Bitcoin Miners Are Heating Homes Free of Charge In Frigid Siberia (#GotBitcoin?)
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. Bitcoin Miners Are Heating Homes Free of Charge In Frigid Siberia (#GotBitcoin?)
Irkutsk, Eastern Siberia, is famously cold in the winter, when subzero temperatures are the norm. So a few weeks ago, when Slobodenyuk took the stage at the Baikal Blockchain and Crypto Forum with one of Hotmine’s little white boxes in tow, he opened with a joke about the warm August weather.
Samsung Integrates Bitcoin Wallets And Exchange Into Galaxy Phones
HTC’s New 5G Router Can Host A Full Bitcoin Node
HTC Smartphone Will Run A Full Bitcoin Node (#GotBitcoin?)
Bitcoin Miners Will Someday Be Incorporated Into Household Appliances
“I was told that in Irkutsk, the average temperature of the air is minus 2 degrees Celsius, so I brought a radiator with me,” he said.
Eventually, Slobodenyuk told the crowd, Hotmine aspires to sell up to 200,000 of its devices to Irkutsk residents. But the Ukraine-based company’s ultimate ambitions are even greater.
“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:
“We believe mining should become decentralized again, with a full node in every home.”
It’s a lofty goal, given that the four largest mining pools control about 60 percent of the total hashrate, or processing power devoted to securing the bitcoin network, according to BTC.com. But like bitcoin itself, Hotmine will seek to employ economic incentives to achieve its decentralist ideals.
According to Slobodenyuk, each Hotmine miner performs calculations at a rate of 8 tera hashes per second (th/s). 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.
While the concept itself isn’t new — last year, a French company called Qarnot announced a CPU-based mining heater that earns ether, for example – Hotmine is focusing on a region where it’s likelier to resonate.
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.
Even the coming halving, or periodic reduction in the amount of new bitcoin awarded to miners, won’t hurt this model, he claimed.
Hotmine started in 2013 – a lifetime ago in crypto time – with an experiment in a village near Kiev, Slobodenuyk said: it provided a bunch of homes with prototype mining boilers. People got free heat without even thinking about bitcoin, as all the work with crypto had been done for them.
After two years, the chips inside the boilers got old and mining stopped being profitable. When presented with the opportunity to keep the boilers but pay a little for electricity, people opted to switch back to wood stoves. Flashy new tech wasn’t compelling if it didn’t save them money.
Now, Hotmine is looking for partners to manufacture the electronics and metal boxes for its money-making heater. So far, it has offers from three potential partners in Russia.
A pilot batch of 60 heaters is scheduled for release as soon as November to test demand, the company announced. Approximate price tag: $1,050. By the end of the year, Hotmine aims to sell 100 to 200 heaters.
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.
Hotmine can partner with crypto service providers, and all consumers would have to do is give a bank account number before harvesting their income converted to fiat.
Sooner or later people might want to go further down the rabbit hole and figure out bitcoin for themselves, Hotmine hopes.
Warming To bitcoin
Another believer that bitcoin-powered heating is ready for wide adoption, at least in places like Eastern Siberia, is Irkutsk resident Ilya Frolic.
His startup, Imagine8, makes heating systems in which miners manufactured by market leader Bitmain are immersed in mineral oil, which distributes their heat to the floor. To showcase the tech, Imagine8 plans to build and rent out guest homes that use it.
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. Some were fine with this option, but more people caught the bitcoin bug as they learned how it works, Frolov said:
“First, they were like, ‘I heard about bitcoin, that’s a pyramid [scheme], but I want free heating.’ Then, we worked with them, gradually converted them to our religion. And in the end, they were like, ‘Ok, I figured that out, I’m going to mine bitcoin myself.”
According to him, such customers paid for hardware and installation, then learned to handle wallets and exchange accounts and now are taking care of their bitcoin themselves.
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.
An average house as big as 100 square meters takes about 10 kilowatts to heat via an electric boiler, a popular option in Irkutsk. Electricity bills in the Irkutsk winters might cost a homeowner several hundred dollars a month. Instead, six or eight specializing mining chips, known as ASICs can heat a home like that and earn owners some bitcoin.
And the environment benefits, Frolov argued, when machines do double duty, “instead of having the heat from ASICs wasted in the air and people heating their houses with coal.” Bitcoin Miners Are Heating,Bitcoin Miners Are Heating,Bitcoin Miners Are Heating,Bitcoin Miners Are Heating,Bitcoin Miners Are Heating,Bitcoin Miners Are Heating
Bitcoin Information & Resources (#GotBitcoin?)
Bank Of England Governor: Libra-Like Currency Could Replace US Dollar (#GotBitcoin?)
Binance Reveals ‘Venus’ — Its Own Project To Rival Facebook’s Libra (#GotBitcoin?)
The Real Benefits Of Blockchain Are Here. They’re Being Ignored (#GotBitcoin?)
CommBank Develops Blockchain Market To Boost Biodiversity (#GotBitcoin?)
SEC Approves Blockchain Tech Startup Securitize To Record Stock Transfers (#GotBitcoin?)
SegWit Creator Introduces New Language For Bitcoin Smart Contracts (#GotBitcoin?)
You Can Now Earn Bitcoin Rewards For Postmates Purchases (#GotBitcoin?)
Bitcoin Price ‘Will Struggle’ In Big Financial Crisis, Says Investor (#GotBitcoin?)
Fidelity Charitable Received Over $100M In Crypto Donations Since 2015 (#GotBitcoin?)
Would Blockchain Better Protect User Data Than FaceApp? Experts Answer (#GotBitcoin?)
Just The Existence Of Bitcoin Impacts Monetary Policy (#GotBitcoin?)
What Are The Biggest Alleged Crypto Heists And How Much Was Stolen? (#GotBitcoin?)
IRS To Cryptocurrency Owners: Come Clean, Or Else!
Coinbase Accidentally Saves Unencrypted Passwords Of 3,420 Customers (#GotBitcoin?)
Bitcoin Is A ‘Chaos Hedge, Or Schmuck Insurance‘ (#GotBitcoin?)
Bakkt Announces September 23 Launch Of Futures And Custody
Coinbase CEO: Institutions Depositing $200-400M Into Crypto Per Week (#GotBitcoin?)
Researchers Find Monero Mining Malware That Hides From Task Manager (#GotBitcoin?)
Crypto Dusting Attack Affects Nearly 300,000 Addresses (#GotBitcoin?)
A Case For Bitcoin As Recession Hedge In A Diversified Investment Portfolio (#GotBitcoin?)
SEC Guidance Gives Ammo To Lawsuit Claiming XRP Is Unregistered Security (#GotBitcoin?)
15 Countries To Develop Crypto Transaction Tracking System: Report (#GotBitcoin?)
US Department Of Commerce Offering 6-Figure Salary To Crypto Expert (#GotBitcoin?)
Mastercard Is Building A Team To Develop Crypto, Wallet Projects (#GotBitcoin?)
Canadian Bitcoin Educator Scams The Scammer And Donates Proceeds (#GotBitcoin?)
Amazon Wants To Build A Blockchain For Ads, New Job Listing Shows (#GotBitcoin?)
Shield Bitcoin Wallets From Theft Via Time Delay (#GotBitcoin?)
Blockstream Launches Bitcoin Mining Farm With Fidelity As Early Customer (#GotBitcoin?)
Commerzbank Tests Blockchain Machine To Machine Payments With Daimler (#GotBitcoin?)
Bitcoin’s Historical Returns Look Very Attractive As Online Banks Lower Payouts On Savings Accounts (#GotBitcoin?)
Man Takes Bitcoin Miner Seller To Tribunal Over Electricity Bill And Wins (#GotBitcoin?)
Bitcoin’s Computing Power Sets Record As Over 100K New Miners Go Online (#GotBitcoin?)
Walmart Coin And Libra Perform Major Public Relations For Bitcoin (#GotBitcoin?)
Judge Says Buying Bitcoin Via Credit Card Not Necessarily A Cash Advance (#GotBitcoin?)
Poll: If You’re A Stockowner Or Crypto-Currency Holder. What Will You Do When The Recession Comes?
1 In 5 Crypto Holders Are Women, New Report Reveals (#GotBitcoin?)
Beating Bakkt, Ledgerx Is First To Launch ‘Physical’ Bitcoin Futures In Us (#GotBitcoin?)
Facebook Warns Investors That Libra Stablecoin May Never Launch (#GotBitcoin?)
Government Money Printing Is ‘Rocket Fuel’ For Bitcoin (#GotBitcoin?)
Bitcoin-Friendly Square Cash App Stock Price Up 56% In 2019 (#GotBitcoin?)
Safeway Shoppers Can Now Get Bitcoin Back As Change At 894 US Stores (#GotBitcoin?)
TD Ameritrade CEO: There’s ‘Heightened Interest Again’ With Bitcoin (#GotBitcoin?)
Venezuela Sets New Bitcoin Volume Record Thanks To 10,000,000% Inflation (#GotBitcoin?)
Newegg Adds Bitcoin Payment Option To 73 More Countries (#GotBitcoin?)
China’s Schizophrenic Relationship With Bitcoin (#GotBitcoin?)
More Companies Build Products Around Crypto Hardware Wallets (#GotBitcoin?)
Bakkt Is Scheduled To Start Testing Its Bitcoin Futures Contracts Today (#GotBitcoin?)
Bitcoin Network Now 8 Times More Powerful Than It Was At $20K Price (#GotBitcoin?)
Crypto Exchange BitMEX Under Investigation By CFTC: Bloomberg (#GotBitcoin?)
“Bitcoin An ‘Unstoppable Force,” Says US Congressman At Crypto Hearing (#GotBitcoin?)
Bitcoin Network Is Moving $3 Billion Daily, Up 210% Since April (#GotBitcoin?)
Cryptocurrency Startups Get Partial Green Light From Washington
Fundstrat’s Tom Lee: Bitcoin Pullback Is Healthy, Fewer Searches Аre Good (#GotBitcoin?)
Bitcoin Lightning Nodes Are Snatching Funds From Bad Actors (#GotBitcoin?)
The Provident Bank Now Offers Deposit Services For Crypto-Related Entities (#GotBitcoin?)
Bitcoin Could Help Stop News Censorship From Space (#GotBitcoin?)
US Sanctions On Iran Crypto Mining — Inevitable Or Impossible? (#GotBitcoin?)
US Lawmaker Reintroduces ‘Safe Harbor’ Crypto Tax Bill In Congress (#GotBitcoin?)
EU Central Bank Won’t Add Bitcoin To Reserves — Says It’s Not A Currency (#GotBitcoin?)
The Miami Dolphins Now Accept Bitcoin And Litecoin Crypt-Currency Payments (#GotBitcoin?)
Trump Bashes Bitcoin And Alt-Right Is Mad As Hell (#GotBitcoin?)
Goldman Sachs Ramps Up Development Of New Secret Crypto Project (#GotBitcoin?)
Blockchain And AI Bond, Explained (#GotBitcoin?)
Grayscale Bitcoin Trust Outperformed Indexes In First Half Of 2019 (#GotBitcoin?)
XRP Is The Worst Performing Major Crypto Of 2019 (GotBitcoin?)
Bitcoin Back Near $12K As BTC Shorters Lose $44 Million In One Morning (#GotBitcoin?)
As Deutsche Bank Axes 18K Jobs, Bitcoin Offers A ‘Plan ฿”: VanEck Exec (#GotBitcoin?)
Argentina Drives Global LocalBitcoins Volume To Highest Since November (#GotBitcoin?)
‘I Would Buy’ Bitcoin If Growth Continues — Investment Legend Mobius (#GotBitcoin?)
Lawmakers Push For New Bitcoin Rules (#GotBitcoin?)
Facebook’s Libra Is Bad For African Americans (#GotBitcoin?)
Crypto Firm Charity Announces Alliance To Support Feminine Health (#GotBitcoin?)
Canadian Startup Wants To Upgrade Millions Of ATMs To Sell Bitcoin (#GotBitcoin?)
Trump Says US ‘Should Match’ China’s Money Printing Game (#GotBitcoin?)
Casa Launches Lightning Node Mobile App For Bitcoin Newbies (#GotBitcoin?)
Bitcoin Rally Fuels Market In Crypto Derivatives (#GotBitcoin?)
World’s First Zero-Fiat ‘Bitcoin Bond’ Now Available On Bloomberg Terminal (#GotBitcoin?)
Buying Bitcoin Has Been Profitable 98.2% Of The Days Since Creation (#GotBitcoin?)
Another Crypto Exchange Receives License For Crypto Futures
From ‘Ponzi’ To ‘We’re Working On It’ — BIS Chief Reverses Stance On Crypto (#GotBitcoin?)
These Are The Cities Googling ‘Bitcoin’ As Interest Hits 17-Month High (#GotBitcoin?)
Venezuelan Explains How Bitcoin Saves His Family (#GotBitcoin?)
Quantum Computing Vs. Blockchain: Impact On Cryptography
This Fund Is Riding Bitcoin To Top (#GotBitcoin?)
Bitcoin’s Surge Leaves Smaller Digital Currencies In The Dust (#GotBitcoin?)
Bitcoin Exchange Hits $1 Trillion In Trading Volume (#GotBitcoin?)
Bitcoin Breaks $200 Billion Market Cap For The First Time In 17 Months (#GotBitcoin?)
You Can Now Make State Tax Payments In Bitcoin (#GotBitcoin?)
Religious Organizations Make Ideal Places To Mine Bitcoin (#GotBitcoin?)
Goldman Sacs And JP Morgan Chase Finally Concede To Crypto-Currencies (#GotBitcoin?)
Bitcoin Heading For Fifth Month Of Gains Despite Price Correction (#GotBitcoin?)
Breez Reveals Lightning-Powered Bitcoin Payments App For IPhone (#GotBitcoin?)
Big Four Auditing Firm PwC Releases Cryptocurrency Auditing Software (#GotBitcoin?)
Amazon-Owned Twitch Quietly Brings Back Bitcoin Payments (#GotBitcoin?)
JPMorgan Will Pilot ‘JPM Coin’ Stablecoin By End Of 2019: Report (#GotBitcoin?)
Is There A Big Short In Bitcoin? (#GotBitcoin?)
Coinbase Hit With Outage As Bitcoin Price Drops $1.8K In 15 Minutes
Samourai Wallet Releases Privacy-Enhancing CoinJoin Feature (#GotBitcoin?)
There Are Now More Than 5,000 Bitcoin ATMs Around The World (#GotBitcoin?)
You Can Now Get Bitcoin Rewards When Booking At Hotels.Com (#GotBitcoin?)
North America’s Largest Solar Bitcoin Mining Farm Coming To California (#GotBitcoin?)
Bitcoin On Track For Best Second Quarter Price Gain On Record (#GotBitcoin?)
Bitcoin Hash Rate Climbs To New Record High Boosting Network Security (#GotBitcoin?)
Bitcoin Exceeds 1Million Active Addresses While Coinbase Custodies $1.3B In Assets
Why Bitcoin’s Price Suddenly Surged Back $5K (#GotBitcoin?)
Zebpay Becomes First Exchange To Add Lightning Payments For All Users (#GotBitcoin?)
Coinbase’s New Customer Incentive: Interest Payments, With A Crypto Twist (#GotBitcoin?)
The Best Bitcoin Debit (Cashback) Cards Of 2019 (#GotBitcoin?)
Real Estate Brokerages Now Accepting Bitcoin (#GotBitcoin?)
Ernst & Young Introduces Tax Tool For Reporting Cryptocurrencies (#GotBitcoin?)
Recession Is Looming, or Not. Here’s How To Know (#GotBitcoin?)
How Will Bitcoin Behave During A Recession? (#GotBitcoin?)
Many U.S. Financial Officers Think a Recession Will Hit Next Year (#GotBitcoin?)
Definite Signs of An Imminent Recession (#GotBitcoin?)
What A Recession Could Mean for Women’s Unemployment (#GotBitcoin?)
Investors Run Out of Options As Bitcoin, Stocks, Bonds, Oil Cave To Recession Fears (#GotBitcoin?)
Goldman Is Looking To Reduce “Marcus” Lending Goal On Credit (Recession) Caution (#GotBitcoin?)
Our Facebook Page
Your Questions And Comments Are Greatly Appreciated.
Monty H. & Carolyn A.