Bitcoin Mining Lightbulbs Prove Cryptocurrencies Won't Be Left Behind In The IoT

Last week, bitcoin enthusiasts were buzzing with speculation about pictures of bitcoin mining lightbulbs from the Blockchain Summit.

Now, BitFury, the company responsible to developing the bulbs, says it is planning to make them available before the end of this year.

Why Mine With Lightbulbs?

The bitcoin mining lightbulbs suggest that the cryptocurrency community is looking to move forward into the Internet of Things (IoT) as a major player.

Many see the future of interconnected devices paving the way for digital currencies, as the subscriptions that keep the services running would be the perfect candidates for a micropayment scheme funded by bitcoin.

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IoT: An Opportunity For Bitcoin

Earlier this year, 21 Inc revealed that it was planning to roll out a smartphone chip that could mine bitcoins with the phone's background operations.

The company said that, although the value of the bitcoins mined would be minimal, the device could become an important part of customers' connected homes by generating enough bitcoins to pay for those devices' services.

Bitcoin Exposure

BitFury CEO Valery Vavilov said that the company's new lightbulbs were primarily aimed at getting bitcoin into more hands and that making money was secondary. He said the lightbulbs will be initially developed for educational purposes and for fun.

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BitFury Wants You

The company's plans for the lightbulb are largely dependent on the public's response to their news. BitFury said it will look to the digital currency community for ideas as to how to best roll out the new lightbulbs.

Everything from hardware to software has the potential to be revamped based on public opinion. At the moment, the company is considering adding a social element to the lightbulbs by including an attached wallet and allowing users to transact with friends.

Image Credit: Public Domain