Waxing cheeses work for long term storage IF you start with the right cheese AND do it right.
You need to start with a wheel of hard, low moisture cheeses like Colby, cheddar, parmesan, and Romano. You want to get the mildest cheese you can get because, like others said, it will continue to age.
I cut the wheels into 8 ounce blocks for convenience when consuming.
Wash the blocks well with _white_ vinegar. Set them on clean cooling rack & leave overnight, turning once.
Choose your wax wisely. You need to use cheese wax. Not parrafin or beeswax. Parrafin is too hard & will crack. Beeswax is too soft & will sag and crack during storage. You can get natural color, but I prefer the darker waxes - red or even better black. The dark wax helps keep light out. The dark waxes also make it easy to spot holes or thin areas in the wax. If you reuse your wax (see below), the dark ones are easier to clean.
Melt your wax in a double boiler. You're going to want to have an inner pan you can dedicate to wax - you're never going to get that pan clean again. An appropriate thermometer is a necessity here. Check your particular wax for the recommended temperature. You want it melted, hot enough, but not to the smoke point. The wax I use works well at 220 - 225 F.
Wax IS FLAMMABLE! If you get it too hot, remove from heat. If it catches fire, extinguish with a grease rated fire extinguisher or cap with a tight fitting lid. Do NOT try to put it out with water - it will just splatter & spread.
When the wax is holding at the correct temperature, after cleaning & sanitizing your hands, waxing can begin.
Hold a block firmly & dip it halfway into the cheese. You want to use an in & out motion. Don't hold it in the wax. We're aiming for several thin, even layers, not one thick glob. After dipping the first half, replace the block on the cooling rack with the side you just waxed upright.
Repeat this with the rest of your blocks. When you do the other end, hold the waxed end & dip the bare end far enough into the wax that you overlap the first end by at least 1/2" and return to the cooling rack.
You're going to repeat this at least 2 more times so you end up with 3 - 4 layers of wax. A trick I use to make sure there are no holes is to rotate the block 90 degrees when I begin a new layer so that every other layer covers the seam of the previous layer.
When you've completed waxing, remove the wax from the heat & let cool. When the wax is hardened, store the pot upside down so dust doesn't get into it.
When you store your cheese, you do NOT want to just stack them one on top of the other. You need to store them on shelves with some air space between the layers. If you have made blocks larger than 8 ounces, you're going to need to rotate them every 6 months or so or you risk gravity breaking the wax when it sags.
Make sure that your store age area is cooled & dry (8 - 15% humidity).
To label the blocks, after the wax is completely hardened, you can use a contrasting color wax "pencil". Another way is to use a paper label that you affix with some wax on the back like a sticker. To make sure it stays on, you can brush a little wax around the edges of the label. If you do this, use a silicone or boar bristle brush - others pick up too much or too little wax.
Remember, the cheese will continue to age. Even if you start with the mildest available, at 5+ years it's going to be super sharp. That's OK with us since we prefer it.
We store our cheeses in a cave that maintains 45° F & 12% humidity. So far (11 or 12 years now), we've had very few blocks spoil.
If you find you can't use an entire block, you can clean it with vinegar, dry overnight, and reward the cut end.
If you want to reuse your wax, you can do so very easily. Wash the wax with warm soapy water. Make sure you get ALL the oils & bits off then just throw it into your wax pot after drying it.