Mine Bitcoin to Save Money on Heating

October 24, 2014

A harsh winter looms ahead, and a creative New Yorker has found a brilliant solution to mounting heating costs: fill your place with ASICs and start mining Bitcoin.

Perhaps you won’t become the next Bitcoin millionaire, but you will certainly save a lot of money on heating.

The blogger analyzes the cost of all options for heating – natural gas, oil and electricity – and concludes that electricity is the worst of the three options. But sometimes electricity is the only heating source available, because some apartments are only equipped for electricity. Therefore, it’s important to find ways to make electrical heating cheaper.

In that case it’s a clear home run for the next contender: the bitcoin ASIC.

It Probably Pays to Buy Some ASICs

The blogger makes some detailed calculations taking into account the cost and heating power of different electrical devices and concludes that, if you factor in that ASICs will also make some bitcoins for you, the latest generations (and even more so the coming generations) of ASIC devices for Bitcoin mining are clear winners when it comes to saving on heating costs. The conclusion:

I believe we’re now in the territory of ASIC heat being more efficient than traditional electric heating elements from a cost/btu standpoint. Play this out for a few years and we see the cloud moving to our baseboard heaters.

If you pay for your heat in NY – it probably pays to buy some ASICs. The value of bitcoin will go up or down, the hashrate similarly, but so does oil / gas. Right now it makes sense to heat with ASICs.

That’s very good news for the miners who complain of the excessive heat generated by their beloved mining rigs. They can now throw away their unnecessary electrical heating equipment and heat their houses with ASICs alone. Those who live in Florida won’t find that too exciting, but there is always the chance that one has to move to New York.

What do you think? Comment below!

Images from Bitmain and BitFury.

Last modified (UTC): October 24, 2014 19:02

Giulio Prisco @giulioprisco

Science writer, software developer, Bitcoin/crypto enthusiast.