50,000 units of Xiaomi's MiPad sold in just under four minutes

China-based Xiaomi started selling its Android-based tablet, the MiPad, in its home country earlier this week and the company claimed that 50,000 units were sold in its first 3 minutes and 59 seconds.

The MiPad is the first tablet to be released with NVIDIA's new Tegra K1 quad-core processor running at 2.2 GHz. Perhaps more importantly, it's been designed to be a cheaper competitor to Apple's iPad mini. The 7.9 inch MiPad, which comes in five different colors, has a resolution of 2048x1536. Inside there is 2 GB of RAM, an eight megapixel rear camera and a five megapixel front facing camera, along with a 6700 mAh battery.

Xiaomi is selling the MiPad in its 16 GB version for CN¥1,499 ($240), while the 64 GB version is on sale for CN¥1,699 ($270). There is a microSD card slot for even more storage expansion. There's no word yet if the MiPad will be sold outside of China.