What happened: The world’s second largest manufacturer of bitcoin mining rigs Canaan Creative has released a TV set that can mine bitcoin. The device has a processing power of 2.8 trillion hashes a second. For comparison, Canaan’s most powerful rig can process 11 trillion hashes per second. The AvalonMiner Inside TV set can be controlled by voice commands and can calculate mining profitability in real-time.
Why it’s important: The announcement comes after the company submitted an IPO application in Hong Kong in May, which is expected to raise up to $1 billion. The TV set forms part of Canaan’s plan to build a broader user base and enable more home appliances to be used as part of the next generation of blockchain technology. Additionally, the company mentioned the risk of having a single product line in its Hong Kong filing. The addition of the TV to its portfolio can be seen as a way to combat this risk.