Heat Bit – a company that recently launched a personal heater to be sold to customers – has announced that its product comes with a twist… It’s the first personal heater out there designed to mine bitcoin.
Heat Bit Keeps You Warm… and Wealthy
Heat Bit initially launched a Kickstarter campaign for the device last year. After getting all the proper safety licenses in place and making the money it needed, the product was unveiled last October and is now available for purchase by members of the public. The interesting news is that while it can make you warm as temperatures drop, it can also add to your bitcoin wallet and give you digital riches.
Alex Busarov – the co-founder of Heat Bit – released the following statement about the product’s development and release:
After a three-year development cycle, we are thrilled to ship the first Heat Bits to our loyal customers. Our engineers have put in blood, sweat, and tears to revolutionize mining this way. Over the next few weeks. all buyers will finally have their Heat Bits delivered… It is important to understand that Heat Bit is about supporting the decentralized money revolution. Bitcoin is supposed to be the cryptocurrency where everyone makes a small contribution. True decentralization is many users, each contributing their little bit, not the large mining farms we see these days.
The company is now planning a new fundraising campaign to help expand the machine’s breadth and domain. Busarov concluded with:
We have some amazing support from our customers. I would much rather have them own a piece of the company in the spirit of decentralization and community drive.
This would all be fine and dandy except for one big thing… The crypto mining sector is dying, and it’s dying fast. This raises the question as to whether Heat Bit was correct in seeking to release its product now. Should things have waited a bit longer? Should the release of the product have been delayed or postponed so the space could heal itself?
Over the past several months, the crypto industry has been on its last legs. Bitcoin, for example, is now trading in the mid-$16,000 range. That’s a near 80 percent drop from the all-time high it achieved in November of last year. Many other forms of crypto have followed suit, and the digital currency arena has lost more than $2 trillion in valuation.
Will the Space Come Back?
Thanks in part to falling prices, the crypto mining space has been experiencing all kinds of problems, and the arena is suffering like it never has before. Many companies have simply exited the space or are stepping back some given it’s been hard just to break even.
While the new product is intriguing, will it be enough to bring people back to mining?
