Have been waxing bike and tandem bike chains since the mid-1970s!
I do remove the chain; wipe it down and then drop it in an old coffee can of wax that's melted on small electric burner in my driveway/garage.
Remove hot waxed chain from can with long handled pliers.
Hang chain to drip dry and re-install.
Usually 2,000 to 3,000 miles between waxings.
If I hear the slightest chain squeak, it's time to re-wax.
Chains last 'up to' 9,000 miles before they need to be replaced.
Wax is re-usable many times.
Yes, I also use Parowax or similar canning-type wax for lubrication.
Ideal thing with using hot wax method is that liquid wax penetrates around each individual chain pin where the lubrication is needed. The outside links are clean too and can be grabbed barehanded without any black residue.
Chain is ultra quiet/smooth/clean after waxing.
We do live in Arizona desert and rain/mud may not be an issue for us, but dust/dirt sticking to oily chains would be.
Ever get caught in a dust devil or blowing dust storm? We have!
So far over 300,000 miles of waxing chains since 1975.
Pedal on!
Rudy and Kay/zonatandem