A popular Chinese ASIC manufacturer has decided to place a version of its mining chip into a TV, so people can now mine Bitcoin while they watch their favorite shows – pretty neat, wouldn’t you say? Canaan is best known in the consumer world for its AvalonMiner 741, which produces a whopping 7.3 TH/s. However, Canaan mainly focuses its attention on crypto mining farms and offers to supply miners in boxes of 40, or a preconfigured set of 12. Putting a crypto mining chip into a TV is certainly a novel idea, but this feels like it could be a novelty item rather than a purpose-built mining TV. This crypto mining TV is just one of the many ways you can get into Bitcoin mining, with it certainly being one of the most intriguing on paper.
Not Much Under the Hood
While Canaan’s crypto miners usually pack a powerful punch, its crypto mining TV is slightly underwhelming. Coming in at 2.8 TH/s, it isn’t too bad considering the other things you can do with this crypto miner. Traditionally, crypto miners can only mine crypto, but this new TV miner will let you binge watch your favorite shows on Netflix. In addition to packing 2.8 TH/s in mining power, the TV also comes equipped with AI, voice control, and has the ability to calculate your Bitcoin mining profits in real-time. Unfortunately, that mining power won’t benefit your Bitcoin wallet at all. Instead of you being the miner and selecting your pool, you will be forced to mine into Canaan’s pool. In return for your mining efforts, you will be rewarded with reward points, which can be used to unlock entertainment content or ordering physical gifts through Canaan’s platform.
It Doesn’t End with TVs
Canaan doesn’t intend to stop with TVs. In fact, it is planning on launching a whole range of crypto mining products that will eventually form its own blockchain – giving users the ability to control all their appliances using blockchain technology. Soon Canaan could launch crypto mining fridges, toasters, ovens, microwaves, and even kettles. However, while it would be nice to get a bit more value out of the toaster, it most likely won’t catch on.
A Possible Marketing Stunt
Canaan recently applied for a Hong Kong Initial Public Offering (IPO) – similar to an ICO except shares are issued to investors rather than as crypto tokens. This could mean the crypto mining TV is designed to drum up interest in the company and get investors excited about the future of the company. Its main competitor is Bitmain, which is also in the process of applying for an IPO. Bitmain is already dangerously close to controlling 51% of the Bitcoin network hash rate, so more mining devices from other companies will be welcome news to the crypto community.
While this crypto mining TV is most likely going to ship very few units, it will eventually become a collector’s item from the early days of Bitcoin. It is lacking in power and branding, had it been a big-name brand TV it would most likely sell more units. Yet, the miniaturization of this new ASIC chip provides the potential to make ASIC miners more efficient and powerful than ever before.
