Bitcoin Mining Heater: A New Heating Solution for Offices

Overview

We recently acquired a Bitcoin mining heater and are using it for office heating. In the long run, such devices may play an important role in the Bitcoin mining industry. As the lifespan of Application-Specific Integrated Circuits (ASIC) increases and production costs decrease, combining mining with heating may become more economically viable. Theoretically, if there is a heating demand regardless, this approach could allow mining's energy efficiency to reach 100%, and operational energy costs to approach zero.

The current challenge is that the lifespan of ordinary heating machines is typically 10 to 15 years, while the update speed of Bitcoin mining equipment is relatively fast. At the same time, the production cost of ASICs is high, and costs can only be recovered through continuous mining. However, over time, the efficiency improvement rate of ASICs may slow down, and their lifespan may extend to around 10 years. At that point, integrating Bitcoin mining with heating equipment may become more meaningful, such as applications in swimming pools, commercial and residential boilers, and other scenarios.

Initial Impression

This device is essentially an old-fashioned Bitcoin mining machine, featuring a beautifully designed round steel casing, with noise levels lower than professional mining rigs. Its goal is to become a consumer-friendly device, competing more with products from brands like Dyson.

The main drawback we found is that while the device can be monitored remotely through the mobile application, it seems that remote control is not possible. Given that the Mining heater needs to be connected to the internet, remote control functionality should be expected. In addition, compared to Dyson products in the same price range, the design of the device's display screen and control panel is somewhat clunky.

Another drawback is the inability to choose your own mining pool. Although this product is designed to enhance user-friendliness, adding an option to customize the mining pool in the settings could be more valuable.

Machine Operating Metrics

In the noise test, the background noise in our office environment was about 48.5 decibels. After turning on the device, we measured the noise level at 56.5 decibels. According to the decibel calculation, the actual noise produced by the device is about 55.8 decibels, which is higher than the officially claimed 40 decibels, but still much quieter than a typical ASIC mining machine (about 80 decibels).

In mining-only mode, the typical power consumption of the device is around 440W, slightly higher than the 400W reported by the application. The application usually shows a hash rate of about 10 TH/s, but since we cannot view the mining pool settings, we cannot verify this data.

According to the application report, the Mining energy efficiency is about 40 J/Th, which is equivalent to the efficiency level of high-end ASICs released in early 2020. Although the retail price of $1000 is higher than the cost of purchasing old mining machines, this device is more suitable for office environments, reducing noise and maintaining aesthetics without the need for additional modifications.

Conclusion

From the perspective of pure commercial electricity costs, this mining machine may not be profitable. However, if it is used solely as a heating device, the electricity costs can be negligible, making mining economically feasible after deducting the equipment costs. Compared to ordinary electric heaters, this device requires several years to recover the price difference through mining profits.

Compared to high-end products like the Dyson air purifier, this device has a slight price advantage and is capable of mining Bitcoin, which may bring certain economic benefits.

For technology startups in cold regions, this product could be an interesting choice. We will continue to monitor the development of this company, as their product concept may be timely.