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New cryptocurrency mining unit to recycle heat

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Canadian cryptocurrency mining operator Heatmine this week announced a new mining unit that recycles heat generated by mining equipment. The excessive heat can be used to warm private houses, warehouses or greenhouses.

The company said its main aim is to generate virtually free heat, as profits from cryptocurrency mining are expected to cover the heating costs by 75 to 100 per cent. 

One Heatmine unit, which can be connected to any water heating system in Canada, provides 75,000 BTU per hour,  enough to heat up to 300 square meters for 24 hours a day. For larger heat requirements, more units can be installed either in- or outside of a building. Heatmine units can heat buildings ranging from small housing units, to large industrial factories, since the link between hot water and different heating systems is not majorly different in both extremes. During field tests in 2018, Heatmine units successfully provided churches and greenhouses located in Quebec with free heat.

Heatmine said its goal is to decentralize one million cryptocurrency miners over the next five years.

”Miners produce heat 24/7 by running CPU processors and GPU cores,” Heatmine CEO Jonathan Forte said. “If you store the heat, you realize very rapidly the quantity of energy waste by an air cooling system.” 

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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