This company intends to demonstrate that Crypto Mining has a place in your home.
Hotmine, a Ukraine-based company that designs appliances for crypto enthusiasts, is not new to the development of mining equipment. But sometimes it takes the right time and technology to create and offer solutions that consumers are willing to buy and use. Thanks to technological progress and adequate market conditions, cryptocurrency mining in your home is once again becoming an option to back up your budget with some satoshis or save on utility bills.
Mining 3.0 Era comes with new appliances that coin digital coins
Cryptocurrency mining has gone through different stages since the invention of Bitcoin and Oles Slobodenyuk, the owner of Hotmine, was willing to explain why he believes that after a period of industrialization, the minting of digital currencies can return to the living rooms and garages. And it can not only provide households with some additional crypto income, but also heat the air and water without affecting the comfort of the home with noise.
Hotmine produced its first hashboards with 55 nm chips and developed a system to use the thermal energy emitted by the hardware in September 2013. In October of the same year, 10 hashboards with 12 chips each were able to extract three bitcoins a day. A complete module had 80 hashboards and a total of 960 chips. This equipment was exploited for a few years until it was finally replaced by more productive hardware. Hotmine can change the hashboards, which act as heating elements in their systems, with new ones based on 16nm, 10nm and 7nm chips.
In the early days of Bitcoin, a period that the CEO of Hotmine describes as Mining 1.0, a miner was a complete cell of the crypto community, he said. Later, when the first video cards, ASIC and mining groups appeared, having an account in a group was sufficient and the bitcoins extracted were often immediately withdrawn to an exchange. Finally, hardware manufacturers began to exploit them themselves. The creation of 20-40-100 MW data centers became much more profitable than working on small-scale solutions, Slobodenyuk said, referring to that industrial age as Mining 2.0, when coin minting became louder. Talking to news.Bitcoin.com, the entrepreneur works harder and said the following.
“Connecting your equipment as soon as possible became a priority. Everything became an arms race. No one thought of complex infrastructure projects with a beneficial use of the heat generated. ”
Technological advances are now making it possible for crypto mining to decentralize and return to private homes. In the Mining 3.0 period, mining equipment will be used again in domestic applications, such as feeding water boilers and heating radiators. Hotmine’s new product, the Prometheus smart heater, extracts cryptocurrencies to allow users to save up to $ 0.064 per kWh of spent electricity, says the company. So if you pay 12 cents per kWh, for example, Prometheus can help you save approximately 50% on your electricity bill, Slobodenyuk insisted. According to its website, Hotmine has already produced its first batch of 60 heating converters at the end of 2019.
The Ukrainian company decided to build a silent miner-heater in August 2018 using 57 J / Th, 16 nm Bitfury Clarke chips. The power consumption of your device is between 550 and 900 watts per hour with a productivity of 8-11 Th / s. The converter is connected to the internet via wifi. The first prototypes appeared in April 2019, with a regular configuration extraction (0.5-0.7 kW) at up to 11 Th / s and a mini version (0.1 kW) at 1.5 Th / s. Both modules depend on fanless cooling that allows them to use excess heat without producing noise, which makes them suitable for domestic application.
A market opens for mining solutions that use heat
Oles Slobodenyuk believes there is a place for his convectors in every home. However, to reduce manufacturing costs to around $ 450- $ 550 per module, it has estimated that Hotmine has to assemble and sell 100,000 smart mining units or more. The company has a road map to achieve that and expects to manufacture 1,000 smart converters and 2,000 smart water boilers in 2020, gradually increasing the number in the coming years until it reaches its goal. At the same time, Hotmine also hopes to expand its community of users and followers that can improve sales and guarantee financing.
“We can quickly develop new equipment, R&D is our strong side, but we still have to learn to advertise and promote our products better. Our initial strategy was to look for clients and investors in the Indiegogo crowdfunding platform, but we also realized that success comes with the creation of a community, ”said Slobodenyuk. Currently, his team is working to increase the number of Hotmine followers on social networks and take every opportunity to present their products at conferences and other events in the crypto space. Volunteers are currently testing some of the Prometheus smart heaters, the company founder revealed.
Slobodenyuk believes that Hotmine has two options for its future development. One is to organize mass production of mining modules in China and organize distribution worldwide. The other is to find partners in the export markets and start assembling the mining platforms in each country. In any case, building a successful business with crypto mining appliances will not be an easy task, especially due to the growing competition from other competitors in the niche such as Qarnot or Comino, as recognized by Hotmine management. However, the continued recovery of the encryption market that returned to profitable mining certainly opens up new possibilities for all these companies.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.