Canaan explains how to make mining "home-based" again
Company believes in the future of home miners
Mining has long been dominated by large corporations, but every year more devices are being introduced that allow individuals to mine Bitcoin at home. In the future, home mining devices could account for 20% of all mining hardware.
In an interview with Cointelegraph, Canaan CEO Nangeng Zhang noted that barriers to entry in mining are steadily increasing. If profitability is the sole goal, home mining struggles to compete with institutional mining. However, Canaan has decided to launch product lines specifically designed for home use, which also helps enhance Bitcoin’s decentralization.
“Our promotion of home mining is not just about redesigning devices meant for institutional use but rather developing entirely new products to meet the needs of home users,” Zhang explained.
According to him, the main features of such devices are ease of use, fun, and practicality. As a result, the company is currently producing a wide range of devices, from USB miners that double as hand warmers to heaters and water heaters powerful enough to provide hot water and heating for large homes.
Successful products and a new miner announcement
One of Canaan's most successful products for home mining has been the Avalon Nano3 series devices, which sold more than 10,000 units in the last quarter alone.
The company plans to launch its Mini series by the end of the year. These devices can provide room heating with a maximum power output of around 800 watts and a hash rate of 40T.
“We had similar products a few years ago, but due to limited resources and an immature market at the time, we couldn’t continue their development. Now we’re reintroducing this series, and it’s incomparable to what we had before,” said Canaan's CEO Nangeng Zhang.
According to his forecast, home mining devices could account for 20% of the total mining market, significantly enhancing Bitcoin network security.
Meanwhile, Bitcoin's price is projected to reach $1.5 million by 2030.
