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Heatbit, founded by Mr. Alex Boussouraff, introduced a novel concept by combining Bitcoin mining with home heating and air purification. The development of Heatbit involved overcoming challenges related to noise levels, energy efficiency, and device design. The inspiration for creating Heatbit stemmed from Alex's experience with a noisy Antiminer S9K toy that led to the innovative idea of a quieter and more efficient heating miner.