Startup Heatbit Has Developed A Home Heater That Mines Bitcoin

Heatbit presented a new device combining a Bitcoin miner with a heater during the Web Summit in Lisbon.

An individual Bitcoin transaction is estimated to consume around 710 kWh, equivalent to more than 20 days’ worth of electricity for an average American household. 

To put this into perspective, the average cost per kWh in the U.S. is around 17 cents, resulting in a substantial energy bill of approximately $120 for a single Bitcoin transaction.

Heatbit, a startup, has taken a rather inconvenient approach to alleviating the steep costs linked with Bitcoin mining: combining a Bitcoin miner with a heater. 

Led by Alex Busarov, an LSE graduate and former McKinsey employee, the company presented its creation at the Web Summit in Lisbon. 

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Presented as the world’s first heater-purifier, it not only warms homes but also claims to add an additional $15 to monthly savings.

The Heatbit Mini employs silicon chips that conduct complex computations, including Bitcoin mining and AI model training, supposedly generating monetary rewards while maintaining energy consumption comparable to standard appliances.

The device claims a 10 TH/s mining capacity at 400W energy consumption, with an added 1000W conventional heating boost for exceptionally cold days.

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