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28 May 2020

Bitcoin Miners Are Heating Homes Free of Charge in Frigid Siberia

Bitcoin Miners Are Heating Homes Free of Charge in Frigid Siberia

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Hotmine CEO Oles Slobodenyuk couldn’t have picked a better place to pitch his product: a bitcoin mining rig that doubles as a home heating appliance.

“Our goal is to reach the point where 80 percent of all mining is done with the smart use of the hot air it’s producing, at the same time protecting the bitcoin network,” Slobodenyuk told CoinDesk, adding:.

With the current price of bitcoin, he said, 1 th/s earns about $7.20 a month, so a single heater can make about $55 for its owner while radiating heat for up to 10 square meters.

At the current prices for electricity in Irkutsk of 1-2 cents per kilowatt-hour, one heater needs less than $10 worth of power per month, so effectively the heat would be free, plus a modest income in bitcoin, Slobodenyuk said.

Asked if he believes people would readily learn how to deal with bitcoin wallets and exchanges to spend their radiators’ earnings, Slobodenyuk said that at first, they won’t have to.

Frolov, who has been working on such systems since 2016, said he and a school friend brought on some two dozen people to use the mining heaters in their homes in the Irkutsk suburbs.

Initially, Frolov would ask homeowners to heat their homes with the system and send him their electricity bills.

Other companies use the same technology now, and some people would buy miners and oil reservoirs and construct the system themselves after watching videos posted by Frolov and his competitors, he said.

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