According to South China Morning Post, the launch is part of the company’s plan to develop a range of smart, connected devices that can accommodate blockchain development and IoT (Internet of Things) framework.
Smart TV – AvalonMiner Inside
Canaan Creative, which sells the product as smart TV, has named the system as “AvalonMiner Inside.” The company has mentioned that the system has a processing power of 2.80 trillion hashes per second. Notably, Canaan’s latest mining rig has a capacity of 11 trillion hashes per second, making the AvalonMiner.
Canaan has stated that the AI powered device has several features that will be appreciated by both regular TV viewers and miners. Specifically, Canaan has pointed out features such as voice control, real-time display of Bitcoin mining profitability and a digital software interface connecting the television to the company’s payment platform, which enables payment for subscription based entertainment content or purchase of physical gifts using mined Bitcoin.
However, not everyone is convinced about the capability of the product. Some of them consider it as a marketing maneuver. Xiao Lei, a Beijing based Bitcoin analyst, has 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.”
Notably, in May, Canaan applied for an IPO (Initial Public Offering) in Hong Kong to raise about $1 billion. In its IPO filing, the company has 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.”
The company is basically known for its ability to produce graphic chips that power ASIC mining equipment used for mining Bitcoins in an efficient manner. Canaan is also facing a tooth and nail battle with Bitmain, which controls over 70% of the global Bitcoin mining hardware market.
Canaan has also said that many such unique products related to blockchain technology and artificial intelligence will be launched in the months to come.
Decrease importance of Bitmain?
Graphic chips account for 19.5% of the ASIC mining chip market. Canaan wants to diversify and build a new layer of infrastructure that further expands the decentralized structure of Bitcoin network. To put it in simple terms, Canaan wish to have 9,000,000 Bitcoin mining nodes instead of 9,000 ASIC miners with hash power of 12 trillion. By doing so, Canaan has a better chance of equaling Bitmain in the cryptocurrency sector.