A new bitcoin mining unit uses waste heat from generating cryptocurrencies to warm buildings and living spaces.

Canadian cryptocurrency mining operator Heatmine says its unit can generate virtually free heat, as profits that are made through the mining are expected to cover between 75% and 100% of the heating costs.

It claims a single device, which can be connected to any water heating system in Canada, can provide up to 75,000 British thermal units (BTU) per hour, enough to heat up to 300 square metres for 24 hours a day.

Decentralised Heatmine units can heat buildings ranging from small housing units to large industrial factories.

The firm’s CEO, Jonathan Forte, said: “Miners produce heat 24/7 by running CPU processors and GPU cores. If you store the heat, you realise very rapidly the quantity of energy waste by an air cooling system.

“Our solution will grow into the electric heat market: an electric network already designed. In addition, the electricity is used two times: mining operation and heat.”