Canaan launches world’s first bitcoin mining TV set

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A pile of coins representing cryptocurrency bitcoin sit grouped together in this arranged photograph in London. Cryptocurrencies tracked by Coinmarketcap.com have lost more than US$500 billion of market value since early January as governments clamped down, credit-card issuers halted purchases and investors grew increasingly concerned that last year's meteoric rise in digital assets was unjustified. Photo: Bloomberg

Published: 8:00am, 2 Aug 2018Updated: 8:10am, 3 Aug 2018

Would you buy a 43-inch television that can double up as a bitcoin mining rig?

Canaan Creative, the world’s second biggest maker of bitcoin mining rigs, is betting there will be demand for what it bills as the world’s first bitcoin mining TV set.
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Called AvalonMiner Inside, the TV set has a processing power of 2.8 trillion hashes per second. Its most powerful mining machine can process 11 trillion hashes per second.

The product launch comes after Canaan submitted an application for an initial public offering in Hong Kong in May, which is expected to raise as much as US$1 billion. Founded in 2013, Canaan is known for mass-producing chips designed for bitcoin mining. It competes with Beijing-based Bitmain Technologies in supplying hardware for bitcoin mining.

Canaan says the Avalon TV is powered by artificial intelligence and has a voice control feature. In addition, the device can calculate bitcoin mining profitability in real-time. The digital currency earned can be used to buy entertainment content or physical gifts through Canaan’s platform.

The creation of AvalonMiner Inside is to enable more home appliances and at the same time build a user base for the next era of blockchain and AI, according to the company.
Canaan will mainly distribute to businesses that will in turn sell to customers, and there are plans to introduce a range of blockchain-related home appliances.