Bitcoin Mining Rig Heating Practice: Innovative Heating Solutions for Offices

Recently, we introduced a heating device called Heatbit Trio, which is a Bitcoin Mining Rig, and applied it for office heating. In the long run, we believe that Bitcoin Mining Rig heating is a field worth paying attention to. With the extended lifespan of Application-Specific Integrated Circuits (ASICs) and the decrease in production costs, heating applications may become economically viable in the Bitcoin mining industry. Theoretically, if heating is already needed, such as keeping the office warm, this method can achieve 100% energy efficiency for mining, with operating energy costs approaching zero.

The current challenge is that the lifespan of ordinary heating units can reach 10 to 15 years, while Bitcoin mining rig technology is constantly being updated. At the same time, the cost of producing Bitcoin ASICs is relatively high, and only continuous mining can recoup the investment. However, in the long term, due to the physical limitations of Moore's Law, the efficiency gains of ASICs may slow down, allowing ASICs to operate economically for a longer period, such as 10 years. As technology matures, production costs may also decrease. At that time, combining Bitcoin mining with heating equipment may become more meaningful, such as for swimming pools, commercial boilers, home boilers, and commercial and residential electric heating systems.

The device we use can mine with a maximum power of 400W. If more heat is needed, the heating power can be increased to 1,400W, with an additional 1,000W used solely for heating and not participating in mining.

Initial Impressions

This device is essentially a modified old-style Bitcoin Mining Rig, designed with a beautiful round steel casing, and the fan noise is lower than that of professional Bitcoin Mining Rigs. It aims to be a consumer-friendly device, potentially competing more with high-end appliance brands rather than targeting Bitcoin mining enthusiasts.

One major drawback we found is that, although devices can be monitored remotely via the mobile app, it seems that the devices cannot be controlled through the app. This is a significant missing feature. Regular heating units typically do not require an internet connection, but since Mining Rigs need to be online, the remote control function becomes particularly important. Some high-end appliance brands already have this feature. Perhaps this functionality could be added by upgrading the mobile app. Additionally, compared to some high-end air purifiers, the display of this device appears somewhat rudimentary. Although the overall design is simple and aesthetically pleasing, there is still room for improvement in terms of appearance and control panel compared to other high-end appliances in the same price range.

Another drawback is the inability to choose your own mining pool. This product is designed to be more consumer-friendly and does not support custom or complex operations. However, adding this feature in the settings could be useful and can be achieved with just a software update.

Machine Operating Metrics

During the operation, we first noticed the noise level. We conducted tests in a relatively noisy office environment, with background noise around 48.5 decibels. After the device was turned on, we measured a noise level of 56.5 decibels. Through simple calculations, we estimated that the noise generated by the device itself was about 55.8 decibels, which is much higher than the officially claimed level of 40 decibels. Nevertheless, it is still much quieter than ordinary ASIC Mining Rigs, which typically produce about 80 decibels of noise.

The typical power consumption of the device in mining-only mode is about 440W, slightly higher than the 400W reported by the application. The application typically reports a hash rate of around 10 TH/s. However, since we cannot view the mining pool settings or reports, we cannot directly verify this. The only way to verify the hash rate is to wait to receive Bitcoin rewards and then reverse-calculate the actual hash rate.

According to data from the application report, the mining efficiency is about 40 J/Th. This is comparable to the efficiency of the top ASICs released in early 2020 (about 5 years ago). The retail price of the device is $1000, which is much higher than the cost of purchasing an old mining rig from 2020. However, if an old mining rig is to be used as an office heater, modifications may be needed to reduce noise and enhance its appearance. Moreover, unmodified mining rigs are not consumer-friendly products, and the setup can be quite complex. This is precisely the advantage of this product, as it looks like a regular heating device, making it suitable for use in traditional office environments.

Conclusion

Considering the cost of electricity for commercial use, using it solely as a Mining Rig is clearly a loss. However, if it is regarded as a heater and used only when heating is needed, the actual electricity cost can be considered zero. This makes mining potentially economically viable after deducting the cost of the equipment. Compared to a regular electric heater, the price of this device is about $800 higher, requiring years of mining profits to make up for this price difference. Therefore, from a purely economic perspective, the significance of this device is limited.

Compared to some high-end air purifiers, the price of this device is quite similar. High-end air purifiers may excel in appearance, air quality control features, and mobile applications. However, considering mining profits, this device may have more advantages in terms of cost-effectiveness.

From a tax perspective, business owners may find that this equipment has certain advantages. For example, the cost of the equipment and energy costs can be used as tax deductions for office heating, while individuals retain the Bitcoin earned from mining. It is important to note that the legality and applicability of this tax treatment requires professional tax advice.

Overall, this is an interesting product that may appeal to tech startups located in cold regions with sufficient funding. We will continue to monitor the development of this product and look forward to seeing its performance in the market.