For hobbyists looking to get rich in cryptocurrency, but do not have access to gigantic hash centers where they can park the equipment, making money means having into your house or apartment several computers that are very noisy and very hot. Some cryptocurrency miners at home exploit the heat released by the powerful mining equipment. Recently, the French start-up Qarnot unveiled a new computer heating system specifically designed for cryptocurrency mining. Imagine a heated pool in Bitcoin, or anything you could heat with the performance of a small, medium or large scale mining operation. Create a sauna, heat a house, dry your hair and even cook a vacuum steak. Home operation generated very little profit after electricity costs during the last “crypto-winter”, but once the ASICs have removed the heating bill and generated new cryptocurrency, you can become more profitable than a large mining facility that only eliminates excess heat.
Whether it’s worth it or not depends on a number of things, such as:
- Whether you have a heat pump or install a heat pump (they usually give you 3 kW of heat for about 1 kW of electricity).
- Whether or not you have a heater that is more economical than electric heat (such as a wood or gas fire).
- The current exchange rate of Bitcoins (and the difficulty of extracting them), and how these values affect you.
- The price of electricity.
- The noise produced by a mining platform. They tend to be quite noisy, so it can be disturbing to let it run all night long.
- Your technical ability to maintain the equipment and your available time to do it.
- If there is a problem and you do not have time to repair it, you stop earning mining income.
- There’s no guarantee that mining earnings will pay for the electricity to run them, let alone pay for the cost of the equipment and the labour incurred maintaining it – this is dependent on the demand for Bitcoins, and your costs.
- There’s always a risk that the exchange rate will drop to the point where it’s not worth mining at all, or that new technology (eg ASICs) will make your hardware obsolete before it’s paid for itself.
Existing online profitability calculators will not necessarily take into account all of the above factors and none can predict the bitcoin exchange rate. Therefore, their usefulness will be minimal. We just recommend creating a spreadsheet to do the calculations. To include the value of the heat in your calculations, think about what you would need to spend differently to get the same heat output, and include this figure in the profit in addition to the mining profit (but of course, also take into account the cost of electricity to make the platform work).