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Yes, you can coat cheese in wax and then store it in your basement for a very long time. But if you don't have the space for a 10-pound wheel of cheddar, just watch for the more manageable 8-ounce blocks to go on sale. Buy a bunch and shred them; then store the grated cheese in freezer bags and freeze for up to six months (a frozen block of cheese will crumble when thawed). Or buy pre-shredded cheese in bulk and freeze it.