Canaan, the second biggest manufacturer of Bitcoin mining equipment, has launched a curious product which might hit the crypto enthusiasts’ sweet spot. From now on, your TV set will allow you to watch Netflix shows and mine crypto, reports South China Morning Post.
The TV set is called AvalonMiner Inside. Its processing power is 2.8 trillion hashes per second but its most powerful machine is capable of even more — processing 11 trillion hashes per second. The device is powered by AI, has voice control feature and can produce certain calculations. For instance, it can determine BTC mining profitability in real-time.
“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,” writes SCMP.
The ultimate idea behind the project is to build a network of devices in line with the Internet of Things concept. This means that the company is envisaging a future of interdependent entities powered by blockchain and AI. These devices, in turn, will have a double function — their primary one, like allowing you to watch Netflix, and also a secondary one — mining.
“The digital currency earned can be used to buy entertainment content or physical gifts through Canaan’s platform,” writes SCMP.
Canaan was founded in 2013 and is a direct competitor of Bitmain Technologies, which controls 45 percent of the computing power through its mining pools. Yet Canaan is also trying to not lag behind. Hence in 2017 Canaan generated revenue of 1.3 billion yuan (about US$205 million), which is a 27-fold increase compared with 2016. It also managed to sell almost 300,000 Avalon mining machines — three times more than in 2016. The primary buyers were the U.S. and Sweden. However, despite its market expansion, the company is worried about China’s crypto regulatory stance, which is, mildly put, unfavorable.
A wave of critique
While the technology may raise questions, it is also the rationale of the undertaking which is ambiguous. Given the current market price of BTC, for example, which is trading at $7093 (at the time of writing), there is no guarantee that this initiative will gain popularity. Moreover, it has been recently suggested that there is no point in mining unless BTC hits $9000.
Otherwise, what might happen is that the electricity bills will go up leaving many miners frustrated. Some may end up like Ma who was jailed for stealing electricity in Canaan’s homeland China. Some might be cryptojacked. In other words, think twice.
But if you are high on mining regardless, then it might not be such a bad option after all, as it could be an alternative to apps banned by google on play store.