Apple has launched a new version of its lowest-priced computer, the Mac Mini, and the beast offers twice the graphics performance at lower power consumption and will set you back $700.

Jobs Mob tells us that the product's power consumption would be less than 10 watts when idle. It will be 7.7 inches square by 1.4 inches, has an HDMI port and a new SD card slot.

Unlike the old one, the new Mac Mini has an integrated power supply eliminates the need for an external power adapter which is good for reducing cable clutter.

Mac mini comes standard with a 2.4 GHz Intel Core 2 Duo processor, 320GB hard, 2GB of RAM and will run on Mac's Snow Leopard operating system.