Chinese crypto mining equipment manufacturer, Canaan Creative, announced on August 2nd, the AvalonMiner Inside, a Bitcoin (BTC) mining TV with a processing rate of 2.8 TH/s (Terahash per second).
Canaan Creative launches a Bitcoin (BTC) mining TV
The TV incorporates ASIC A3210 chips, explicitly developed for crypto mining, of 16 nanometers technology, and compatible with the Android operating system, which allows the use of a smartphone as a controlling device for the AvalonMiner Inside.
The new mining equipment, which works in ‘solo’ or standalone mode, can calculate the profitability of the operation in real time. The Bitcoin (BTC) mining TV itself boasts a 43-inch screen with a resolution of 8 million pixels.
The announcement follows Canaan’s introduction in May of an application for an Initial Public Offering (IPO) on the Hong Kong Stock Exchange, which it hopes will raise $1 billion.
This Chinese company, the second largest crypto mining equipment manufacturer in the market, behind Bitmain, increased its revenues by 28 times and profits by 43 times between 2015 and 2017.
The second-largest crypto mining equipment manufacturer hopes to surpass Bitmain
Bitmain’s financial data outperforms that of Canaan Creative, by far, with a return on investment by ten times greater than that of Canaan in 2017, and net profits by 20 times higher.
Bitmain generated between $3 billion and $4 billion in operating profits in 2017, according to a report by Bernstein Research.
While Canaan shipped about 300,000 Avalon crypto miners in 2017, three times as many as in 2016, the company stated it applied to get listed on the Hong Kong Stock Exchange in order to diversify its product line, so far comprised by different Avalon Miner models.
The announcement of the AvalonMiner Inside, the Bitcoin (BTC) mining TV, is seen as a step forward in that diversification and suggests that Canaan Creative is considering the supply of other appliances with built-in crypto mining capacity.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.