Beijing-based Canaan Creative, the second-largest manufacturer of Bitcoin mining technology in the world, has released a television set that mines Bitcoins as you watch it.
The television contains Canaan’s “AvalonMiner Inside,” which has a hash rate (computing rate) of 2.8 trillion hashes per second. By comparison, Canaan’s most powerful miner is capable of 11 trillion hashes per second. The television uses AI and is capable of taking voice commands.
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The Bitcoin mined by the AvalonMiner Inside can be spent on products and services offered in a store platform that Canaan Creative has also built. (Pretty slick, huh?)
The South China Morning Post reported that the television is the first in a series of “blockchain-related home appliances” that will use the AvalonMiner Inside. The release of the product is the latest of the company’s big moves since it applied for an IPO in May. According to the South China Morning Post, the offering is expected to raise up to $1 billion; the company took in $205 in revenue in 2017.
We have no time to put our eyes on that since everyone knows that it’s coming back. : ) We are always looking for long-term business, just like our machine’s reliability.
Just work hard and get ready for the second half of 2018, cheers! pic.twitter.com/cYjAfJOUgr
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— Canaan (@canaanio) May 15, 2018
However, not everyone is impressed with the new product. “It looks more like hype,” Xiao Lei, a Beijing-based bitcoin analyst, told the SCMP. “It will be more meaningful if these companies are able to embed the mining function into existing major TV brands.”
”Blockchain Appliances” that Mine Coins Could Decrease Network Centralization
Canaan’s blockchain TV is slated to open up the business of Bitcoin mining to the average person. In the early days of the Bitcoin network, it was possible to mine BTC with a home computer. However, as more users joined the Bitcoin network, Bitcoin’s mining difficulty increased. This is a built-in feature of the Bitcoin network.
However, the huge popularity of the Bitcoin network has effectively made it impossible to profitably mine Bitcoins without a roomful of expensive equipment. In turn, the business of Bitcoin mining has essentially been taken over by mining farms and companies. Individual miners are few and far between; as such, the Bitcoin network is more susceptible to centralization than it ever has been.
Canaan is hoping that its AvalonMiner Inside will flip the script, enabling crypto mining to become a functional part of household life.