Heating an average-sized home usually costs hundreds of dollars throughout the fall and winter months. In fact, the Department of Energy (DOE) says climate control — heating and cooling — is the biggest energy-related expense for U.S. homeowners. However, the French startup company Qarnot has a new product that can actually help homeowners earn money while heating their home.
Qarnot’s newly launched Q1 isn’t your typical space heater; it’s actually a crypto-mining rig that produces enough heat to warm a small living space. According to designboom, the rig can mine a variety of cryptocurrencies, including Ethereum, Bitcoin, Litecoin and more, all while warming your home in the process. Specs for the Q1 include dual AMD graphics processing units (GPUs) with 8GB of random access memory (RAM).
Crypto-mining rigs work by verifying transactions in a general ledger, known as a blockchain, to produce units of the respective cryptocurrency. This process isn’t as easy as it sounds, though. Crypto mining requires high-end computing hardware that consumes a significant amount of resources. As a result, these rigs tend to produce a significant amount of heat.
Some crypto-mining entrepreneurs have taken their business to regions with a cool year-round climate to overcome this challenge. A recent report by Business Insider, for example, found that Iceland now uses more electricity for crypto mining than it does to power homes. The nation’s cool climate helps crypto entrepreneurs lower their overhead by providing a natural way to cool their rigs.
Qarnot is taking a different approach to the problem of crypto-mining heat. Rather than exploring ways to cool the rig, the company is marketing its Q1 as a dual-purpose product that can mine cryptocurrency while heating the user’s home or place of business.
The Q1 is surprisingly simple to use, making it attractive choice for first-time crypto miners. It takes just a few minutes to set up, after which users can begin mining their desired cryptocurrency. It’s important to note that users connect their Q1 to their internet modem or router as it does not support Wi-Fi. Additionally, users must enter their cryptocurrency wallet address on the product’s mobile companion app.
With a retail price of $3,500, the Q1 isn’t cheap. Assuming the price of top cryptocurrencies like Bitcoin and Ethereum continue to rise, however, it could prove well worth the investment.