Though some time ago an idea of a Bitcoin mining TV set could sound a little bit crazy, today it has become a reality. The Bitcoin mining industry’s giant Canaan Creative is pushing the limits offering its customers a personal mining rig for their homes.
Canaan Creative, which is the second largest manufacturer of Bitcoin mining rigs in the world, has unveiled a Bitcoin mining television that is claimed to be the first in the world. The TV is called AvalonMiner Inside; it has a built-in Bitcoin mining chip. Moreover, this device is compatible with Android which provides an opportunity of mobile control.
AvalonMiner Inside will be equipped with A3210 16nm ASIC chips that have a processing power of 2.8 trillion hashes per second. By the way, for comparison it is worth mentioning that the most powerful rig produced by Canaan can process 11 trillion hashes per second.
This TV set will have a capacity to calculate mining profitability in real-time. Moreover, users will have a possibility to control it by voice commands. As for other characteristics, 43 inches and 4K resolution will enable featuring of more than 8 million pixels.
Being established in 2013, now Canaan has become a well-known manufacturer of chips designed for Bitcoin mining. The announcement of the company’s TV follows its submission of an IPO application which was done in Hong Kong in May, during which it plans to raise up to $2 billion.
The launch of its own TV for mining is a part of the company’s strategy for expanding its user base and offering home appliances that could be used for the next era of blockchain and AI.
Earlier the company has already expressed its concerns about their fear to have only one product line. And now, when they are adding a new product to their portfolio, they certainly minimize those risks. The company claims:
“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”.
Nevertheless, some of the industry’s experts do not hold a very positive opinion about this move. Xiao Lei, a Beijing-based Bitcoin analyst, said:
“It looks more like hype,” said Xiao Lei, a Beijing-based bitcoin analyst. “It will be more meaningful if these companies are able to embed the mining function into existing major TV brands.”
In 2017, Canaan’s revenue was about $205 million, which is 27 higher than the year before. Its profit which reached about $52 million was over 230 times more than in 2015. In 2017, the company managed to sell approximately 300,000 Avalon mining machines and it is 3 times more than in 2016. The US and Sweden are Canaan’s key markets.