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BTC · 28w

Fancy a TV That Mines Bitcoin? Canaan just Launched one

The world’s second largest maker of bitcoin mining equipment, Canaan Creative, has launched the first ever bitcoin mining television set. As reported in the South China Morning Post on August 2, 2018, the launch comes as part of a push to build a new generation of smart, connected devices that can support blockchain development and Internet of Things (IoT) frameworks.

AvalonMiner Inside

Canaan calls its new device the “AvalonMiner Inside,” and in addition to marketing it as a smart TV, it mentions that the device has a processing power of 2.8 trillion hashes per second. Canaan’s current most powerful mining rig is capable of processing 11 trillion hashes per second, making the AvalonMiner Inside roughly 25 percent as powerful as their top rig.

According to Canaan, the AI-powered device has many desirable features that both regular users and miners will love. These features include voice control, real-time bitcoin mining profitability display and a digital tether to Canaan’s platform permitting users to pay for entertainment content or physical gifts using mined bitcoin.

Not everyone is a fan of the new product, with some describing it as a marketing gimmick. Xiao Lei is one of such people. The Beijing-based bitcoin analyst gave his thoughts to the South China Morning Post, stating, “It looks more like hype. It will be more meaningful if these companies are able to embed the mining function into existing major TV brands.”

BTCManager reported in May that Canaan applied for an Initial Public Offering (IPO) in Hong Kong, expecting to raise up to $1 billion. The company is usually known for making the graphics chips that power ASIC mining rigs, which are used to mine bitcoin quickly and efficiently. Canaan is currently locked in a battle of survival with its much bigger rival, Bitmain, which controls up to 70 percent of the global bitcoin mining device market.

Marketing Stunt or Smart Business Strategy?

The launch of AvalonMi...

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