Chinese Manufacturing Giant Patents Mining Bitcoin with Household Appliances

Announcements, FinTech, Innovation, Investing, News | August 28, 2017 By:

Chinese electrical appliances manufacturer Midea Group has filed a patent for household devices capable of mining bitcoin. The patent application was published earlier this year by the State Intellectual Property Office (SIPO) of the People’s Republic of China.

Midea Group’s patent application calls for appliances ranging from air conditioners, dehumidifiers, and TVs to be built with specialized mining chips embedded inside. Once programmed, the products would connect to a cloud-based service and contribute their hashing power in the background.

The method comprises the following steps: controlling network access of the household appliance and logging in a bitcoin account via the household appliance; wherein the bitcoin account is an account pre-registered in a bitcoin mining website; driving a controller of the household appliance to mine coins in the bitcoin mining website; and storing the bitcoins into a bitcoin wallet corresponding to the bitcoin account.

Midea Group, which currently ranks 450 on the Fortune Global 500 list as of August 2017, has more than 125,000 employees around the world. In financial statements from earlier this year, the company reported more than $22 bln in revenue and $2 bln in profits for its fiscal year (FY) 2016.