The Canadian mining enterprise Heatmine, established in 2012, is working on a decentralized mining ecosystem, that drastically reduces electricity costs involved in heating.
Heatmine, a leading Canadian cryptocurrency mining operator, announced a new mining unit that recycles heat that is generated by mining equipment. The excessive heat can be used to warm private houses, warehouses or greenhouses. The main aim of the company is to generate virtually free heat, as profits that are made through the cryptocurrency mining are expected to cover the heating costs by 75 to 100 percent. Unlike many new flashy start-ups, Heatmine did not simply appear overnight. The company has been working with an engineering team and mining experts since 2012, in order to provide the best heating experience as possible.
One Heatmine unit, which can be connected to any water heating system in Canada, provides 75,000 BTU per hour – which is 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, Canada with free heat.
Guy and Maxime Beland, who produce Canadian strawberries in a greenhouse, previously had a chance to test Heatmine units in their daily operations. “The energy consumed for heating, ventilating, and air conditioning as well as supplemental lighting in our greenhouse represents the most important cost for us.” they said. “By using Heatmine for our greenhouse, we were able to significantly reduce our production costs and were as competitive on prices as Mexican strawberries”
Northern countries, like Canada, require up to ten months of constant heating per year, with more than CAD 5 billion spending in some regions per year. Heatmine’s target of decentralizing one million cryptocurrency miners in five years could solve the long existing heating issues in Canada.
CEO of Heatmine, Jonathan Forte, believes that cryptocurrency miners are a great source of heat. ”Miners produce heat 24/7 by running cpu processors and gpu cores. If you store the heat, you realize very rapidly the quantity of energy waste by an air cooling system,” said Dahan. “Our solution will grow into the electric heat market: an electric network already designed. In addition, the electricity is used two times: mining operation and heat.”
To learn more about the announcement, visit the official website of Heatmine.