Canaan Creative, the world’s second-largest cryptocurrency mining hardware manufacturer, has recently launched what’s being called the “world’s first” bitcoin mining TV set, dubbed “AvalonMiner Inside.”
The cryptocurrency mining TV set reportedly has a processing power of “2.8 trillion hashes per second,” equivalent to 2.8 TH/s, much lower than Canaan’s most powerful ASIC which “can process 11 trillion hashes per second,” equivalent to 11 TH/s.
According to the South China Morning Post, AvalonMiner Inside is powered by artificial intelligence and has a voice control feature. It can calculate bitcoin mining profitability in real-time, and will let users “buy entertainment content or physical gifts” through Canaan’s platform.
Per the news outlet’s report, AvalonMiner Inside was created to “build a user base for the next era o blockchain and AI,” and to launch a range of blockchain-related home appliances. The TV set will initially be distributed to businesses, who will in turn sell them to customers.
Commenting on the development Xiao Lei, a Beijing-based bitcoin analyst, stated:
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.
The company has in the past revealed that having a single product line is a “major risk” for it. In a filing to go public, the company revealed it “cannot maintain the scale and profitability” it currently has if it keeps having one single product line.
As CryptoGlobe covered Canaan has, earlier this year, submitted an application for an initial public offering (IPO) in Hong Kong, looking to raise $1 billion. The company had previously sought to go public, but at the time a government crackdown on cryptocurrency exchanges stopped it.
Canaan’s Business
Founded in 2013, Canaan is known for being the second-largest crypto mining hardware manufacturer, behind Beijing-based Bitmain. Per the South China Morning Post, it made 1.3 billion yuan ($205 million) in revenue last year, a 27-fold increase over 2016. Its profit last year was of $52 million.
Reports suggest the company has sold over 300,000 Avalon mining machines, with the US and Sweden being among their biggest overseas markets, accounting for 8.5% of their sales last year. Their miners account for 19.5% of the world’s bitcoin hashpower, according to consulting firm Frost & Sullivan.
Canaan’s biggest competitor is Bitmain, which is also considering an IPO. Bitmain was recently valued at $12 billion in a series B funding round in which it raised between $300 and $400 million. It also invested $50 million in Opera browser’s IPO.
Featured image via Shutterstock.
