“Heatbit: The First Heater that Mines Bitcoin”

Heatbit, which describes itself as the “First Space Heater” that mines Bitcoin. This “ultra-modern” device looks like a high-end space heater but uses integrated circuitry to process Bitcoin transactions.

Heatbit said its innovative space heaters can “warm a room the size of a small studio apartment while mining enough Bitcoin to offset at least a portion of a homeowner’s monthly electric bill.”

According to Yahoo Finance, earlier this year, Heatbit — a startup — introduced its sleek, multi-colored heaters that quietly warms the rooms. These heaters are about the size of an extra large PC computer tower. Till now, it has sold around one thousand units globally, but it has been encouraged enough to begin planning a wider roll-out.

In an interview its Co-Founder, Alex Busarov, said “Is it a gold mine? Does it make a lot of money quickly? No, definitely not. Is it something that’s going to be quietly mining some [satoshis] for you? Well yeah, at some point it’s gonna pay off.”

The structure of Heatbit looks similar to other high-end heaters but with integrated circuits inside the device. It quietly processes Bitcoin transactions and performs Trillions of calculations per second. It is designed to let its owner earn the Bitcoin rewards but besides that it also heats-up the room.

According to the Heatbit’s official Heatbit site, its heater is enough to warm 500 square feet of space. And if someone runs the heater 24 hours a day at a bitcoin price of $20,000, the device will put $30 back into their pocket every month. That will help them to cover their electricity bill. Thus this capability may offer its consumer some incentive. The cost of this device is $1,200.

Mr. Busarov kept his point on the high cost of his invention and said “I think it’s comparable to something like a $700 Dyson heater. And frankly, other heaters don’t pay for themselves.”

He said “We have a pretty good margin right now. We were very lean with our costs. We could just keep selling the same device. But that’s not the path of growth. We want to make a bit of a revolution.”

The Future Plans of “Heatbit”

Heatbit co-founder also shared his planning to raise capital to build other product lines. He toyed with the idea of manufacturing heated toilet seats that will mine Bitcoin, but has since settled on developing a fanless Heatbit version. Mr. Busarov also envisions the company building its own computer chips. And may even venture into all-season products in the near future.

As Mr.Busarov said “There is water heating – water for washing dishes or taking a shower. That’s the one that people use all year round.”

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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