Russian entrepreneur gets out of jail, creates mining equipment to heat up homes in Siberia

Founder of one of the largest Russian retailers of computer equipment "Sunrise" Sergei Bobylev spent more than five years in prison. During the crisis of 2008, he was unable to pay company's debts and lost his business. Immediately after his release Bobylev founded a new business: now he expects to make money by selling Bitcoin mining equipment, which can simultaneously heat homes.



The main costs in bitcoin mining comes from electricity. When Sergei Bobylev decided to enter the cryptocurrency business, he realized that the electricity consumed by miners goes nowhere, and that it could be used to heat homes. Together with fellow students Bobylev in 2015 founded SmartHeat company that will sell the mining equipment for heating.



During the Bitcoin mining process mining equipment generally gets heated, and this heat can be used for warming premises. According to the businessman, there are perfect conditions for such a use case in Russia: electricity is very cheap and heating season is long.



"In countries with warm climate miners have to use air conditioning and bear additional costs. In Russia, on the contrary, premises most of the year need to be heated, so we decided to create mining equipment that warms water or air"- said Bobylev, showing a device that looks like an ordinary desktop computer case.



Electricity costs when for mining equipment instead of heating equipment remain the same, but their owners also receive bitcoins, which not only compensates the expenses, but also generates revenue, says the entrepreneur.