Bitcoin miner manufacturer Canaan has announced that it will integrate Bitcoin mining into everyday life by unveiling the Avalon Mini 3 and Avalon Nano 3S home miners at CES 2025 in Las Vegas.
The two new rigs promise to mine Bitcoin and serve as home heaters, offering users an innovative way to utilize excess heat generated during mining.
The Avalon Mini 3 boasts a hashrate of 37.5Th/s and is designed to efficiently heat living spaces during operation.
The Avalon Nano 3S offers a more compact, beginner-friendly solution with a 6Th/s hash rate.
Preorders are open until the end of February 2025, with prices set at $899 for the Mini 3 and $249 for the Nano 3S.
Canaan Home Bitcoin Mining Device: How Does It Work?
The Avalon Mini 3 is quite one of the first to combine crypto mining and home heating technology into a device.
The device provides a dual-purpose solution that lowers energy costs and keeps homes warm using waste heat generated during mining.
Canaan mentioned that the Avalon Mini 3 is not just a mining rig but a practical, quiet, and user-friendly home appliance.
NG Zhang, CEO and founder of Canaan, said:
“We’re reimagining how technology can create value. The Avalon Mini 3’s ability to generate Bitcoin while heating your home perfectly aligns with our goal of sustainable and multi-purpose technology.”
In addition to the Avalon Mini 3, the Avalon Nano 3S offers an affordable entry point into mining.
With its low power consumption and portable design, the Nano 3S is particularly built for individuals seeking to contribute to the Bitcoin network without large, noisy setups.
A Growing Trend in Crypto Mining
Notably, Canaan is not the only company developing similar devices; companies like Heatbit and D-Central have also developed them, though market adoption remains limited.
High upfront costs, operational noise, and fluctuating crypto prices have kept these products in niche markets.
Despite these challenges, Canaan hopes to change the narrative by offering competitively priced, energy-efficient products.
However, all these new innovations currently come at the expense of large energy consumption.
According to a Jan 7 report, US Bitcoin miners, including Mara Holdings, Riot Platforms, and CleanSpark, have raised over $3.7 billion through convertible notes to expand their Bitcoin reserves and offset rising operational costs.
As energy prices and hash rates climb, miners are under increasing financial pressure. This is exacerbated by the 2024 Bitcoin Halving, which reduced mining rewards to 3.125 BTC per block.
Production costs surged to $55,950 per Bitcoin in Q3 2024, and when additional expenses are considered, the total reaches $106,000.
Although Bitcoin’s price increase to $98,500 has temporarily improved profitability, the competition for computational power and higher energy demands continue to strain miners.
A Jan 6 report, also indicating this rising cost of operation and low profitability, shows that MARA lent 7,377 Bitcoin in 2024 to generate additional income and offset operational costs due to mining’s energy demands.
The lending program is MARA’s strategy to stay profitable after the April 2024 Bitcoin halving. By year-end, MARA’s hash rate reached 53.2 EH/s.
However, the company also expanded its Bitcoin reserves by acquiring 22,065 BTC at $87,205 per coin and mining 9,457 BTC, increasing total holdings to 44,893 BTC.
To fund acquisitions, MARA raised $1.9 billion through zero-interest convertible notes maturing in 2030 and 2031.
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