Last week, BitFury made an interesting revelation that they are releasing a prototype of a light bulb that can mine bitcoins. This device will be marketed in 2015, as announced by the company officials.

The marketing strategy still remains a blur due to being in the stage of nascence. However, ever since the news made its way into the media channels, the industry companies have been looking for gaps where they can connect bitcoin with more widespread trend that joins every day use device to the internet.

Valery Vavilov, CEO BitFury, revealed that the idea behind releasing the new concept is to generate interest in Bitcoin, not as a traded currency but as a technology. The discovery will be promoted free from the primary objective of making profits from this revelation.

Since the news came out, the light bulb has been a talk of the reddit town as the pictures of the light bulb made its way into the BlockChain summit, organized by Richard Branson in his private Necker Island for industry experts, through the attendees of the forum.

After BitFury’s announcement competing Bitcoin firm, 21 Inc, has also suggested that the industry top start-ups are working towards integrating bitcoin mining chips into the smart phones and other associated devices.

In the backend

The company has also revealed that the device has been worked on for the last one year that was Bill Tai’s concept and led by product head, Niko Punin.

Vavilov also made known that the prototype was completed in early 2015 and the one that finally made it to the conference was an upgraded version of the earlier prototype. She also said that they are looking at as an educational product that will help the kids and adults of all ages to understand the bitcoin and blockchain network with great ease. The technical specs of the bulb will be made public by the end of this year.

The company has a four step strategy to promote this product in the market for wider audiences. They will begin with fresh launch ideas, give the developers a chance to work on this project based on new proposals, lend support to the teams and choose the best versions for marketing.

Developing Strategy

Since BitFury is open to experiments, they will start with release options such as open source or by creating an SDK that will to inspire the social app ecosystem to incorporate this new technology.

BitFury believes that their target market lies amongst enthusiast that has a special fondness for new technologies. They will also make an additional provision of a wallet with the light bulb so that they can transact between friends.

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