Canaan Creative, a manufacturing company focused on mining hardware, announced at the beginning of this month the launch of a new element in its product catalog. This is the AvalonMiner Inside, a television that incorporates Bitcoin mining chips.
According to what Canaan informed on the day of the launch, the contraption has a processing capacity of 2.8 terahash per second, which represents approximately a quarter of the highest rate of return the company has achieved, which is 11 terahash.
Specifically, the device incorporates ASIC A3210 mining components focused solely for the extraction of cryptocurrencies. According to the South China Morning Post, the chips are compatible with Android, so you can control the TV through a Smartphone and apart, accept voice command.
This new hardware incorporated in a 43-inch TV with a resolution of 8 million pixels, in addition to working independently, can calculate the profitability of the operation in real time.
The news is released after Canaan, the second largest mining company after Bitmain, introduced an application for an IPO (initial public offering) on the Hong Kong Stock Exchange, with which it aims to raise a total of 1,000 million dollars.
According to the data published by CriptoNoticias, Canaan's revenues multiplied 28 times between 2015 and 2017, as did its profits by 4300% during the same period.
An IPO is specifically the first sale of shares of the first investors to new buyers who wish to acquire portions of the company that issues the offer. In the ecosystem, an ICO is the closest thing to an IPO, with the difference that the sale of shares, or in this case tokens, are owned by the startup and not by other investors.
On the other hand, according to Bitmain's financial data, this company greatly exceeds the Canaan numbers since in 2017 alone it recorded an investment return 10 times greater than that of its closest competitors, and gains 20 times higher. To be precise, the parents of the antiminer generated between 3,000 and 4,000 million dollars of revenue during the past year, as reported by CNBC.
It is also important to note that the antiminer S9, the latest mining hardware launched by Bitmain, has a processing capacity of more than 12 Terahash per second, one point more than the most advanced AvalonMiner unit.
Although the difference is now quite small, what initially positioned Bitmain as the market leader was the superior processing capacity of its products, which was considerably higher than those of the competition. That's why even the data shows Bitmain as the number 1 crypto extraction technology.
Canaan had announced that it would diversify its product line at the time it applied to enter the Hong Kong Stock Exchange company listing. The launch of the AvalonMiner Inside is perceptible as part of the effort to comply with the requirements at the time of the request, even though at that time the company's hadrware sales were three times higher in 2017.
For now, the company is considering the assembly of other appliances with built-in mining capacity. The success of AvalonMiner Inside can be decisive for the continuity of the project and for Canaan Creative to reach the first position of the companies that are dedicated to the manufacture of mining hardware.