Friday, January 27, 2023

This Russian Startup Invented a Heater That Mines Ethereum

This Russian Startup Invented a Heater That Mines Ethereum

Comino, a Russian cryptocurrency startup, has built a heater that also mines Ethereum. The co-founders of the company, Evgeny Vlasov and Alexey Chistov, say they’ve found a way to overcome cold and a falling economy — two major problems in the country.

Also Read: Jamie Dimon Says “I’m Not Going to Talk About Bitcoin Anymore”

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This high-tech heater comes with a powerful liquid cooling system that supports different hashing algorithms. Therefore, making it a perfect Ethereum mining device. The machine is also capable to mine other cryptocurrencies, according to the founders.

For the record, we should point out that any mining rig will do a good job of heating a room. In fact, if you’re not careful they may heat the room too much.

What’s Under the Hood?

The Next Web reported that the innovative mining contraption has eight top-line ASUS P106-100 6G graphic processors firmly packed into a slender all-metallic body.

Comino has entered the market with two variations: Comino N1 and Comino N4. The difference between the two is that Comino N1 mines Ethereum and Comino N4 mines Zcash. The software on the device is Russian and it mines at 210 MH/s.

Comino ETH mining heater

Cost and Return on Investment

Comino’s unique innovation might take the lead among other mining machines on the market. A favorable miner in cold weather, that doubles as a heater. The devices will cost $5,000 USD a piece, however, they can be bought at a discount for $4,500.

The co-founders estimate it could pay around $300 a month, that is if the value of Ethereum’s ether (ETH) stays around current levels ($337 at press time). This can vary on other factors influencing the mining rig, such as rate of energy consumption and location.

An additional advantage of the device — apart from mining ETH — is it can keep a 25-30 square meter room cozy and warm, with negligible noise.

A device that heats and rewards money in form of cryptocurrency is great. Yet some feel spending five grand on heater could be an uncertain investment. The company argues the device is high-grade equipment that lasts longer than other mining machines on the market.

For perspective, constructing a self-made GPU mining device could cost half the price. But for cryptocurrency enthusiasts that opt for an easier-to-use, cool and trendy machine, this might be better.

Future of ‘Crypto Heaters’

Exantech, a venture capital fund, made a $10 million maiden investment in Comino. The VC fund belongs to Malta-based Exante, which is known to invest in transformative projects in artificial intelligence and blockchain technologies.

According to Exante, within the next 3-5 years blockchain technology will witness significant transition development.

Anatoly Knyazev, CEO of Exantech stated:

“We have a bright view of the mining market. We expect this sector to grow by $5 to $7 billion in near future. Since 2012 Exante has been developing and innovating the cryptocurrency ecosystem so it made sense that the first investment of this fund would be a miner-startup: Comino.”

Comino ETH mining heater

Additionally, Knyazev is ambitious that Exantech not only serves as a venture fund but also becomes a kind of cryptocurrency think tank.

Comino CEO Evgeny Vlasov said: “Reliable support and the significant experience of Exantech’s founders allows us to materialize our vision: to provide smart warmth for each household. Money raised in this round will go towards initiating mass production as well as developing a new generation of devices and software.”

Marketing for the Ethereum heater is targeting the Russian population. The price of energy consumption is low there, making the device more favorable.

Would you buy an Ethereum heater, or build your own? Let’s hear your thoughts.

Images via Comino

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