Canaan Crypto Mining TV Launched to Catch Bitmain’s Market

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Canaan Crypto Mining TV Launched to Catch Bitmain's Market

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The so-called world’s first ever crypto mining TV has just been born, courtesy of the one of the largest makers of Bitcoin mining equipment, Canaan Creative.

South China Morning Post has reported the launch, which the company has stated is a step towards creating a new generation of devices which are linked to blockchain and IoT.

The device is marketed as a smart TV with a difference, enabling the user to tap into a processing output of 2.8 trillion hashes per second. Given that a made-for-purpose rig manufactured by the company can process 11 trillion hashes per second, this is still pretty significant for a TV.

The device is marketed as “AvalonMiner Inside”, although how the company connects their new device to the mystical isle associated with Glastonbury is anyone’s guess. Miners though, if not impressed by the name, will certainly have much to marvel at, according to Canaan. Such features as voice control, real-time Bitcoin mining profitability display and a digital tether to Canaan’s platform allowing users to pay for extras using mined coins.

The project has received some scorn, notably from Bitcoin analyst Xiao Lei who said: “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.”

There is absolutely nothing to say that this may be the way the future takes media hardware.

Canaan applied for an Initial Public Offering (IPO) earlier this year in Hong Kong with the hope of raining in a significant starter fund. At present, Canaan needs to keep one eye on its competitor Bitmain which at present has a huge 70% of the global Bitcoin mining device market. When the company applied for the IPO it stated:

“If we cannot maintain the scale and profitability of our single line of system products and, at the same time, offer new products, our ability to continue to grow will suffer.”

To this end, the company has expressed that it intends to follow up AvalonMiner Inside with further innovations, and break away from simply manufacturing mining chips.

 

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