is threaded on to the axle. There appears to be a wrench flat on the black part about ~1/4 inch from the serrated end part. I would guess it would unscrew with the correct size wrench. Hold the locknut on the other side in a vise or with another wrench.
I had a hub like that years ago and that part was just a cover and there was a second locknut and a cone underneath it.